By Atul Rai
AI development has accelerated in recent years, and there is growing interest in integrating AI-powered solutions among companies of all sizes. There is also a great deal of attention to the extent to which AI can automate processes without human error. Keep in mind that it’s important to understand how AI technology can be incorporated into everyday business processes through solutions such as video analytics.
Video analytics may be a buzzword, but it’s not a new technology. Image and video feeds constitute the world’s most massive amount of data known as big data. Big data analytics has been prevalent in the retail industry since the 2000s since the introduction of video surveillance with CCTV cameras. Initially, the retail industry used it for security reasons, but recently we have witnessed a surge in retail intelligence. Artificial intelligence models are used for big data analysis to provide precise insights that can be used to drive various marketing efforts by companies.
Another important factor is that AI video analytics facilitates informed decision making. The strategy behind your marketing plan is backed by insightful data used to your retail advantage. Trends that can be traced back to retail performance over the past few months can help companies determine what went well or how wrong. They can continue doing what they have been doing for their continued success or change the processes that led to their downfall.
To determine the demographic needs of a particular region, you can use gender identification/classification methods that can be used to design marketing campaigns. Suppose that men aged 22-27 are more enthusiastic about shopping for apparel in North India than men of the same age group in South India. Based on the insightful data received, retail marketing executives can redesign their marketing plans and increase sales in Southern India.
Similarly, there are a variety of AI-powered use cases that retailers can leverage to achieve maximum revenue growth, including unique store visitor analytics, occupancy visualization, queue management, and customer journeys.
Increasing revenue is a key foundation of any business plan. As such, video analytics can be an important platform to support retail revenue growth and loss prevention alike. Analyzing the customer experience in-store never disappoints retailers. Video analysis, an alternative to manual analysis, uses artificial intelligence to produce results free of human error, ensuring accuracy and reliability.
In conclusion, integrating AI-powered solutions into the brick-and-mortar retail industry has the potential to drive increased revenue, improve operational efficiency, and improve the overall customer experience. As retailers continue to adopt and innovate in AI technology, we can expect to see exciting advances in the brick-and-mortar retail industry that will shape the future of retail in the years to come.
The author is CEO and co-founder of Staqu Technologies.
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