Over the last decade, the retail industry has experienced a transformation. As consumers spent more dollars shopping over the internet, traditional brick and mortar stores had to reevaluate their strategies and direct their focus on customer experience, store operations, and improved efficiencies in addition to loss prevention. It is a subtle shift with giant implications.
Traditionally, retailers have used CCTV and video surveillance primarily for physical security and loss prevention. Now, with the availability of high-powered computing platforms and advanced analytic algorithms CCTV and video surveillance help retailers make informed decisions that provide a competitive edge.
What Else Can Business Intelligence Do?
Loss prevention is a huge part of retail video surveillance, but retailers can get much more out of their investment—business intelligence. Business intelligence provides the insights retailers need to enhance sales and profit margins that affect the overall bottom-line.
Enhanced Customer Experience
Until recently, retailers had to rely on learning customer shopping trends through loyalty cards and POS transactions. While it did provide information on end-result shopping trends, it did not provide information about demographics, in-store behavior, or customer experience. Business analytics show how long customers spent in the store, what displays made the most impact, how long they waited in line, and whether or not the experience was positive. Knowing these things can help a retailer make better decisions in the moment and adjust strategies in real time.
Leveraging business intelligence provides key performance metrics so retailers can identify trends, or problems. They can also use the data to help compensate and incentivize performance.
Optimize the Workforce
One of the biggest costs in retail is staff. Staffing is also one of the most difficult aspects to manage. Overstaffing increases operational costs and understaffing can mean poor operations, dissatisfied customers, and ultimately- lost sales. By having a full view, and detailed analytics, business owners and managers can monitor shopper traffic and customer behavior to make better operational decisions for scheduling and staffing needs.
More Effective Merchandizing
Whether it is the right product, wrong placement or an altogether flop of a product, video business intelligence gives retailers an immediate understanding of customer behavior. The right information provided in the right time can make a dramatic improvement in sales.
Better Store Layouts
Comprehensive data about in-store movement patterns quickly reveal areas of bottleneck, hot spots, and areas that are infrequently visited. With this information, retailers can modify the store layout to better accommodate the shopper and drive shoppers through the store and to areas they might not have otherwise visited.
Today’s retail environment is competitive and leaves little room for error. Business analytics help retailers meet customer needs by zeroing in on customer experience and convenience—and drive sales. S-TRON specializes in retail loss prevention, CCTV and business intelligence and understands the needs of the retail business.