How to Optimize the 2021 Holiday Retail Season with Video Analytics?

 

Description: even with the surge in service and product prices due to the COVID-19 pandemic, there are still regular footfalls of consumers stocking up on essential items to manage the immediate demand and future uncertainty. However for the retail sector it has been taxing to assuage the customers of sufficient availability as long queues are often seen outside most shopping malls.

So as most parts of the world get back to normal while others struggle to contain infections, how best can the retail units and sector generally optimize the holiday season with the best of video analytics? Let’s see some strategic ways adopting video analytics is actually very helpful.    

Ways Video Analytics Helps to Optimize the 2021 Holiday Season

Identify genuine and fake customers

Several retail store footfalls don’t necessarily translate into real sales figures or genuine customers. Indicative potential can be translated into real sales with the use of video analytics software applications. This is possible as analytics studies customer behaviour and dedicates better ways to guide and monitor their shopping habits, product choices and preferences.

Boost product and floor security

Security is fundamental to managing and translating floor and product safety. When there are suspicious customer actions, inconsistent traits and behaviours video analytics helps to figure out what is consistent and what is not. That’s helps to boost the safety and security of product and be able to monitor the entire retail store floor actions.

Enhance customer or client conversion rates

Conversion rates are essential and crucial to business growth. For they mean even when a customer didn’t have the intention to buy anything but with proper customer study they can be turned into real customers. Target specific marketing studies how customers behave and conduct themselves while in the store with the help video analytics data. The collected information gives clues and ideas on how to convert visitors to genuine buyers.

Improve employee efficiency and productivity

Employees are at all times to be productive and efficient in their duty and assignments. They must create and produce results that propel the business forward. The adoption of video analytics adds a better way and approach to track employees consistently. Efficiency impacts and improves overall productivity. Productivity will naturally affect the bottom lines and ROI of any business or organization.

Helps customers in need of specific product selections

Retail stores are expansive, detailed and broad in product display that perhaps initially customers may find it difficult to locate specific goods. Some customers want fairly easy to locate and access products which reduces their overall time spent in search of specific products. Analytics keeps a detailed retail outlet floor plan or outlay. That means specific goods and products are easy and fast to identify or locate.

Advise customers on specific preferences and choices

Sometimes there are several products that customers have no interest in at all. Video analytics follows and tracks the shopping behaviour of clients to ascertain what attracts and captures their attention the most. It is also helpful in knowing the types of goods that the clients have shown more interest in compared to the rest. This makes it able to send them alerts whenever new stocks arrive or new offers are available.

Eliminates Pilferage and Product Loss

Pilferage can prove costly for the business in the short and long run. This can be eliminated with the best video analytics applications and software that tack and monitor all the activity in the store 24/7, 365. The minute losses can slowly add up to colossal figures if not tracked and stopped in time.

Improve customer care and treatment by employees

Customers are the very reason businesses operate, function and grow. Making customers a priority means giving better customer care services as well as overall treatment by the employees. Employees must recognize the value each customer adds to the business’ success and survival in a competitive market space. 

Summary

With the retail holiday season picking up the pieces and getting back to normalcy post COVID-19, Video Analytics Companies in India recognise its valuable inputs for the retail season ahead. For the retail outlets adding video analytics is a sure way to boost and optimise the holiday retail shopping season.