Traditionally, the role of video surveillance in retail was primarily, and nearly exclusively in security. Since the rapid maturation of IP, video, and analytic technologies– that has changed dramatically. The increase in functionality and accessibility has proven to be a real boon to the retail industry and retailers are finding a multitude of beneficial uses for video surveillance analytics, one of the most powerful is in product placement and planning.
Use Video Surveillance Analytics and THRIVE
Retail business owners know the importance of proper product placement. In fact, product placement can make or break a business, retain or lose customers, and solidify relationships with product brands who want to see partners move merchandise. Until recently, businesses relied on current trends, historical sales trends, seasonal shopping patterns, and good old instinct to determine inventory levels and product placement. This, of course, could result in anything from a big win to a devastating fail. Today, video surveillance analytics provides retailers with a wealth of information that changes everything.
Small Changes Can Yield Reward
You’ve seen it. Small, seemingly negligible changes in product placement can reap huge gains. A shoe department of a large chain store saw as much when it was performing poorly. Data analytics revealed that the benches were too close to the wall for shoppers to try on shoes. Simply moving the benches allowed the department to perform far better. Without data analytics, the store could have missed the problem altogether.
8 Ways To Use Data Analytics to Improve Product Placement
Using heat maps and dwell times can provide an enormous amount of information for improving product placement. Here are some examples.
- Use popular products to shoppers toward lesser popular products.
- Uncover flow and ease of movement. It is easy to unintentionally funnel traffic in a specific direction.
- Measure the effectiveness of special promotions and displays.
- Use flow of traffic and buyer habits to place products more efficiently.
- Use heat mapping to direct shoppers to promotions.
- Gather information to improve flow of traffic and make navigation intuitive.
- Run A/B displays to discover what truly appeals to customers.
- Analyze customer behavior to increase their Units Per Transaction (UPT) rates
Once you know what works, it is easy to develop a repeatable plan for success. The ability to see real-time retail analytics also provides the opportunity to make changes immediately if something isn’t working which can save a campaign. Overall, video analytics give retailers the ability to analyze store traffic and product and merchandising success and use that information to make decisions that better fit the customer, and the business.
Headquartered in Melville, New York, S-Tron is a national security systems integrator with local, professional service and installation. We serve the restaurant, hospitality, grocery, convenience store, and retail industries.