There was a time when hunches were the basis of every decision made by a businessman and the game was instinct driven. One could never be sure whether the chosen policy would be the most effective among the alternatives. And then came data analytics which changed the way we look at any business. Reliable data could now be analysed and extrapolated to make grounded decisions. Stop and think. How far have we come? How further can we go?
Let’s look at 5 promises that Video Analytics holds for the Retail Sector, as it makes its way among popular IOT technologies:
1)Power in your hand:
This ingenious technology is hassle free as you can access large amounts of data in real time with the simple click of a button. The facility works 24*7 and the data is presented with some visual aid, allowing easy interpretation. So save both time and energy!
2)Know your customer better:
With customer identification techniques, cameras will now detect age and gender of customers visiting the store. Retail chains would be able to identify the right segment to target, and correctly position their offerings to the customers.
3)Marketing the right way:
Promotional activities will now be placed accurately for more visibility to the customers. The system will provide feedback techniques to check the effectiveness of the current policies, which can be remodelled accordingly. The process of rechecking and remodelling done multiple times will help us recognise the best schemes. Moreover, the retail chains can use video analytics to identify blind spots in their store and in fact, know what the ideal store layout would be.
4)Low investment, high returns:
Video Analytics is easily integrated with the existing camera surveillance technology and does not require any fancy new systems. No more spending millions of dollars on marketing without knowing the return value.
5)Up your prominence:
The future of video analytics holds great promise with the latest techniques, incorporating methods to detect and analyse abstract customer behaviour like reactions (happy, sad, etc.) to the product and marketing schemes. With the relevant use of this technology, we might even look at the retail sector up their competition with the e-commerce industry in a few years!!