Company News • 11.12.2017

Retail technology that delivers customer insight

Use of video analysis for greater profitability and less inventory losses

How can analytics help improve the retail customer experience and ultimately drive sales? What additional customer insight can they provide? How can retailers use this information? And where should they start? These are some of the fundamental questions retailers have when considering analytics to optimize their business.

Supplier
Logo: Axis Communications GmbH

Axis Communications GmbH

Adalperostraße 86
85737 Ismaning
Germany
Photo: Customer puts earrings in her handbag; copyright: panthermedia. net /...
Source: panthermedia.net / Ian Allenden

Back to basics

The obvious starting point for most retailers is people counting. It’s straightforward: knowing how many people have visited their store and when. It’s accurate: video-based analytics has come a long way with consistent accuracy of 95% or higher. It’s extremely cost-effective using standardized IP cameras. And it’s intuitive for retailers to cross-reference with other data such as point of sales transactions, promotional campaigns, and even weather reports, to pinpoint the factors driving people in-store.

In fact, visitor traffic is a primary KPI for most fashion and global chain retailers – second only to sales. And it’s vital to measuring sales conversion, evaluating marketing campaigns, assessing store performance, and developing employee incentive programs. Ultimately, it’s a metric that determines whether a store opens or closes.

Adding actionable insight

Counting visitors is just the beginning, and retailers know that there are many factors that can impact – positively or negatively – the in-store visitor experience and overall profitability.

Long queues are just one example of how retailers can lose a sale or a loyal customer, after having successfully enticed them into the store and placed the product in their hands (and research in the UK has pointed to the high cost of this). For this reason more large grocery and home goods stores are abandoning manual monitoring and adopting automated queue analytics that can trigger a silent alarm to retailers to open additional tills or re-direct customers to a shorter check-out line.

While store optimization analytics are a great way to improve retailers’ bottom line, that additional profitability can still be eroded by loss and shrinkage, which, per the Global Retail Theft Barometer 2014-2015, amounts to over $123 billion and on the rise.

Retailers are therefore looking for intelligent technology solutions to prevent and mitigate loss. One example is grocery store chains who supplement their one-way traffic flow systems with direction detection analytics, to alert staff of a visitor exiting from the store entrance rather than the check-out area. Another points to a growing number of round-the-clock open membership clubs and gyms who use tailgating analytics to detect when members bring non-paying friends with them after regular working hours.

By combining a clear retail business goal with video analytic technology and expertise, retailers can improve profitability and maintain a competitive advantage. And in an increasingly competitive retail environment, such insight can be the difference between success and failure.

Get additional system integration insight from Andreas Hanhausen, CEO  Eastek and myself in our latest video. Visit our website to learn more about how video analytics can help retailers accomplish their loss prevention and store optimization goals.

related articles:

popular articles:

Thumbnail-Photo: Nets and Swish partner on in-store payments pilot...
23.07.2019   #mobile payment #mobile terminals

Nets and Swish partner on in-store payments pilot

Bluetooth tech enables scalable instore payments for mobile payment app

Nets, a European payments company, and Swish, the number one payments app in Sweden, announce their collaboration on an in-store payments pilot program.Until now, Swish has mostly been used for account-to-account transactions and, more recently, ...

Thumbnail-Photo: Quality and great experiences at irma in Illum...
18.04.2019   #electronic shelf labels (ESL) #labels

Quality and great experiences at irma in Illum

A store with all the best

The customers wanted Irma back and they got that. After two years of absence, Irma has once again opened a store in the basement of ILLUM department store in the late summer of 2018. The new Irma store offers high quality and extra good experiences ...

Thumbnail-Photo: APG Cash Drawer: new SMARTtill business development manager...
15.05.2019   #cash management #cash handling systeme

APG Cash Drawer: new SMARTtill business development manager

APG Cash Drawer announces hire of SMARTtill business development manager

APG Cash Drawer, a fast-growing global manufacturer of cash management solutions, announced today the addition of Tony Pusateri as SMARTtill Business Development Manager. ...

Thumbnail-Photo: Introducing a new, powerful mobile POS in Posiflex’s MT series...
25.06.2019   #epos systems #cashpoints

Introducing a new, powerful mobile POS in Posiflex’s MT series

MT-5310W from Posiflex combines the mobility of a tablet with the functionality of a fixed POS terminal. .

Today’s customers have higher expectations than ever when it comes to service. To meet and exceed customers’ ever-growing expectations, Posiflex is pleased to present MT-5310W, the latest addition to the popular MT series: a hybrid ...

Thumbnail-Photo: Goodbye paper receipts: All documents stored in one app...
16.05.2019   #epos systems #cashpoints

Goodbye paper receipts: All documents stored in one app

What happens when the Receipt Provision Ordinance takes effect? We digitize!

They create a lot of work and endless waste: tons of paper receipts from cash registers end up with customers or the waste bin every day. In early 2020, all consumers must be given a purchase receipt in Germany. That’s what the law mandates. ...

Thumbnail-Photo: Why digital signage pays off big!
03.06.2019   #digital signage #customer relationship management

Why digital signage pays off big!

The right content can increase sales and customer loyalty

The strategic use of digital signage can unquestionably lead to increased sales, a boosted impact of the sales floor, a new shopping experience, and a stronger brand image. However, emphasis is too often placed merely on technical innovations that ...

Thumbnail-Photo: Social commerce 2.0: artificial intelligence detects purchase intention...
18.04.2019   #e-commerce #sustainability

Social commerce 2.0: artificial intelligence detects purchase intention

Choosy analyzes fashion trends on Instagram – and redesigns them

The fashion world moves at lightning speed – and more than ever thanks to the rise of social media. In the past, key trends emerged off the runways twice a year during fashion weeks. Now Instagram et al. set the tone daily thanks to feeds of ...

Thumbnail-Photo: Digital Signage Summit (DSS) Europe
07.05.2019   #digital signage #digitization

Digital Signage Summit (DSS) Europe

iXtenso readers receive a 30% ticket-discount!

The two-day event comprises a comprehensive mix of twin-track conference programme; hands-on workshops; exclusive presentations; numerous networking opportunities and a vendor and service supplier exhibition area.In 2019, DSS Europe returns to the ...

Thumbnail-Photo: 45th anniversary of the barcode in retail
01.07.2019   #barcode scanner #qr code

45th anniversary of the barcode in retail

GS1 US celebrates the barcode’s relevance as the backbone of commerce

GS1 US®, the information standards organization best known as the administrator of UPC barcodes, this week celebrates 45 years since the debut and first scan of the iconic barcode. On June 26, 1974, a pack of Wrigley's chewing gum carrying a ...

Thumbnail-Photo: Well cooled shopping entertainment, please!
15.07.2019   #refrigeration cabinets #refrigerated counters

Well cooled shopping entertainment, please!

What about modern refrigeration technology?

Pierluigi Schiesaro and Gian Paolo Di Marco from Arneg, a company focusing on food service equipments, talk about refrigeration systems as "shopping entertainment".They also tell us what sustainable refrigeration could look like and why ...

Supplier

APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen
LANCOM Systems GmbH
LANCOM Systems GmbH
Adenauerstraße 20 / B2
52146 Würselen
ROQQIO Commerce Solutions GmbH
ROQQIO Commerce Solutions GmbH
Harburger Schloßstraße 28
21079 Hamburg