When business owners think of retail security systems, the first concept that comes to mind is protecting your business from a security breach. While most business owners understand the importance of installing video-based security systems, it’s time to take your business to the next level by ensuring that the footage captured is benefiting your business in every way possible.
In 2013 alone, the amount of retail losses suffered by businesses amounted to $128 billion, according to the Global Retail Theft Barometer. Primarily, it is important to protect your business from loss prevention.
That’s why having security footage of an employee committing a crime or a customer stealing from your business is the main reason businesses install security systems, but video solutions now allow you extensive customer insights over and above just identifying or catching a thief.
It’s time to take your retail business to the next level with the help of video analytics that will help leverage your IP video solutions for more than just security. These systems don’t just monitor your business but provide you with real time analytics to help you put the recorded video to good use and to help you grow your business
What is Video-Based Retail Analytics?
Video content analysis is the computerized processing and analysis of video streams captured by surveillance systems. According to Dan Cremins, the head of the product management team at March Networks, video-based business intelligence solutions is a product that takes the video surveillance you’ve already captured and pushes it a step further by adding video analytics.
Just some of the analytics that are measurable with retail video analytics includes people counting, dwell time, and queue length monitoring. Not only can these insights help you track your business, but also help in other ways.
The product provides you with reports and connects the video footage to the point of sales transaction. These analytics provide your business an opportunity to grow by using this information to make the necessary changes that may be holding you back.
For example, queue length monitoring can help reduce customer wait times and ensure that your staff is providing the best customer service.
The solution combines all the data in a simple, comprehensive reporting platform that retailers can then use to analyze and compare performance metrics. The tool can also monitor promotional effectiveness and conversation rates across multiple locations, which is beneficial for businesses that have multiple branches.
An example scenario where this tool is beneficial is in the case of a business manager who is responsible for supervising more than one location. They can look at the daily feed and reports to track each store’s conversion rate on this business analytics report.
How Video-Based Retail Analytics Can Benefit Your Business
March Networks, an intelligent IP video solutions provider, is committed to providing retail businesses with analytics that will set them apart from competitors.
The system aims to provide businesses with the necessary tools to enhance security, mitigate risk and reduce losses from both theft and fraud but they do more than just protect your business; the analytic reports can ensure that your business is utilizing every opportunity out there to be more profitable. Here’s how:
1. Customer Behaviour Insight
Retail businesses can utilize the reports crafted by March Network systems to benefit their business and gain greater insight into customer’s purchasing habits. A great aspect of IP video solutions are the people counting-analytic reports which is a powerful tool, especially when you integrate it with your POS data.
By comparing how many people come into your store versus how many people are actually making purchases, these reports provide you with clear conversion rates for your retail business.
This information can be more helpful if you run more than one store. With the help of A/B testing, you can compare reports across your multiple locations to see which branch is yielding the best results.
Learning from the success of one store and applying what you know about consumer habits from each location can help ensure that you’re doing what you can to encourage buyers.
Even if you don’t have the answers yet, having this valuable piece of information gets you one step closer to knowing what’s going on so that you can start to address issues that may arise at a specific location. Therefore, for March Networks’ CCTV systems, it’s no longer just about retail security but also utilizing the right tools to give you an edge with business intelligence.
2. Reach More Customers
Since 65% of consumers still prefer brick-and-mortar shopping as opposed to online shopping, it’s important that you continue to cater to the majority of buyers. Based on the insights video analytics provide you into customer’s buying habits, you can then use this information to strategize your advertisements and in-store marketing campaigns.
Breakthroughs in new facial recognition technology combined with real-time analytics are now enabling brick-and-mortar retail storefronts to provide greater levels of personalization. Furthermore, with the help of dwell time analytics, you’ve got the opportunity to measure the effectiveness of your marketing investments with both advertisement and product placement.
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Dwell-time analytics combined with product and advertisement placement record how long a customer pays attention to a particular area of the store. From there, you’re able to see how well your marketing tactics are being received by customers not just at one location, but across all of your retail stores.
This information can then be compared to the total number of people coming into your stores and you can use this to strategically place advertisements and displays for the maximum benefit of your marketing dollars.
3. Watch Your Business Remotely
Every retail business manager wants to ensure that they are successfully managing their business, and video analytics get you one step closer to doing so. When you’re managing multiple locations, it’s difficult to have eyes everywhere, but with the help of IP video solutions, you can.
Ideally, managers want to trust their employees but it’s important to stop shrinkage before it happens in order to reduce your losses. Retail shrinkage refers to the portion of your inventory that gets lost or stolen and employee theft accounts for nearly 45% of shrinkage in retail environments.
While most businesses have an average shrinkage rate of anywhere between 1 to 3 percent, business managers are tasked to keep the rate as low as possible. With the help of video analytics, you can do just that, while also monitoring the quality of your employee’s customer service.
By allowing you to keep an eye on your business and employees, video analytic solutions provided by March Networks allow you the opportunity to not only know where issues lie, but gives you the necessary information to work toward resolving these issues. The power of video footage is only amplified with the help of video analytic systems for your business.
If you’re interested in consulting with security experts that can leverage your existing video surveillance systems with video content analysis, contact Logixx Security. Our security specialists have the tools and knowledge to help you ensure that your retail security systems are upgraded with the latest technologies to help your business grow.