Like most retailers, wireless dealers aim for more revenue and reduced loss. But, wireless retailers also must battle shrinking margins on phone sales and the constant threat of wireless chargebacks, robberies and employee theft. As a wireless retailer, how can you train employees to sell more wireless products while guarding your stores against risks? The answer: by moving beyond traditional video surveillance to modern video-based business intelligence (video-based BI).
Beyond Video Surveillance for Wireless Retail
For years, traditional video surveillance systems had been the go-to solution for wireless retail loss prevention. But it had limits. It required you to travel to each store location to see video clips. Or, if you happened to have networked video that you could view remotely, you still had to sift through hours of video just to find a clip from a certain transaction or incident.
Today, video-based BI technology turns video surveillance for wireless retail on its head. It’s now less about watching hours of video and more about using your data for business insights that video then supports. It connects networked video with business systems — such as point of sale products like iQmetrix RQ — and adds reporting and intelligence to help you make sense of your video.
Increasing Your Profits with Video-Based BI
Using video-based BI, you can quickly analyze retail metrics and cross-reference them with video to see what’s happening in all of your stores. This gives you direct views into daily operations and staff actions so you can encourage “good” behavior, limit “bad” behavior, and ultimately increase profits.
Here are a few real-world examples of how video-based BI tools can help you increase profits:
- Example 1: Increase revenue by identifying transactions for employee training. If your goal is to increase upsells, reports can show clusters of transactions in which no accessories were sold. This allows your managers to sort and view transactions by top and bottom sales performers — using video from top performers for training other employees, and addressing poor performers as needed.
Using Envysion video-based BI tools, one of our wireless retail clients was able to see that almost every time an employee engaged with a customer who approached their accessories display, they made a sale; when employees didn’t engage the customer, a sale almost never took place. It was then clear to the company that customer engagement at the accessories display needed to be part of their sales procedures, and they then had the video to use for training.
- Example 2: Reduce loss from chargebacks using exception reports. An exception report can be set that watches for transactions that are at-risk for chargebacks: multiple line activations, no accessories sold, or no trade-in phone. From this report, you can click through to see if employees followed the correct procedure, or you can catch an employee stealing and address it right away.
- Example 3: Reduce loss from theft through motion search. For example, if handsets were stolen, you can access video from the day of the theft and highlight the area of the store where the theft took place. You can then zero in on clips that include motion in that area of the store – allowing you to quickly identify suspicious activity related to the theft and easily share the video with police.
When it comes to increasing profits, traditional video surveillance for wireless retail is a thing of the past. Using video-based BI, you can now apply business data and video to encourage good behavior and decrease bad behavior to ultimately boost sales, reduce loss, and increase profits.