Company News • 11.12.2017

Retail technology that delivers customer insight

Use of video analysis for greater profitability and less inventory losses

How can analytics help improve the retail customer experience and ultimately drive sales? What additional customer insight can they provide? How can retailers use this information? And where should they start? These are some of the fundamental questions retailers have when considering analytics to optimize their business.

Supplier
Logo: Axis Communications GmbH

Axis Communications GmbH

Adalperostraße 86
85737 Ismaning
Germany
Photo: Customer puts earrings in her handbag; copyright: panthermedia. net /...
Source: panthermedia.net / Ian Allenden

Back to basics

The obvious starting point for most retailers is people counting. It’s straightforward: knowing how many people have visited their store and when. It’s accurate: video-based analytics has come a long way with consistent accuracy of 95% or higher. It’s extremely cost-effective using standardized IP cameras. And it’s intuitive for retailers to cross-reference with other data such as point of sales transactions, promotional campaigns, and even weather reports, to pinpoint the factors driving people in-store.

In fact, visitor traffic is a primary KPI for most fashion and global chain retailers – second only to sales. And it’s vital to measuring sales conversion, evaluating marketing campaigns, assessing store performance, and developing employee incentive programs. Ultimately, it’s a metric that determines whether a store opens or closes.

Adding actionable insight

Counting visitors is just the beginning, and retailers know that there are many factors that can impact – positively or negatively – the in-store visitor experience and overall profitability.

Long queues are just one example of how retailers can lose a sale or a loyal customer, after having successfully enticed them into the store and placed the product in their hands (and research in the UK has pointed to the high cost of this). For this reason more large grocery and home goods stores are abandoning manual monitoring and adopting automated queue analytics that can trigger a silent alarm to retailers to open additional tills or re-direct customers to a shorter check-out line.

While store optimization analytics are a great way to improve retailers’ bottom line, that additional profitability can still be eroded by loss and shrinkage, which, per the Global Retail Theft Barometer 2014-2015, amounts to over $123 billion and on the rise.

Retailers are therefore looking for intelligent technology solutions to prevent and mitigate loss. One example is grocery store chains who supplement their one-way traffic flow systems with direction detection analytics, to alert staff of a visitor exiting from the store entrance rather than the check-out area. Another points to a growing number of round-the-clock open membership clubs and gyms who use tailgating analytics to detect when members bring non-paying friends with them after regular working hours.

By combining a clear retail business goal with video analytic technology and expertise, retailers can improve profitability and maintain a competitive advantage. And in an increasingly competitive retail environment, such insight can be the difference between success and failure.

Get additional system integration insight from Andreas Hanhausen, CEO  Eastek and myself in our latest video. Visit our website to learn more about how video analytics can help retailers accomplish their loss prevention and store optimization goals.

related articles:

popular articles:

Thumbnail-Photo: Electronic shelf labels: photo store introduces new technology...
09.05.2020   #electronic shelf labels (ESL) #electric displays

Electronic shelf labels: photo store introduces new technology

Cooperation between Photografica and Delfi Technologies

Photografica is a professional photography store in the heart of Copenhagen. Here, personal counseling and service play a crucial role. To the benefit of both employees and customers, the store has installed electronic price tags.With a central ...

Thumbnail-Photo: Europe to dominate open banking implementation...
26.05.2020   #mobile payment #payment systems

Europe to dominate open banking implementation

Instant messaging users to reach 4.3 billion in 2020, as new payment services emerge

A new study from Juniper Research found that the number of instant messaging users will reach 4.3 billion in 2020, rising from 3.9 billion in 2019. This is a growth of 9 percent year-on-year, largely driven by an increased need for remote ...

Thumbnail-Photo: Automated delivery services sprang up during China’s Covid-19 lockdown...
03.06.2020   #coronavirus #delivery

Automated delivery services sprang up during China’s Covid-19 lockdown

Retail technologies at Smart Retail Expo (SRE 2020)

In response to the Covid-19 outbreak, China’s retail giants JD.com and Meituan both deployed their smart deliver robots/vehicles in heavily locked down cities, such as Wuhan and Beijing. Insiders believe automated delivery technology will be ...

Thumbnail-Photo: Disposition and shelf maintenance in times of Corona...
19.08.2020   #POS marketing #shop equipment

Disposition and shelf maintenance in times of Corona

Tools for shelf management

The CPG industry is currently experiencing turbulent times just as much as retail. Challenges such as the ban on field sales force visits or the sudden increase in demand for some articles, which leads to gaps in the shelf and loss of sales, are ...

Thumbnail-Photo: Interface for quick serial emulation and enhanced mPOS integration...
26.06.2020   #POS systems #software applications

Interface for quick serial emulation and enhanced mPOS integration

APG expands mobile interface portfolio to enhance connectivity options at the point of sale

APG Cash Drawer, a fast-growing global manufacturer of cash management solutions, announced today the release of a new USB interface option: the 485 USBProLite™ USB to Serial Emulation Interface. This interface solution extends the ...

Thumbnail-Photo: COVID-19 accelerates adoption of contactless payments...
20.05.2020   #payment systems #coronavirus

COVID-19 accelerates adoption of contactless payments

Consumers around the world are switching to contactless to help with social distancing

RBR’s Global Payment Cards Data and Forecasts to 2024 reportreveals how increased contactless card issuance and acceptance combined with changes in consumer behaviour are driving growth in contactless payments. In 2018, the number of ...

Thumbnail-Photo: Hobbii continues the growth adventure …
23.06.2020   #POS systems #brick and mortar retail

Hobbii continues the growth adventure …

… with new stores and several digital initiatives

The online store Hobbii.dk continues the opening of physical stores with the launch the third store in Tarup shopping center in Odense, Denmark. The close collaboration with Delfi Technologies, which is based on several digital initiatives, will ...

Thumbnail-Photo: RetailTech Lab opened a national test center in Denmark...
23.06.2020   #payment systems #marketing research

RetailTech Lab opened a national test center in Denmark

The store of the future has opened in Lyngby. One of the partners is the IT company Delfi Technologies.

On June 16, 2020, RetailTech Lab opened its doors to a national test center in the Danish mall “Lyngby Storcenter”. New technology for the retail industry will be tested in close interaction between entrepreneurs, retailers and ...

Thumbnail-Photo: “Dear shopping cart, please show me the way!“...
06.07.2020   #self-checkout systems #scanner

“Dear shopping cart, please show me the way!“

Shopping Cart 2.0 – gimmick or idea with intrinsic value?

Not all shopping carts are the same... far from it! Digitization and automation also put their stamp on this aspect of the retail sector. What’s usually a plain, large basket on wheels that makes it easier for shoppers to transport products ...

Thumbnail-Photo: Reflexis successfully expands into Baltic region by signing Maxima Latvia...
08.07.2020   #POS communications #workforce deployment

Reflexis successfully expands into Baltic region by signing Maxima Latvia

Region’s leading retail chain chooses workforce management solution

Reflexis Systems, the leading provider of intelligent workforce management and execution solutions for multi-site businesses in retail, food service, hospitality and banking, today announced that Maxima, one of the largest Latvian retail chains, has ...

Supplier

Adasys GmbH – a Poindus Company
Adasys GmbH – a Poindus Company
Max-Planck-Straße 10
70806 Kornwestheim
POS TUNING Udo Voßhenrich GmbH & Co KG
POS TUNING Udo Voßhenrich GmbH & Co KG
Am Zubringer 8
32107 Bad Salzuflen
SALTO Systems GmbH
SALTO Systems GmbH
Schwelmer Str. 245
42389 Wuppertal
Poindus HQ - Taiwan
Poindus HQ - Taiwan
5F., No.59, Ln. 77, Xing-Ai Rd.,Neihu Dist.
Taipei City 114
Apostore GmbH
Apostore GmbH
Uferstraße 10
45881 Gelsenkirchen
Reflexis Systems GmbH
Reflexis Systems GmbH
Kokkolastr. 5-7
40882 Ratingen
APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven
CCV GmbH
CCV GmbH
Gewerbering 1
84072 Au i.d.Hallertau
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen