Enalytix: Reimagining Transformative Growth in Retail with AI Video Analytics

AI Video & Visuals

CXO Tomday In an exclusive interview Neerja Kumar, Co-Founder and COO, Enalytix

  1. What are your thoughts on the growth of AI video analytics in India post-pandemic?

The pandemic has significantly accelerated the adoption of AI video analytics in India. Businesses needed automation, safety and efficiency more than ever before. AI video analytics ensured adherence to safety protocols, enhanced security and optimized operations. According to Gartner's AI 2024 Hype Cycle, computer vision, a key technology in video analytics, has entered a “productivity plateau” with growing real-world benefits and widespread market adoption. Retailers are using these technologies to understand consumer behavior, manage store layouts and ensure social distancing, signaling a pivotal transformation in their business strategies.

  1. Overall, how has AI analytics impacted various industries in India?

AI analytics has transformed industries by enabling widespread data collection and driving data-driven decision-making. AI analytics identifies operational inefficiencies and improves outcomes across sectors. In healthcare, it helps curb the spread of infection. In manufacturing, it optimizes production and maintenance. In finance, it benefits from enhanced fraud detection and personalized experiences. Retail, logistics, and agriculture are also seeing transformative change, driving innovation and competitive advantage.

  1. Can you elaborate on the pivotal role of video analytics in the transformative growth of the retail industry?

Video analytics in retail has evolved from security and loss prevention to providing insights across all departments. Analyze foot traffic, dwell time, and customer engagement to improve customer experience and maximize sales per square foot. Real-time alerts on understaffing, overcrowding, and suspicious activity improve store operations. Many major retail chains are using video analytics for predictive analysis and optimizing store design. Advances in technology are enabling retailers to invest in advanced video analytics solutions, leveraging existing security camera infrastructure for rapid implementation and significant benefits.

  1. How has Enalytix leveraged its solutions to revolutionize the retail industry?

Store foot traffic is a key KPI used in the retail industry to measure store performance. Accuracy of store foot traffic is a key point of discussion between store teams and operations or marketing teams. Enalytix's evidence-based services have shifted the discussion from establishing data accuracy to meaningful action.

Enalytix empowers retailers to make data-driven decisions by analyzing foot traffic patterns, dwell times and customer interactions, leading to increased sales and operational efficiency. The main reason retailers switch to video analytics is because it is evidence-based. Our solution offers high accuracy and complete transparency, allowing retailers to get the most out of their video analytics investments with confidence in the data we provide. For example, we provide real-time imagery that supports the reported foot traffic data in our dashboards. Our comprehensive approach enables retailers to adapt to changing market trends and thrive in a competitive environment. Some of the reputed retail chains such as Biba, Mufti, Nike, Zivame are already using this technology.

  1. What sets Enalytix apart from other companies when it comes to AI-enabled solutions?

Over the past three years, Enalytix has established a unique position in the video analytics industry by providing its customers with accuracy, data integrity, transparency and the best after-sales service in the industry. We provide all this while maintaining privacy as no video or data leaves the customer's premises, making the most of edge computing technology. Our AI-enabled solutions are customized to the unique needs of each customer, ensuring maximum effectiveness and efficiency. We don't just collect data, we empower our customers to derive insights from it by creating user-friendly interfaces, easy-to-use dashboards and seamless integration with existing systems. This makes Enalytix a trusted partner for retail transformation.

6. What do you think is the future of AI video analytics in the retail industry?

According to CBRE's India Market Monitor Q4 2023, retail leasing in India hit an all-time high in 2023. Offline retail thrives on customer interactions and brand experiences, so leveraging AI video analytics will be critical for competitive advantage. Integrating AI with IoT and augmented reality will create new opportunities for innovation. Data privacy and ethical AI will shape future solutions. Enalytix is ​​committed to leading these advancements and enabling our customers to benefit from the latest innovations in the dynamic retail industry.

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