Multi-site retail stores have managed to create a substantial customer base and for decades, the most important metric in retail has been sales. However, it can be hard to manage certain aspects of retail business if you only know how much was sold not connect with the why or why not of the sales.
Modern retailers understand this fact and hence are now leveraging the latest technologies such as AI video analytics to ease the pressure of running the stores and achieve greater business efficiency. Globally 45% of Retailers intend to deploy Computer Vision platform for retail analytics to mine the real-time instore insights.
The solution uses video feeds from surveillance cameras installed at the stores to derive key insights such as customer demographics, in-store traffic parameters, store navigation trends, and more to drive actionable plans and strategies to promote better business revenues.
What is AI Based Video Analytics
AI Video analytics technology uses deep learning technology that works by identifying, classifying, and then indexing the objects present in CCTV video. The extracted data is then categorized, organized, and analyzed to derive valuable insights that can help design and implement new strategies.
The videos from these cameras can either be processed in real-time or aggregated over a specific time period. The generated information helps multi-site retail store chains to take critical business decisions for operational efficiencies, staff management, marketing, merchandising, security, and other vital uses.
How Does Video Intelligence Benefit Multi-site Retail Stores?
For Multi-site retail stores, it is extremely difficult to manage operations and improve sales conversion without the right information, here video intelligence using AI video analytics platform can be boon and has several business benefits such as:
1. Better Insights into Product Popularity
Analyzing the camera feeds retail stores can analyze the product popularity and placement. The AI BOTs analyze the camera feeds consistently to measure traffic, customer dwell time, and interaction of the customers with specific products in different stores.
Using these insights, the managers optimize floor plans for the specific stores. Strategies such as displaying popular products at the forefront and less popular products at the back alleys for different stores become beneficial to increase the store’s sales.
2. Traffic and conversion
It helps retail enterprises identify customer walk-in and map it to customer conversion rate across stores. This helps identify the best performing and poor performing stores and enables the district manager to draw out specific store-wise strategies to improve sales.
All this collected data is analyzed to understand the flow map and how to map the customer from entry to conversion across the store, giving a fair idea of what routes people take and how it converts to sales.
3. Automate Inspection
Another advantage of AI video analytics is its ability to automate and streamline inspection procedures. The camera feeds can be used for a specific activity such as product inspection or employee inspection.
On the occurrence of an undesired event, the platform can alert the specific store manager and zonal head. The situation and the videos of that instance in a particular store can be accessed using smart video search. This allows to take timely appropriate actions, and prevent any kind of loss.
4. Staff Planning and Optimization
Intelligent video analytics solutions can help identify traffic patterns across stores and Identify power hours and hotspots, This data can enable the district manager to develop plans and educate the staff to improve customer engagement during these times for low-performing stores.
It also adds an opportunity to view the staff from the stores that are working adequately and streamlining swift store operations to obtain the best results.
5. Better Efficiency in SOPs
Multi-site retail stores usually have complex standard operating procedures as per which all their employees work. With AI video analytics, the regular workflows of the store can be monitored, and instant response to store issues can be identified thus resulting in higher working efficiency of the stores.
6. Smart Workload Management
AI video analytics platforms can generate detailed reports and future insights to track daily, monthly, seasonal customer traffic patterns for managing employee shifts. It can guide staff members to help customers find their desired products and manage long queues for the billing process.
7. Prevention of Inventory Loss
Video analytics add capabilities to the cameras to monitor all the stores across multiple sites and instantly notify them about any unusual activity. This reduces the need for physical monitoring and ensures fewer theft possibilities in the store inventory across all stores
Summing up
AI-based Video analytics offers a great way to gather customer data from multisite retail stores across the country and helps understand customer shopping preferences, timing, demographics, and more. It helps Retail enterprises know the Why and How behind the What of retail sales.
With AIVID an AI & Computer vision-based video analytics platform retail owners can mine in-store insights that help understand why and why not of the buy-in terms of customer behavior, staff planning & operational efficiency across all stores. The platform works with existing cameras and does not require a special camera, thus saving the substantial cost of deployment. To know more how AIVID can help you write to us at sales@aividtechvision.com