McKinsey’s forecast positions video analytics as one of the most important IoT solutions for retailers. It gives retailers access to valuable insights into customer behaviour which can be used to improve customer experience, streamline marketing, strategic decision making, and ultimately, maximise store revenue.
All-in-one solution for in-store data.
Video analytics can provide powerful insights on customer behaviour. The analytics can include inside and outside footfall count, dwell analysis, time spent, age and gender, heat maps based on footfall and time spent, path analysis, queue monitoring, and areas of interest.
There is no need to invest in separate technologies performing single functions such as people counters.
No hardware costs.
Data is gathered through existing CCTV cameras, saving retailers from investing in expensive hardware. Cameras can be added or updated easily when changes are made to stores.
The software is easy to install and can be updated remotely without causing disruptions to data collection.
Automated.
While manual processes are prone to human error, automation leaves little to no room for error.
The deep analysis of the video feed goes beyond human abilities and thus increase accuracy and precision, saving time and resources.
Predictions.
Using historic data, retailers can make predictions on footfall, number of staff required, sales of individual products, marketing impact etc.
The more data collected and analysed, the easier it will be to spot trends and patterns, making the predictions increasingly accurate overtime.
Real Time.
Video feed is processed and presented as aggregated data in real-time. So, retailers can act quickly and efficiently, especially on busy days.
Alerts can be set to react to drastic changes in footfall, queue activity, dwell times etc, allowing retailers to always keep their finger on the pulse when dealing with store activity.
Easy to use.
Modern software providers offer easy to use dashboards to make it accessible to staff across all departments, without the need for training.
Multiple users can access the data from anywhere, filter the data, and export it into excel documents.
Reduces costs and maximises profits.
Video analytics helps improve customer experience, streamlines marketing, strategic decisions, and future predictions. When retailers take data back decisions, it allows them to save resources and make high impact decisions.
Get in contact to start your analytics journey with TrackIn Sabrina.chowdury@trackin.tech