As the prevalence of online shopping grows, brick-and-mortar retailers are finding it more challenging than ever to compete against their virtual counterparts. Retailers are looking for any advantage they can in order to grow revenues while still addressing traditional security challenges. According to Money Magazine, each year inventory loss, whether from shoplifting or internal theft, costs US retailers $48.9 billion. As a result, retailers’ focus their efforts on reducing loss, despite the need to find a means to address the vital task of growing their business.
Thankfully, in addition to the traditional security-focused roles, an intelligent video surveillance solution can now help business owners drive sales, optimize results and improve overall customer satisfaction. With the introduction of new technologies and analytics retailers can easily tailor a solution to fit their business and security needs.
By utilizing a mixture of new and emerging technologies, business owners can now gain more insight than ever, and in turn adjust accordingly. Unlike e-commerce companies, traditional retail establishments have difficulties not only determining how many people come in and out of their stores, but also how those people spend time in their establishments. Cameras with enabled people counting analytics solve one of those issues by providing business owners with accurate information about foot traffic. On the other hand, cameras with advanced heat mapping analytics generate a visual demonstration of visitor flow throughout the store. This can inform retailers of their “hot” and “cold” areas.
When paired, these two analytics technologies are able to provide retailers with information on many metrics that they may otherwise miss. By exporting reports daily, weekly, or as needed, business owners can gain insights into the foot traffic they receive and adjust staffing levels accordingly based on the data. Knowing how people move around an establishment is also an extremely helpful metric, and says a lot about the layout of the establishment. By understanding what displays or areas of the store are most popular, retailers have the opportunity to improve the layout to reduce crowding or increase sales.
All of these improvements not only drive sales, but ultimately increase customer satisfaction. With the ability to adjust staffing levels based upon busy days or hours, long checkout lines are a thing of the past, thus ensuring customers are happy and will be more likely to complete their purchases. Aside from adding additional staff to registers, the heat mapping analytics can also inform business owners where they should place additional sales associates, further driving sales.
Of course, another aspect of intelligent video surveillance systems is overall theft reduction. Aside from placing cameras inside the store to catch shoplifters, infrared (IR) cameras can be placed in poorly-lit stock rooms to catch employee theft even in the lowest of light. Low light cameras can also be placed on the exterior of the building to both deter crime and protect the perimeter of the store, keeping employees and customers safe.
Intelligent video solutions offer retailers the ability to take advantage of new technologies to overcome traditional security concerns and address their business challenges. With the right system business owners can gain valuable insight into factors that increase customer satisfaction, streamline their operations, lower operating expenses, and much more. All of these combine to deliver a solution that allows traditional retailers to seize the advantages they need to keep pace with online commerce companies, all while protecting their assets and growing their revenue.
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