For most bricks and mortar retailers, ‘tis the season for high-volumes of foot traffic through stores. The last two months of the year are make-or-break, and understanding how customers are moving through retail space, where they are stopping to look, how long they are waiting for help or waiting in line are all key to maximizing sales.
Did you know that security video systems can do double-duty as merchandising analytics tools?
It’s possible using Bosch Security Systems’ In Store Analytics. The cloud-based service uses position data generated by its cameras to provide detail on how shoppers move through a retail space.
Bosch panoramic IP cameras are installed and positioned to take in as much of the retail floor space as possible, so the maximum amount of data can be captured. Shopper position data is captured and transmitted to the cloud, where it is further analyzed and delivered back to merchandising managers for review via a customized dashboard. The interface is designed to be easy to use, and doesn’t require any advanced query or data mining capabilities on the part of the user.
From the position data, merchandising managers can see how shoppers are moving through the retail space. They can see which displays are attracting shoppers, at which are not. They can identify peak times of day for traffic down to the display level, and position staff appropriately. The data also reveals how long shoppers linger in different areas, and how strongly they are engaged with merchandise or sales personnel. The intelligence gathered can be used to reposition displays or personnel to maximize sales.
In Store Analytics may be just the tool bricks and mortar retailers need to better compete with online retailers. Online retailers have the distinct advantage of being able to collect large amounts of significant customer data, including the purchasing journey. Bricks and mortar retailers often miss that piece, and have difficultly pinning down just how customers move through the process to purchase. In Store Analytics can help close that gap by providing actionable insights on customer flow and helping identify missed opportunities.
The In Store Analytics platform is suitable for large footprint retail spaces and scalable across multiple sites. Bosch also plans to roll out In Store Analytics dashboards for operations and loss prevention managers.