7 Effective Ways AI Video Analytics Can Improve Your Retail Pharmacy Business

What is AI Video Analytics and What are its Benefits?

AI video analytics software uses artificial intelligence to analyze video feeds and identify anomalies. It works with the CCTV system to convert real-time video data to data insights for actionable intelligence. Video analytics is the process of capturing, filtering, analyzing and then extracting information from videos.

Video analytics is a way to analyze videos to extract insights and information.

#1. It helps you find patterns:

Patterns are everywhere, and video analytics software can help you find them in your video footage. You might be interested in finding patterns for security purposes, such as noticing when someone enters an area they’re not supposed to be in, or for marketing purposes such as identifying when customers make purchases at certain times of the day.

#2. It helps you spot anomalies:

Anomalies are things that don’t fit with the pattern that you’re expecting to see, and video analytics software can help you identify them so that you can take appropriate action.

AI-powered Video Intelligence from CCTV how it Compares to Manpower as Data Collector

Multi-chain retail pharmacy stores must adhere to compliance with standard operating procedures (SOPs) to meet safety and operational guidelines. However, for a retail pharmacy owner to manually inspect hundreds of stores is a time-consuming and error-prone process. Furthermore, all the retail stores have conventional surveillance system However, the value of the surveillance footage is not limited to traditional surveillance applications. With the introduction of an AI video analytics software, surveillance feeds can become an even greater asset for retail pharmacy owners to uncover valuable insights such as measuring hotspots and traffic flow to understand customer behavior  preferences and buying behavior change frequency, can empower retail pharmacy owners to enhance the performance and operations of their business.

What are the Top 7 Uses of AI Video Analytics Software and Why You Must Need Them?

1. Shopper In count Detection

Retail pharmacy surveillance systems, empowered with AI video analytics software is useful in tracking shopper visits in the store. The platform gives insights into how many people enter the store at what time and how many people are in the store at any given time. Footfall data can be further linked with Point of Sale (POS) to analyze transaction conversion as compared to people entering the store. It also helps retail pharmacy store managers to know the effectiveness of display advertising relative to the transactions happening in the store.

2. Queue Management

Managing customer checkout time and employee response can impact the business image. An AI-based video analytics queue detection can assist in providing real-time insights such as estimated waiting time for each customer, when the traffic is more and how much time the staff is taking to serve each customer, allowing store managers to manage staff at the billing counters accordingly. If the queue length exceeds the threshold limit, a real-time alert is sent to the concerned person. helping him to manage queues in order to provide quick billing experience  to the customer.

3. Ensure staff availability in the store

Retail pharmacy stores sell critical pharmaceutical drugs, which makes it necessary for a staff member to be present at the counter in order to provide proper assistance to the customer. A multi-chain retail pharmacy owner cannot keep an eye on each and every employee across all the stores. AI-powered video analytics software can provide you with a consolidated view of how much time the staff was present or absent during any given day, week or month. Notifications can also be set If no one is present after a certain amount of time, a real-time alert is sent to a concerned individual, allowing the store manager to take appropriate action before the customer abandons their purchase.

4. Staff Uniform Detection in the store

Retail pharmacy multi-chain stores have standard rules for staff, such as wearing a uniform during working hours, which has to be followed across all the stores. However, it is impossible to do manual monitoring of such compliance across all the stores. Using AI and computer vision-based platforms, you can determine whether or not the staff is wearing uniform in the store. This will assist the manager in determining whether the staff is adhering to the store’s uniform compliance.

5. Visual store layout compliance

Multi-chain retail pharmacy owners rely on store layout to provide a unique customer experience across the store. It represents brand image and consistency, but following it across all locations can be a daunting task, retailers are unaware of whether or not visual compliance is followed across all the outlets. Now, AI-based video analytics software can help you get real-time visual insights of all your stores on a single platform, allowing you to check if visual merchandising compliance is being followed across all stores.

6. Midnight counter utilization

Retail pharmacy stores run 24*7, making it mandatory for the staff to be present at the front counter in order to provide proper assistance to the shopper even at the midnight. It is nearly impossible to keep an eye on every employee around the clock. With AI-based computer vision and deep learning models, staff in uniform can be detected, which can be useful in determining whether or not the staff is available at the counter during specific hours such as say midnight to 6 am to serve the customer. Retail pharmacy owners can use shopper-in-count insights to better understand shopper traffic and counter usage at midnight.

7. Avoid sales lost due to product stock outs

Managing the shelves in the store has a direct impact on the store’s sales, if the item that the customer is looking for on the shelf is not available. With AI based object detection retail store owners can know if the shelf is empty, say by 50% or 100% and alert can be generated to store manager to have the counter refilled asap ensuring that sales are not lost due to product stock out.

8. Prevent loss due to Shoplifting

Preventing shoplifting loss has always been a challenge in retail pharmacies. While retail pharmacies are equipped with video surveillance for post-crime investigations, neither retail pharmacies nor law enforcement has the time or resources to review large amounts of video feeds, so valuable information is lost. To address this issue, AI based video analytics software prevents shoplifting by utilizing the store’s existing surveillance system. Shoplifting can be done in many ways, resulting in false positives if specific instances are not trained. At AIVID we work with our clients to understand specific use cases and train the model for those use cases.

Conclusion

The numerous benefits that AI provides can create remarkable possibilities for the retail pharmacy business. Leveraging AIVID AI video analytics software in the retail pharmacy sector can automate monitoring and convert difficult-to-organize data into actionable insights, which can be helpful in improving efficiency and enabling retail pharmacy chains to achieve greater operational agility. If you are still not sure why you need AI video analytics software for your pharmacy chain. Contact AVID Techvision. We will assist you in making informed decisions while saving you time.