As we mentioned in our previous post, video analytics were first developed with the intention of simplifying and improving security monitoring. However, their usage is now being adapted for a variety of non-security related purposes in different industries. Retail stores in particular have been big proponents of using video analytics for a multitude of reasons. Here are some of the ways that Ifovea’s video analytics are helping retail stores.
Reduce Crime & Footage Retrieval Times
Like any other place, retail stores have to have sufficient security measures in place to protect their customers, employees, and assets. One way that they can strengthen their security is by utilizing face recognition. Face recognition is the process of identifying people over images and video in real-time through their face. With face recognition, retail stores can be notified whenever a known shoplifter or serial scammer enters the premises so that they can monitor them closely to avoid any losses.
Another way that security can be improved is by using object detection and tracking to automate security monitoring. Most retail stores have a dedicated security team to monitor the security cameras, but it’s not always possible for them to be alert and catch every single detail. Object detection helps make monitoring easier by automatically identifying and detecting the presence of dangerous weapons so that security teams can be alerted to take action. Object detection is also helpful for security teams to retrieve incident footage by enabling the user to search through footage using filters. Additionally, the object tracking algorithm can learn patterns of movement to detect abnormal behavior such as loitering or people moving in the opposite direction.
Increase Customer Satisfaction
In addition to improving security, Ifovea’s face recognition can also be used to improve customer satisfaction. For retail stores, attracting repeat customers is essential because they tend to spend the most money over time. With face recognition, the store will be able to establish loyal customers and be alerted whenever they come into the store so that they can be serviced immediately for greater customer satisfaction. Gender and age attributes will also be provided with each detected face so that the store can recommend products that have been tailored to their preferences or present targeted ads that they may find appealing.
Enforce COVID-19 Safety Protocols
Since the COVID-19 pandemic started, retail stores have been forced to reduce their maximum occupancies to enforce social distancing. In order to keep track of how many people are allowed in at one time, many stores have been stationing employees at the front to manually count. However, this method wastes resources and puts the employee at risk of infection since they would have to be in close proximity to the customers to count. A better way to enforce the maximum occupancy would be to use Ifovea’s people counting feature which automatically counts each person that passes through the camera’s frame. Unlike other people counting software on the market, Ifovea is more accurate because it utilizes object detection and tracking to prevent double-counting visitors that have moved out and back into the frame.
Provides Foot Traffic Data
People counting is also an important metric for determining the amount of foot traffic a store is receiving. Knowing the foot traffic enables businesses to gauge how well or how poorly the store is performing. It also lets them assess how well a recent promotion or marketing campaign is doing. In the past, the only way for businesses to collect this information was by hiring someone to count the number of visitors each day over a period of time. Besides being very time-consuming, this method is also quite expensive since it requires hiring someone to keep count. Ifovea’s people counting feature is a more efficient alternative since it’s automatic and doesn’t require hiring someone.
Besides providing the number of visitors per day, Ifovea’s people counting analytic also allows you to see how many people have come at specific times. This information would be important for businesses to configure how many employees they should have working during peak hours to ensure that there’s enough workers to assist the expected influx of customers.
Analyze Customer Path
For businesses, observing the customer path is important for them to better understand customer behavior and what influences their purchase decisions. Using the people counting analytic again, businesses will be able to mark off specific areas to track exactly how many people are passing through those areas and what percentage of those customers are actually purchasing items. They can also utilize Ifovea’s heat maps to visually see which areas of the store are receiving the most attention. With this information, stores will be able to modify their store layout and place products in areas that they know are more likely to attract customers.
Optimize Inventory Management
For retail stores, knowing how each product is performing is critical for inventory management. If a product is not performing well, then it wouldn’t make sense for the store to waste money on stocking it. Sales reports can indicate which products customers are more likely to purchase, but it doesn’t tell the full story. By using Ifovea’s object detection and tracking feature, stores will be able to set a product that they want to monitor using the object filters. This way, they’ll be able to see how customers are interacting with the product, like how many people are picking it up and putting it back, if people are even stopping to look at it, etc. Not only does this help them evaluate product performance, but it also allows them to observe customer behavior and how they go about their purchase decisions.
If you’re interested in discovering how Ifovea can boost your retail store operations, then contact us today!
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