It’s been famously said that you can’t see the solution until you see the problem. Most safety and security problems in retail, restaurants and hospitality occur because you or your managers simply aren’t looking. An open back door, a wet floor or an unattended pricing gun, for example, can lead to robbery, lawsuits and eroding profit margins. Let’s take a closer look at four of the key safety and security problems and how modern video technology offers a proven, cost-effective solution.
According to the National Association for Shoplifting Prevention, approximately 27 million people throughout the country can be classified as shoplifters. That’s 1 out of 11 people, and over 10 million people have been caught in the act over the last five years. While there isn’t a standard profile of a typical offender (men and women are equally as likely to commit the crime, for example) there are many common items that shoplifters focus on. Knowing which products to keep a careful eye on is an important step to prevent unnecessary profit losses.
Even with the most diligent and thorough screening programs for new employees, it’s inevitable that a few bad apples get through, which makes employee theft a major area of concern for restaurants, retailers and other establishments that handle large amounts of money. CBS News reports that nearly one-third of all employees commit some form of employee theft. So it’s important to understand how these (hopefully) petty thieves are taking hard-earned money out of your business.
Along with being able to “read” a customer, understanding which supplementary items are frequently purchased with feature products such as smart phones and tablets is key to upselling. This is one retail area where having the comprehensive ability to capture and analyze the customer experience is crucial to success. According to Digital Journal, the mobile accessories market is expected to outpace the growth of the global smartphone market, with a double digit growth rate during the coming six years.
To finish this series on video intelligence, video surveillance is most commonly seen as a tool for identifying negatives, like shoplifting and employee theft, but it can also be an excellent way to show staff that you understand the things they’re excelling at.
Stuff happens. Mistakes are made. Expectations aren’t met. The result? A legitimately angry customer. But there are also customers who want to take advantage of an innocent employee or commit actual fraud. How do you sort out the real from the perceived? How do you train employees to turn a dissatisfied customer into a loyal fan of your brand?
If you’re in the market for a video surveillance system for your store, restaurant, or hotel, you’ll want to be sure that the hardware and software can grow when you do. The information that you’ll receive from video data is an invaluable business tool that helps you see what’s going on inside every part of your store, restaurant, cinema, hotel, or other physical location. It all tells a story, and the moral of that story is that there’s always room for further improvement and innovation.
Call it the winter of our discontent. The passage from 2014 to 2015 has brought extreme weather across the United States. Massive snowstorms are pounding the East Coast while California faces drought conditions and the Midwest faces everything in-between those two extremes. Retail sales are an indicator as to how customers feel about their personal financial and social situation and what is going on around them. Weather can be a major disruptor just as surely as a natural disaster or a major economic event. But that doesn’t mean you can’t adapt to changing weather just as quickly as you adapt to other changing factors in your business model. The key is pattern recognition, and analyzing the data you are collecting is as important as collecting it in the first place.
With the wireless industry showing signs of continued growth in sales, forward-thinking wireless dealers are looking for ways to capture more market share and build a solid foundation for profitable growth. At the same time, in an attempt to gain a competitive advantage, wireless retail carriers are recommending their dealers invest in customer loyalty, business intelligence, secret shopping and other in-store data gathering initiatives. At the heart of these efforts is the need for increased visibility into daily store operations across various retail functions and multiple stores.
If you own or manage one or more wireless retail locations, you know the importance of having visibility into your store operations. To achieve that, you probably employ some sort of mystery shopping service or technique which reports back an isolated perspective of an individual customer’s experience. However, there could be problems with this approach, both include information you’re receiving and in your ability to effectively measure, react and correct the results.