Here are the key points from the article on the new approach to Video Analytics in retail in the face of technological improvements in this area:
Video is the largest unstructured data that any enterprise has to deal with.
define loss as an inability to sustain profit
real-time data
before: huge cost; have to store it and management couldn’t use it
video analytics can help optimize staffing; evaluate promotion and marketing performance; collect real-time shopper data; reduce fraud; deliver lower total cost of ownership
Analytics are generating insights that are not possible by any other means
video surveillance systems as retail support platform - cuts beh. loss prevention, operational effectiveness
Collaboration with store layout design and operational teams is creating sales floor environments that are more attractive to the customer, yield increased productivity and are more secure.
Information and insights on the customer have great potential to generate income from their suppliers and partners
Analytics as a marketing tool - which areas of the store have more traffic; which locations have an impact on overall sales; where to put displays, special offers
Keeping track of customer needs and keeping track of theft issues
CTIAI just completed a project involving 730 stores and almost 10,000 cameras with Couche-Tard, the largest convenience store chain in Canada.
Retail analytics’ multi-department value opens an opportunity for security integrators to justify the budget for a security system
“I would say that the main challenge is to bridge the gap existing between the security/loss prevention teams and the marketing/branding teams. Up until today, these were two separate business units with different needs, and old analog CCTV solutions did not enable using the same solutions. With the advance of IP CCTV and the introduction of affordable retail analytics, it became easier to use the same infrastructure to answer the requirements of these two separate divisions,” Reed explains.
Loss prevention is killer to a business
“In this economy a key goal for retailers in corporate meetings is ‘How do we get more out of the same things we have right now without spending more money or extending ourselves?’ The answer is through loss prevention
Integration of POS with video systems
famous business axiom says you cannot measure what you do not know
eConnect
Agilence
XProtect® Corporate and XProtect® Retail software from Milestone Systems.
Real time alerts are another benefit that retail analytics provide.
Video analytics in retail is changing from being used mostly for people counting application into additional areas which provide value to operations, marketing and security
Agent Vi - Site Map - a retail solution allows using the inputs from all surveillance cameras on the store floor to generate a map showing traffic patterns and hot spots. This data can also be linked directly to the video recording and provide insights into store operations, which are otherwise very difficult to achieve
queue management, which allows measuring average queue wait times and providing this information either in real time or offline
Analytics also allows retailers to customize in-store advertising via digital signage and analytics
Retailers are now able to use digital signage with an embedded camera and analytics. As you pass the digital sign, the analytic in the camera can quickly make basic demographic determinations. Are you a male or female? Are you under 18? Or over 55? It then relays the basic information to the digital sign advertising database that returns an ad that appeals to your demographic. This means men over 18 might get ads for razors, while older women might see an advertisement for arthritis medication. Some analytics are even smart enough to recognize whether you are looking at the ad, and if not, raising the volume or creating some visual effect to grab your attention,” says Derek Rodner, vice president, Product Strategy, Agilence
For any technology to have mass appeal, it must reach a level of “off-the-shelf” simplicity
there are “levels” of off-the-shelf
Integrators
The original article can be found at
http://www.sdmmag.com/articles/print/87984-in-retail-elsewhere-analytics-ease-shrinkage-perk-up-profits?goback=.gde_3701959_member_196908512
——————— Department Stores ———————————
To thrive, department stores need to be much more than simply a space to buy stuff
They need to tap customers at a deeper level – the level of ideas and dreams.
Department stores need to offer other things besides products, things with immaterial value.
Customers should come to department stores with a desire to discover, and then from there, to have focused talking points with the retailer.
What explains the radical shift from a sector in crisis – a bold new approach that draws directly on the early roots of shopping.
The department store, for better or for worse, was a place where capitalism and identity intersected: It offered a sense of place, a connection to other shoppers and tapped into larger ideals of freedom and free time.
The department store was an embodiment of “the good life” as a church was of the “good self.”
By 1912, Galeries Lafayette not only launched a store with five floors of merchandise but an urban landmark with a neo-Byzantine glass dome with 10 painted windows. A cathedral of business, indeed. Today, the store draws more visitors than the Eiffel Tower and the Louvre. Printemps, another stunning French heavyweight, estimates that it has 22 million visitors annually.
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