How retailers can increase business growth with Artificial Intelligence
Retail Challenges & Business Pains
In today’s climate, surveillance systems are a commonly used tool in retail facilities worldwide to support and aid security and safety measures. However, despite the pragmatic purpose and usefulness they provide, the amount of unutilized data that is lost, is a misplaced opportunity for better understanding customer behaviour and vendor performance data that retailers can greatly benefit from.
Although there are a number of other technologies used to measure consumer activity, these methods rely solely on either specific data points, non-dynamic information, or manual processes that are time and resource consuming. As a result, these data approaches do not showcase the “why” to a consumer’s behaviour nor do they provide a consolidated data outlet for easy management as they require different technologies that are respectively independent of one another.
How we suggest retailers leverage existing or new surveillance systems
Traditional surveillance systems capture fairly useful information that is rarely filtered, processed and utilized to further analyze a particular stakeholder’s activity. Although these systems are extremely useful, most facility owners don’t realize that their extended capabilities can provide a number of useful benefits to improve customer experience, vendor performance, and overall increase revenue growth.
By integrating a state of the art AI Engine into existing or newly implemented surveillance systems, trained algorithmic models can detect, identify and track a number of stakeholder related behaviour and performance metrics to better understand the nature of retail environments in an automated and autonomous fashion. This allows facility owners to dive deeper into data related information that reveals what drives or depletes business growth, allows feedback for experimentation with new sales or marketing strategies, identifies consumer based market demands and much more.
Furthermore, by also integrating into a number of other existing systems such as sensors, IoT devices and more, different sources of data can be extracted and consolidated into a central dashboard application to output consumer and vendor related insights. This allows the entire spectrum of information to be encapsulated rather than individualized and unassorted.
5 Ways retailers can utilize easily captured data
Through a number of technology points integrated into our Artificial Intelligence engine, retailers can gather, filter, and process data to an analytics dashboard that simplifies information in a concise manner for informed decision making.
Here are 4 verticals in which data can be reported on through automation to provide efficient business outcomes:
Customer & Vendor Demographics
Through AI recognition, you can track, analyze and better understand the correlation between demography and the specific behaviours that pertain to particular consumers. Whether you’re looking to single out a specific demography, or seek to understand the general overview of your consumers, confidently build and test new or existing strategies that apply to your consumer base accordingly.
Our AI engine can identify:
Adults vs Children
Gender (Male vs Female)
Average group size
Consumer Retail & Vendor Heat maps
Discover and pinpoint the density of where consumers frequent the most or least through auto generated heat maps. Furthermore, through visual indicators of shopping flows and shopper counts, heat maps can be used to test the effectiveness of new layouts or the popularity of store locations to gauge retail space evaluations. All this can be done through AI and mapping out the existing layout to produce a graphic generated model that allows facility owners to view dynamic insights.
Better understand the effectiveness of advertising campaigns by monitoring how consumers interact with them. By leveraging AI and surveillance cameras, retail vendors can analyze all components of advertisement interactions such as engagement rate, conversions, facial expressions and much more.
Although these are only a few ways data can be extracted and processed to provide enriching insight, there is much more information our system can detect and compute to provide understanding in areas of focus that business owners must prioritize. Overall, it is important to emphasize that AI can be leveraged as a powerful tool to automate data processing and quickly improve decision making for better business performance. Furthermore, this solution can be configured to detect or process data in any manner, and is not limited to a defined set of parameters.
If you would like to learn more about how our AI surveillance system can help benefit your retail business, or would simply like to understand how this solution can be leveraged in different industries, feel free to the AI Surveillance System page or contact us to start a dialogue!