In today’s world, a surveillance system is commonly used in the retail sector as a tool to support and aid safety and security. Traditional surveillance systems capture information that is rarely filtered, processed, and utilized.
Although this system is extremely useful, most retail owners do not realize that there is a large amount of underutilized surveillance data that can help retailers with extended capabilities through AI-based video analytics solutions. From improving customer experience to measuring their performance, specific events and analysis help retailers increase in-store conversion.
How does video analytics work?
So, how can retailers utilize their previously existing surveillance systems? By integrating it with AI-based technology that uses trained deep learning models to detect, identify, and track a number of behavioral and customer-based metrics. AI-based video analytics platform can help retailer owners, deep-dive into data-related information to reveal the “Why” behind customer behavior and what drives or depletes business growth and obtain direct feedback from the team to improve customer experience.
Furthermore, by integrating AIVID AI-based video analytics software into the current surveillance system, data from all cameras can be extracted and analyzed on a central dashboard. This allows retailers to gain richer insight into customer related insights data.
Video Analytics for improvement in conversion
Through AI-based video analytics software, retailers can analyze the data on an analytics dashboard that simplifies information in a simple manner for informed decision making. Below are the 5 ways that can be helpful for automating inspection to provide an efficient business outcome.
1. Better customer engagement and experience
Customer engagement is a significant aspect of the conversion ratio since it creates an emotional connection between the consumer and seller. It strengthens consumer loyalty towards the company by offering a great customer experience in an engaging atmosphere, which makes them feel important and improves the overall brand image.
AI and machine learning-based technologies such as intelligent video analysis helps you analyses customer interaction time by delivering real-time insights about the average time spent on each customer engagement, thereby improving the performance of the business and eventually achieving efficiency.
2. Reduce customer wait and queue time
An increase in customer waiting time can have a negative influence on customer experience and drastically reduce consumer conversion. Moreover, it might generate unfavorable publicity, which can have an impact on the overall growth and reputation of the business.
AI-based video analytics technology can help reduce queue time by analyzing real-time video footage to identify the precise location of each customer within a certain area, significantly improving customer experience and reducing unnecessary queues. Knowing how long a customer has to wait improves customer engagement by making them feel valued.
3. Identify the traffic patterns to track your target audience
Observing shopper traffic with the naked eye is nearly impossible. This is where artificial intelligence comes into play. It can help you keep track of people’s movements and foot traffic on the store premises. Furthermore, an AI-powered video analytics platform can assist in predicting peak traffic hours by analyzing visitor density throughout the day, helping store managers to plan daily activities.
O2 has begun to integrate AI and computer vision-based video analytics into its store, creating a “smart environment” that analyses traffic patterns using in-store cameras. Knowing your target audience through customer demographics on the basis of age and gender can help you plan marketing strategies that can eventually improve conversion for your company.
4. Ensure an adequate workforce to meet customer demand
Optimization of staff in accordance with the number of visitors and their needs is necessary to improve customer in-store experience.
The AI-powered surveillance system can assist you in determining the appropriate number of store employees at any given time based on those visits. Having less than necessary personnel will lower service quality and cause you to lose business. At the same time, having more employees than necessary will waste work hours and increase labor costs.
5. Develop an optimal product placement strategy for your store
As previously said, an AI-based video analytics platform can help you track the flow of visitors and foot traffic around the store. You may also determine where your traffic is low by analyzing the most and least visited product aisles. Data on customer activity in product aisles will help you plan your product placement strategy, such as putting the most expensive products in prominent areas or changing the wording of in-store promotions to allow technology to analyze them quickly and effectively.
LBX, China’s largest pharmacy chain, utilized an AI-based surveillance system in their store to know if their product location was attracting customers. With the help of this information, they can analyze the promotion strategy and determine whether it is working or needs to be changed.
Conclusion
There is a critical business insight that can be uncovered with the use of video and multi chain retailers can efficiently access and unlock that information using video analytics solutions. Insights into customers, such as shopper demographics, dwell time and footfalls and in-store navigation patterns, assist retail owners not only in making store layout decisions but also in improving customer experience and in-store conversion.
If you have any queries, talk to our experts, so they can show you the real-time application of this amazing technology and help you improve your store’s security, efficiency, and conversion. Learn more about AIVID Techvision now!