CURRENT THREAT SCENARIO
Retailers around the globe are challenged with reducing expenses and increasing revenue by improving the effectiveness of their store operations. As the economy fluctuates, these businesses have become even more conscious of measuring store performance and lowering operational costs. In the past, retailers relied on point of sale (POS) transactional data as the main source of information to measure store performance. Although POS information provided valuable insight into revenue and product sales, retailers were not getting detailed information on why specific product sales were higher than others or why they peaked at certain times. As technology evolves, so does the demand for more detailed analytics applications. With the help of analytics, retailers can better understand their customers’ in-store activity and behaviors. As a result, analytics can also help retailers increase revenue, reduce operational costs, and gain significant insight into customer shopping behaviors.
WHAT DOES THIS TECHNOLOGY DO?
Nextiva® Retail Traffic Analytics helps retailers understand shopper behaviors in order to optimize store layouts, improve merchandising and staffing, and promote more satisfied and valuable customers.Nextiva Retail Traffic Analytics adds value to video security investments, transforming loss prevention and security solutions into marketing and merchandising resources. Verint’s powerful retail application provides more detailed insight than simple counting technologies such as infrared, thermal and even manual observation.The application also serves as a synergistic technology to point-of-sale (POS) analysis to provide a holistic view of retail operations. Nextiva Retail Traffic Analytics can help retailers address business challenges like, “Where do customers spend most of their time in your store, and what aisles do they move through?” and “Which displays and in-store advertising campaigns attract the most customers, and which ones are most effective?” to help drive conversion rates.
Point of Sale data can tell what customers purchased, but not how or why. With an easy-to-use video management interface, Nextiva Retail Traffic Analytics provides a quick search for customer behaviors and patterns: when customers shopped, where they shopped, and how long they dwelled. These insights help major retailers make better operational decisions for in-store marketing, product placement, advertising and staffing.Allows retailers to identify shopper traffic patterns, track buying behavior across multiple aisles, calculate the amount of time shoppers spend in front of displays, identify hot spots and dead zones, and measure the number of people who shop for specific products or brands. Retailers use these insights to improve product placement and promotional displays and align merchandising with actual shopper behavior to increase sales.Nextiva Retail Traffic Analytics can measure the exact number of shoppers in an aisle, department, or at an end cap at any given time. With this data, retailers can identify in-store traffic patterns to improve store layout, drive shoppers to profitable or overstocked merchandise, and even assign end cap display fees based on the proven value of locations.Without sufficient staff, retailers face dissatisfied customers and lost sales. At the same time, overstaffing increases operational costs. Nextiva Retail Traffic Analytics measures the number of customers and their activity in each department from day-to-day, week-to week, and month-to-month. Retailers can use this insight to schedule staff according to actual customer volumes, for better customer service, a superior customer experience, and very possibly greater sales.
Nextiva Retail Traffic Analytics, from Verint Video Intelligence Solutions, is designed to help retailers gain a better understanding of in-store customer behaviors in order to implement improved store planning and operational effectiveness. The solution provides information on key indicators critical to retail store success – including how customers react to merchandise placements, express interest in products, and respond to promotions and advertising campaigns, as well as their traffic flow patterns and dwell-times as they navigate throughout the store. Leveraging Nextiva Retail Traffic Analytics’ easy-to-use video management interface, retailers can quickly extract and search for customer behaviors and patterns related to operational issues such as staffing at peak times, or for real estate evaluation purposes when leasing to third-party vendors. Further, when combined with POS data on customer buying patterns, it can help determine the success rate of specific promotions and optimize store layout and design to influence traffic patterns, maximize sales and improve the customer experience. Verint Video Intelligence Solutions’ leading retail analytics solution effectively addresses retailers’ needs by combining the power of its IP video analytics technology with management software and dynamic reporting capabilities.
Verint Video Intelligence Solutions
12110 North Pecos Steet, Suite 300
Denver, CO 80234