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Blog Article

Retail Management using Smart Video Analysis

The pandemic led to a rise in online sales on an unprecedented scale. But now that the pandemic has retreated, things are changing.

Published

12/10/2022

Overhead view of a retail store

It should be no surprise that online shopping is prevalent, and here to stay. However, long periods of confinement over the last two years have induced a change in shoppers’ attitudes with more and more people turning to the immersive experience of in-person shopping. To provide a point of comparison, May 2022 saw an increase of 2.2% in online retail sales from May 2021. The same calibration showed a rise of 13.4% when it came to in-store sales.

Retailers are focusing on improving customer experiences by updating methods of retail management. 

How does Video Analytics feature in the Retail Industry?

The retail industry is a swiftly evolving one, and can benefit from the analyses that video intelligence is equipped to provide. Video analytics acts as the source of crucial information that aids decision-making, quick responses, and strategization processes. 

The uses of video analytics in the retail sector are many and multi-faceted. A few examples of the functionality offered by video intelligence to retailers are as follows:

  • Analysis of frequently visited areas
  • Conversion rate and customer journey measurement
  • Automated collection of relevant KPIs

How can Isarsoft Perception be used to improve retail management?

Isarsoft Perception focuses on three main application areas for the retail sector - planning, security and optimisation. It can be further divided into sub categories depending on requirement.

Retail Planning

The term ‘planning’ refers to the overarching concept of long-term adjustments and strategic decisions. This, in turn, can be used to improve customer journeys and boost sales.

Isarsoft Perception uses live data streams to make customer behaviour observable for business owners. They can, thereby, pinpoint obstacles in the path and work on eliminating them. 

Measuring the conversion rate of customers is, simply speaking, getting an insight into how many people actually leave the store with a purchase. The objective is to create an environment that promotes active buying. Video analytics considerably simplifies the process here. Once a database has been established using the software’s intuitive data analysis, it can be used to identify variables such as high-traffic areas, dwell times, frequently purchased items, etc. Retailers typically classify these to create customer profiles to aid a more sophisticated understanding of customer pain points.

One of the key benefits of video intelligence is that it helps enhance accessibility. Isarsoft Perception can be used to optimise structures and infrastructure in order to make a spatial region more accessible to users. Using an optimised blueprint is also instrumental in effective placement of products, cash-desks, and points of entry and exit.

Retail Optimisation

Isarsoft Perception’s approach to optimisation is based on an automated process of KPI collection. The acronym KPI stands for Key Performance Indicator. 

Queue management, for example, is a primary function of video analytics. Through the use of the live processing of cameras, waiting times can be shortened by implementing a system of effective staff deployment. The same logic is applied to other KPIs such as dwell time. The analysis of dwell time is a sound way of evaluating business performance. 

Isarsoft Perception aids the process of queue management

Some other evaluatory factors include footfall measurement, average time durations during different days of the week and times of the day, and merchandise management. The latter is a great way of addressing customers’ needs.

Retail Security

Isarsoft Perception can be deployed on-edge. Edge deployment in combination with live data processing works wonders for timely security action. 

Not only can the software alert security personnel in a speedy and accurate manner, it can also be used to track and identify aberrations. A 24*7 system of data collection enables that suspicious behaviour does not go unnoticed and thereby, unattended. 

Isarsoft Perception can also be configured to create alarms that aid loss prevention, overcrowding, and theft. 

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