Retail Analytics Solutions – Giving Retailers a Deeper Understanding of Their Customers and Market

Guardforce Post

23
Feb
Retail Analytics Solutions – Giving Retailers a Deeper Understanding of Their Customers and Market

Retail Analytic Solutions – Giving Retailers a Deeper Understanding of Their Customers and Market

In our post on How Does Facial Recognition Work With Electronic Security Systems?, we talked briefly about how retailers can combine their existing in-store CCTV infrastructure with facial recognition and analytic functions to identify particular customers and VIPs. In this post, you will learn that a Retail Analytics Solution can do a lot more than just identify customers – the data provided gives retailers a much deeper understanding of their customers and market than has ever previously been possible.

What is a Retail Analytics Solution?

A Retail Analytics Solution transforms an existing in-store CCTV surveillance system into a highly effective business intelligence tool. Riding on the emergence of “big data analytics”, a Retail Analytics Solution can analyse large amounts of data through advanced computer software to reveal patterns, trends and behaviour.

Guardforce Hong Kong’s Retail Analytics Solution is a cloud based service, meaning the data can be accessed anytime, anywhere via any browser on any network device. And as the solution automatically discovers and connects to the existing in-store CCTV system, it can be up and running in a matter of minutes.

Finally, as the most important aspect of big data analysis is the ability for humans to actually understand the collected and analysed data, Guardforce’s solution presents reports through clear and easy-to-interpret visualisations.

How can Guardforce’s Retail Analytics Solution help your retail business?

Now you know what a Retail Analytics Solution is, let’s take a closer look at some of the ways Guardforce’s solution can benefit your retail business.

Customer and VIP identification

The Retail Analytics Solution operating through an existing in-store CCTV surveillance system is an effective yet non-intrusive way to identify certain customers and VIPs. This means that once a particular customer is identified by the system, shop staff can immediately access their shopping history and provide a much more personalised service. This in turn provides a more customer-centric shopping experience and helps retailers boost profits.

Formulating effective sales and marketing strategies

The advanced analytics software uses algorithms to not only identify customers, but also reveal their behaviour. The images captured by in-store CCTV and subsequently analysed can show retailers a variety of useful information, including:

  • Which areas of the store attract the most/least customers (heat map)
  • Where people linger the most/least in-store (heat map)
  • What routes and pathways customers usually take when moving through the store (path map)
  • The number of customers in the store at various times of day or days of the week (people counting)

This information can help guide marketing and sales decisions to better match the actual behaviour of customers, such as more effective placing of products and product displays, the best location for in-store promotions, judging the effectiveness of in-store design changes, etc.

Low cost and reliable

As the solution is cloud based, it is extremely cost-effective to set up. It is maintenance-free and has zero downtime. Storing the data on the cloud means data storage is not an issue, and the data itself is secure and accessible in real time 24/7.

Multi-store comparison

If your business operates multiple outlets, all the information collected by the solution from each store can be compared to help devise and manage business strategies across the group.

Want to learn more about Guardforce’s Retail Analytics Solution?

So, we have seen that a Retail Analytics Solution is a very powerful business intelligence tool. To learn more about how Guardforce Hong Kong’s Retail Analytics Solution can help your business, download the product information leaflet here.

Photo Edit By: Hypabeez Media

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