Many think of video as just a surveillance tool, but it can be much more than just another way to keep an eye on the store. Multi-billion dollar companies like Target are using video and mobile technologies to make data-driven decisions that drive profit, boost upselling, and give these companies a much clearer picture about how to optimize their business model for the greatest sales advantage.
The second post in this series will highlight three ways that video-driven analytics can help your company or store benefit from advancements in video-driven technologies.
It’s more than just counting people.
It’s probably a question that you ask yourself all the time: “How many customers came into my store and made a purchase today?” Just counting people is a waste of time and resources that costs money to service, is limited in scope, and may be inaccurate in terms of reporting. Using advanced video algorithms, new advances in video observation can not only count 100% of the people who enter your doors but can also correlate that data in real time to track promotional correlations, hourly patterns, staffing associations and marketing campaigns. The best part is that you don’t even have to be in the back office. Using mobile platforms, you can compare store performance across regions or even across your entire brand with powerful tools right at your fingertips. These tools will empower you to capture and analyze the customer experience like never before.
It can also be a training and coaching tool.
One of the great fears of business people is that they can’t do everything themselves. They may have great insights into powerful sales techniques that can improve efficiency and cross-sell accessories or other products. Video technologies can allow you to share data, techniques, messaging and other vital information with every single employee across your business in the same way, every time. Whether your operation is a restaurant, retail location, wireless store or service provider, video observation and analytics allow you to access an actionable record of every transaction, which helps you see what may not be working at its best so you can better coach existing employees and train new ones consistently.
Don’t lose your head—or your product.
Many people think loss prevention is just about cutting down on shoplifting. Admittedly, it’s a major problem. According to the National Association for Shoplifting Prevention, there are approximately 27 million shoplifters in our nation today. But many retail operations don’t think about other forms of loss that can be easily mitigated by video observation and analytics. These include not only employee theft and embezzlement (with an average loss of $1.1 million for major embezzlement cases, according to Marquet International Ltd.) but also unnecessary spoilage of product, vandalism, waste, abuse, or misconduct. Solutions from Envysion use cutting-edge hardware and real-time observation algorithms to capture every moment at your point-of-sale and every asset in your warehouse to help you track every dime of your inventory from the time it arrives until the time it is sold to a customer.