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Ask the expert: Can retailers leverage video analytics beyond loss prevention? |
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CCTV -
Editorials
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Written by Robert Moore
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Wednesday, 20 May 2009 13:29 |
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Page 1 of 3
While analogue and network cameras have been protecting retailers against shrink and frivolous lawsuits for years, more recently operations and marketing departments have taken closer looks at the technology for their own uses. In fact, the current trend is for non-LP groups to use video analytics to improve revenues and enhance operations.
For example, operations may use surveillance systems to detect how fast checkout lines are growing – or even predict when they will reach a size that requires additional cashiers. By doing so, they can address long lines (and impatient customers) before they become issues. Some stores are even using video analytics to improve traffic flows in areas that need to be addressed. Still others are using video analytics for people counting, so they can determine how busy their stores are at any given time. Knowing this information allows businesses to properly staff their operations to meet customer needs.
Marketing, which is generally thought of as a cost center, has also found novel uses for the technology. Using video analytics, marketing departments are increasing revenues for retailers by determining when they need to restock shelves, so goods are available when customers need them.
Studies have shown that when products aren’t available, retailers lose not only immediate sales, but often complementary sales as well. By keeping shelves stocked, they ensure the sales of stocked goods plus potential related items. In addition, a high percentage of shoppers say that if the items they are seeking aren’t available they are more likely to obtain them from a competing retailer.
Video technology can also assist retailers to determine their most popular goods in a timely manner. Doing so ensures that items are displayed properly, reordered before there are empty shelves, and secured if necessary to prevent shoplifting.
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