How Video Analytics Is Helpful In Billing For The Retail Industry

1. How Video Analytics Is Helpful In Billing For The Retail Industry To understand video analytics, we would first need to understand the details.. The term ‘analytics’ typically refers to Video Content Analysis (VCA) – the act of automatically analyzing video content in order to identify, manage and assign meaning to specific events / process. Video analytics is a great way of refining a digital video signal by incorporating various algorithms to perform many functions. Wobot.ai video analytics in billing for retail At Wobot.ai, video analytics is a part of our DNA. Wobot.ai video analytics help retailers in enhancing every customers shopping experience by reducing customer service time, ensuring ease of shopping, avoiding overcrowding and providing best prices and buying options. More customers equals more billing more growth of an organisation and more employment.

2. Let us put ourselves in shoes of every customer and ask ourselves what does every retail shopper want? A few of the factors will be common in every consumer’s answer to this question. These factors are, safety in terms of mask detection, social distancing, minimal wait time, best prices, plenty of options, and no rush. All of these benefits can be provided with Wobot.ai Video analytics and analysis of the huge amount of data that is captured through various operations and customer interaction. One of the most effective ways of gaining such valuable insights is through video analytics data captured by optimally placed in-store cameras.   Wobot.ai video analytics goes a long way in providing valuable inputs for the BI engine of retail stores, which in turn, would enable delivering enjoyable consumer experience and increasing the billing by a rise in customer footfall. In addition, such innovations would help to minimize shrinkage, ineffectual store management and providing valuable insights of decision making at a business level. When we talk about utilizing Wobot.ai video analytics in retail, it is not just about loss prevention. It can also help retailers enhance customer experience.

3. Nowadays, retail video analytics is not just about loss prevention, but also a very instrumental for business growth. Wobot.ai Video Management System, with built-in Video analytics capability, can help retailers stay competitive by providing insights for delivering value to customers and increase loyalty. Moreover, the ability of video analytics technology to process a large amount of data on a real-time basis can help retailers enhance customer experience in various scenarios. Let us take a deep dive and see how Wobot.ai retail video analytics enhances customer experience as well as the performance of a typical retail store.

4. Real-time feedback of customers’ behaviour • Wobot.ai video analytics helps monitor consumer behaviour around special offer placements. It also helps a retailer get insights such as: • Whether consumers compared a particular product with other brands? • Whether they looked at an item or spent significant time? • Whether they picked a product? • Whether they bought multiple products?

5. Enhancing customer experience In today's competitive world, customer experience is of paramount. The more consumers we have, the more billing and revenue we will have. We can utilize historical data to power-up decision making process. Moreover, with real-time video monitoring and analytics, retailers can identify trends and build strategies to enhance customer experience accordingly. Mapping customer journeys with engagement and conversion Every retailer desires for more conversion as a higher conversion would lead to an increase in growth. Tracking customer visits and journeys with video analytics is the most popular use case in video analytics for retail store advancement. It is ideally known as Footfall Counting technique. Video analytics can give insights about how many people enters or exits the store and how many people are in the store at any given time.

6. It also maps customer journey patterns throughout the store, which can help retailers to strategize the product placements. It can also help in getting insights of busier sections which retailers can utilize to place display advertisements based on details such as, number of people at a specific location for a specific time. Identifying store performance Wobot.ai video analytics also helps in identifying store performance with a technique called Heat Mapping. Heat Mapping is a graphical representation of in-store roaming and time spending patterns of customers. These Heatmaps deliver intelligence that retailers can use to build and improve the store layout with greater potential. Also, it provides a strong strategic insight for product placement. Moreover, with Heatmaps, data can be linked to display advertisements to measure the effectiveness of the campaign.

7. Improved Queue management Queue management algorithms provide the count of people in the queue along with the estimated wait time for each person. At the same time, it can calculate the delay in servicing for a particular queue. This helps to pin down any issues, to optimize the total number of queues, and to reshuffle the customers between queues for quicker billing. Avoiding overcrowding and ensuring ease of shopping Crowd management / Aisle management: Wobot.ai video analytics data pertaining to crowd behaviour analysis (such as heat maps and footfall analysis) combined with BI can be used to derive conversion rate for a particular product or for a particular store area, thus helping in aisle management. This results in avoidance of overcrowded areas and ensures a pleasant shopping experience.

8. Considering the above use cases and benefits, adopting Wobot.ai video analytics to boost billing in retail industry certainly seems essential for every retail store to enhance customer experience and improve bottom lines. Resource by: https://bit.ly/3rit2Nx