Video analytics is an excellent way to increase store profits, monitor and reward employee performance, and improve the customer experience in any retail operation. The insights that video surveillance can provide go well beyond counting bodies and even a cursory examination of how video-driven analytics can boost your retail operation’s performance demonstrates the value and benefits that these data-driven acuities can serve to your place of business. Here are a few ways that key video-driven observations about your retail operation can help improve your bottom line.
Improve Product Visibility
As a store owner or operator, you know from your inventory which products are your best sellers and deliver the most profit. By using video analytics to measure which physical locations in your store are most likely to find customers there for a given length of time, you will be better able to place those items for maximum visibility.
Pair Products Accordingly
It’s a known fact that pairing products together is a key element to boosting retail sales. Whether it’s a package of beef jerky across from the beer aisle, bananas in the cereal row or headphones next to mobile phones, putting the right products together is an efficient and smart way to maximize sales opportunities.
Improve Employee Performance
Video analytics offers an efficient, foolproof way to measure the job performance and sales ratios of every single individual employee working under your roof. Imagine being able to combine data-driven insights like number of sales or upsell rates with more subjective observations on customer service. That combination creates a powerful platform by which to analyze and improve the performance of your sales team and customer service agents.
Eyes in the Sky
Loss prevention is one of the best tools a retail operation can use to ensure that your store’s performance is true and correct. By using constant video monitoring and a properly designed surveillance grid, you can ensure that your retail operation isn’t losing a tank of gas to theft, an expensive personal electronics product to a petty thief, or store inventory to a light-fingered employee.
Sell More Products in a Shorter Amount of Time
By using video analytics to provide a clear understanding of how customers move through your retail store, you can better understand their experience in terms of their journey, where they stop, and where they might get hung up. Using video analytics, you can properly design the path through your store to ensure that your most profitable products have maximum visibility, reduce the chances of customer logjams, create storytelling moments for your sales employees, and overall improve the efficiency of the store.
Ensure that Products Are Available for Sale
Customers can’t buy what they can’t see, so it’s important to implement a re-stocking system that maximizes the availability of products for sale. By using video data, you can track when items are being sold and when inventory is running out so that your employees can ensure that products are always available. There is also a secondary benefit to be had in that video analytics can easily show you when the store is less busy, so that sales associates are using “down time” to re-stock shelves and improve marketing and promotional stations.
Understanding the basic principles of retail sales may seem like an easy proposition but the number and complexity of the elements involved can be daunting even to the most experienced retail professional. By using analytics data to improve more diverse aspects of your retail operation such as security, sales and marketing, employee safety and transactional efficiency, you can gift yourself an essential tool to maximize your retail store’s customer experience, productivity and revenue.