Video analytics is a system that uses video processing techniques to analyze moving or still digital video data. The most usual method involves tracking people, vehicles, or objects throughout the day; which are captured on camera.
The information collected is then passed onto the person; who requested this information using both automated reports and human interpretation of events that have occurred in recorded video footage. This process helps improve the efficiency of businesses by identifying patterns among customers’ activity; which aids in coming up with better ways to market their company products/services; via their website, physical location, mobile applications, etc., and attract leads with minimal costs.
This technology has proved its worth over the years; as it’s used by many companies worldwide more than ever before. This demonstrates just how effective it is to companies as it helps increase the number of customers and increase revenues.
How Can Video Analytics Help Increase Sales?
There are several ways in how video analytics has helped many businesses improve their marketing activities; which in turn increased their sales volume. Some of the most common examples include;
Identifying Customer Behavior Patterns
As mentioned above, by analyzing captured footage on camera; companies try to identify specific patterns that they’ve seen from their customers’ actions/reactions; which will lead them to come up with more practical ideas on what products/services to offer; as well as where should be provided as this might drastically affect revenue. Sales can also be made more accessible; by sending special coupons or codes for promo offers etc.
Example: McDonald’s is a business that uses this technology very regularly. It helps them understand customers’ behavior from what they usually purchase from their store; to plan promotional offers at the right time and cater to customers’ requests.
Making Customer Service Faster And Easier
The previously mentioned video analysis allows companies to know how customers usually behave in their physical stores; which enables them to understand better how to assist each customer more effectively, especially those who are first-timers. This means that sales volume can go up significantly; since supporting new customers is a great way to market your product/service.
Better Decision Making For The Future By Looking At Past Records
By looking through all recorded footage, companies can analyze what kinds of products/services work the best with which customers; what time of day specific customers come to a store, and other essential factors to consider for future marketing campaigns.
Increasing In Revenue/Sales Volume
Video analytics can also help a company better understand how to market their products/services more effectively; which results in increased sales volume; as more people will be interested in buying from them, because they’ve been advertised well. This proves that video analysis technology is essential for any company’s growth; as it helps them increase sales without having too much extra effort or spending too much money.
How Can Video Analytics Benefit your Business?
This is where the magic occurs, but it requires a lot of effort on your part to get precise results from using video analytics. Some of these benefits include:
Foot Traffic Analysis
Since you have a general idea about how many people are going into your store, you can calculate the total foot traffic; which will help you determine where to place products so that as many people can see them as possible, leading to an increase in sales, etc.
Monitoring Employees’ Performance
You have 24-hour access to see what your employees are up to at any time. So if one of them isn’t doing their job correctly or doesn’t work as hard as the others; you’ll be able to notice it right away and take measures accordingly. Essentially, video analytics helps monitor employee performance assisting businesses to become more productive and streamlined.
It also allows for better customer service by tracking whether they solved all their questions and issues correctly. It helps you see what kind of experiences your customers had; and if they were satisfied with the service or not.
How To Use Video Analytics In Your Store?
Using video analytics in your store shouldn’t be too complicated. Here is a simplified analysis of how you can use it in your store:
Investigate your store for possible optimization opportunities. Consider what videos would capture the right audience and change their behavior from walk-in; to an online customer and identify where they may be falling off in the process. For example, if you own a shoe store; you might consider showing how different shoes look on one’s feet or demonstrating fit using a human model. If owning a cosmetics store, perhaps show before and after pictures or explain how items work together. The possibilities are endless!
Identify Technology that will help make this happen. There are many technologies out there that will give you great ideas on what to consider for your store. These technologies may include 2D/3D video analytics, navigation behavior analysis, object tracking technology, or facial recognition.
Explore how these tools can be integrated into your store; and create a key performance indicator based on your customer’s actions -. These technologies are becoming very reasonably priced and quite popular. To do this, select the measurement that best suits your store; whether it is time spent on a page, items viewed per session, or several videos watched.
The main points are to identify customers who are NOT converting into online customers and to investigate why. Understanding this will help you determine where they are falling off the purchase funnel; so that you can educate them on your product via video or increase awareness of your products with content such as how-to videos, etc.
Optimize and track results. Once you have identified what resonates with your customer base, it is time to optimize. You can do this by creating more of those types of videos or using more optimized ones on the site and providing a better call-to-action; so customers know what they should do next if interested in which products.
Once you have optimized, track your results. If you are happy with the changes, keep doing it. If not, make other optimizations until you find what works for your audience! Remember, testing is vital.
How To Get Started With This Technology For Your Business?
This is the crucial part where most companies have trouble in taking that first step; but here are fascinating ways on how you can implement it:
Purchasing Cameras From Local Retailers/Online Shops
Of course, there are many different types of cameras varying in prices and functions; so you should do some research before buying one to get the best camera suitable for your requirements.
Install And Start Using Video Analytics
This one might sound like a no-brainer, but once you’ve installed them; you’ll need to ensure that they’re well protected and can’t be easily damaged. So taking proper security measures to guard them will guarantee the best protection for them; which guarantees better video footage leading to more accurate results when analyzing recorded data which finally helps achieve the end goal of increasing sales etc.
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How Do You Choose The Best Video Analytics Solution?
While using video analytics can be massively beneficial to your company; there are many things you need to consider before choosing the right one for your company. If you are thinking of using video analytics, these are some of the most important factors to take into consideration:
Robustness And Availability
The more accurate and dependable it is, the better results you’ll get from it; so it’s best if such solutions come with a good warranty.
This solution should be affordable so that anyone can purchase one no matter what budget they have set aside for this type of investment. So while there may be countless numbers of companies offering such services; but some might charge too much or offer poor quality devices and technology; which will end up draining your company’s money without any lasting benefits.
Real-Time Video Analytics
You need always to choose a solution that provides you with real-time data to have an accurate view of how many people are coming into your physical store. If you cannot monitor this in real-time, you might miss out on special promotional events, etc.
Some solutions only allow for one camera, but if possible; make sure the one you purchase supports multiple cameras at once. It becomes significantly easier and more convenient to install and use them.
This is another crucial factor since every minute detail is recorded and stored by these devices. So you should easily retrieve recorded data without having any problems searching for it. So make sure you can access all of this recorded data at any time without having to face any issues in the process.
Final Thoughts On How This Technology Helping Your Business Grow
Video analytics has been around for a while now, but up till recently; it was used mainly by big companies due to its high prices and complicated installation procedures. Recent advancements in this field have led to easier use and installation; so everyone can buy a camera and get started right away with minimal effort they need from their side. These factors have helped boost sales volume tremendously, making it easier for companies to become more profitable and increase income. So if you’re a company owner looking for new ways to grow sales; don’t hesitate and start using video analytics right now.
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