Retail Analytics Technology Takes Off
Part of the Verint video surveillance offering includes retail analytics, which
is helping to change the way retailers do business. In the dynamic retail
market, video analytics are becoming increasingly popular as retailers seek to
streamline operations and increase efficiency.
Our surveillance analytics capabilities help retailers gain invaluable
information about their customers, the impact of marketing and merchandising
efforts, and the root causes of shrink and other common problems.
To provide our readers a closer look at the growing field of retail analytics,
we sat down with Janna Finch, managing editor at Software Advice, to find out
Q: How do customer traffic analytics benefit the
retailer? How do they benefit the customer?
A: When retailers effectively employ
customer traffic analytics, the benefits can be seen right away through insights
into shopper behavior, and they can improve nearly every aspect of their
operations. With metrics at their fingertips, retailers can analyze how they can
improve staffing, store layouts, customer loyalty programs, etc., which can
create a better shopping experience for the customer and lead to increased
Q: What are some of the most popular ways retailers are
using analytics to boost sales and customer loyalty?
A: These days, buyers have so many options
to choose from and, armed with a smartphone, it’s very easy to research those
choices or find a better offer. So when it comes to customer loyalty,
personalization is the key to grabbing a buyer’s attention. With analytics,
retailers can find out how a segment of buyers has engaged with them in the past
and customize offers or displays based on that behavior.
Retailers are also using analytics to boost sales by optimizing store layouts
and comparing the performance of multiple store locations based on a better
understanding of a store’s customer traffic patterns, dwell times and peak
times. Should you move your display to another location? Are your products
placed in the right spot? Is your signage effective? These are all questions you
can answer using customer traffic analytics. And, if you can determine why one
store is performing well, you can apply those successful strategies to your
Q: Where do you see retail analytics going in the next
A: The use of retail analytics will grow
over the next few years. Many of the big retailers have benefited from using
analytics for a while now. Smaller retailers are quickly adopting this
technology as simplified analytics products become more available. It’s the
right time to capitalize on the benefits this technology can provide. It gives
retailers who use this technology a real edge over the competition.
In terms of trends, mobile location analytics adoption will increase, and other
analytics such as
workforce optimization and
security intelligence will be
assets to retailers as well.
Read the rest of the article here.
For more information on how Verint’s video management solutions provide leading
analytics capabilities for the retail market,