20 April 2021

Increase profits in retail through the use of video analytics

Processing data from video not on a cloud server but directly on the device itself has been a new trend in video analytics in recent years. The technology is called “edge computing'', and it has a huge potential for retail trade.

History and change

For a long time, the processing of video data from cameras took place on the cloud (on a remote server): it allowed you to connect large server capacities to data analysis and perform the task quickly and efficiently.

But technology is evolving, and now local servers and even cameras themselves have enough power to analyze video locally. Now there are video cameras that not only record video and stream it, but independently analyze what has been recorded. And also take required actions: for example, send notifications or display images on screens. This significantly expands the range of their capabilities and reduces the company's IT infrastructure costs.

 

Use edge computing and win

Areasthe company can save on:

Internet traffic. With no large amounts of data to transfer, you can choose a more affordable payment plan and save money.

Cloud technologies. You do not need to pay for the connection to a virtual server or install your own, which will require maintenance and personnel costs.

Besides money, you also save time. When the data is analyzed on the camera itself, it only takes a few microseconds, which is hundreds or thousands of times faster than cloud computing. In some cases, it helps a lot. For example, machinery in a factory can stop instantly if a person reaches a danger zone.

Video cameras with edge computing are being used today in various industries, such as robotic cars, factories, and building security. And the scope of their application is constantly expanding, with the new one being the retail trade.

 

How Does Smart Video Analytics Benefit Retail?

Store owners strive to cut costs and improve the efficiency of their outlets because retail is a very competitive environment. Another goal is to improve the user experience so as not to lose out to online stores. Smart video analytics helps retail in both ways.

 

Smart video analytics as a retail worker

Smart video surveillance has great potential to improve UX. Here are some examples:

  • Recognition of VIP clients, to respect them more.

  • Individual advertising. Artificial intelligence determines the gender and age of the visitor, selects suitable goods, and displays them on the advertising screens.

  • Safety in the store. Blacklisted visitors will be instantly recognized and the camera will send a warning to the store's security.

  • IT infrastructure development. Many large retailers have their own IT infrastructure for analytics and strategy development. Operational and customer data is collected and scrutinized. Hardware video analytics can be an effective part of this infrastructure. It can also be used to synchronize internal store services with online and mobile services.

 

Making consumer profiles

Edge computing collects data on how shoppers behave both online and in real life. Based on the collected data, predictions of their behavior are made. It helps to make a consumer profile; build a model of their future behavior. And also analyze the factors: what exactly influences the decision-making of the buyers.

Understanding the motives of the buyers and managing the factors that play a key role is the path to creating winning development strategies for each retailer and, in the long term, succeeding in the competition and obtaining high profits.

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