Retail Video Analytics
Retail Video Analytics is the practice of analyzing live capture video with sophisticated algorithms to identify areas of improvements for a variety of retail operations. By gathering and analyzing actual in-store performance, retailers now have the ability to monitor, measure and manage what is impacting the customer experience in their stores.
The Challenge of Compelling Customer Engagement
Research shows that in-store engagement is a critical component of every customer experience. Research also shows that compelling and timely customer engagement is a challenge for almost every retailer and presents one of the largest opportunities for sales growth and increased customer satisfaction.
The Problem with Out-of-Stocks
When out-of-stocks occur, everybody loses.
- Customers are dissatisfied and either delay their purchases or take their business elsewhere
- Retailers lose sales, profits and customers
- Vendors and manufactures lose sales and risk in-roads from competitive brands
Research and experience have shown that customers will often leave a store without making a purchase rather than stand in a long or slow moving check-out line. Despite advancements in technologies designed to decrease wait times, queue management remains a challenge for every retailer. The universal truth is that when queues are not managed well, the result is unhappy customers, lost sales, lower customer satisfaction, and loss of loyalty.