Video Analytics

Video analytics and IP camera technology were adopted in the retail industry with an aim to... avoiding or reducing the losses from activities such as shoplifting and employee fraud.
Nowadays, retail video analytics is not just about loss prevention, but also a key tool for business growth. Video Management System, with built-in Video analytics capability, can help retailers stay competitive by providing insights for delivering value to customers and increase loyalty. Moreover, the ability of video analytics technology to process a large amount of data on a real-time basis can help retailers enhance customer experience in various scenarios. Video technology can help in delivering a quality experience to customers during their store visit. The video data collection and analytics enable identifying peak times, traffic patterns, and high occupancy zones store location. These analytics can further help retailers to reduce the waiting time for the customer, whether being at a particular location, parking or in checkout counters. Another use case is to utilize historical data for staffing to power-up decision making process. Moreover, with real-time video monitoring and analytics, retailers can identify trends and build strategies to enhance customer experience accordingly. In terms of alerting in Video Analytics, there are few emerging use cases which can enhance customer experience. For example, an alert is triggered when a customer spends more than a defined time at a particular place. For this scenario, a store manager can send a store assistant to the customer to help him out with their requirements/issues. Tracking customer visits and journeys with video analytics is the most popular use case in video analytics for retail store advancement. It is ideally known as Footfall Counting technique. Video analytics can give insights about how many people enters or exits the store and how many people are in the store at any given time. It also maps customer journey patterns throughout the store, which can help retailers to strategize the product placements. It can also help in getting insights of busier sections which retailers can utilize to place display advertisements based on details such as, number of people at a specific location for a specific time. Footfall data can further be linked to point of sale (POS) data to monitor transactional conversion compared to people entering the store. Similarly, the retailers can map the effectiveness of display advertising relatively with the transactions happening at the store. It also delivers insights and alerts to adjust staffing based on queue length and patterns.