Video Analytics And How It Can Help Increase Sales?

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 collected information is then passed to the person who requested it. They receive it using both automated reports. They also use human interpretation of events from recorded video footage. This process helps businesses become more efficient. It does this by identifying patterns among customers’ activity. It aids in coming up with better ways to market their company products and services. This includes their website, physical location, mobile applications, and other channels. This can attract leads with minimal costs.

Video Analytics

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.

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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, companies analyze captured camera footage. They do this to identify patterns in their customers’ actions and reactions. This helps them come up with more practical ideas for products and services. It also helps them decide where to offer them. This might drastically affect revenue. You can also make sales 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. This way, they can plan promotional offers at the right time and cater to customers’ requests.

Making Customer Service Faster And Easier

Earlier, we mentioned video analysis. It lets companies understand typical customer behavior in their physical stores. This enables companies to help each customer more effectively, especially first-timers. This means that sales volume can significantly increase. Supporting new customers is a great way to market your product or service.

Better Decision Making For The Future By Looking At Past Records

Companies can analyze what kinds of products and services work best with which customers. They can do this by reviewing all recorded footage. They can also determine what time of day specific customers come to a store. Furthermore, they can consider other essential factors for future marketing campaigns.

Increasing In Revenue/Sales Volume

A company can use video analytics to gain a better understanding of how to effectively market their products and services. This can result in increased sales volume. This is because they will attract more people to buy from them through effective advertising. This proves that video analysis technology is essential for any company’s growth. It helps them increase sales without too much extra effort or too much spending.

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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

You have a general idea about how many people are going into your store. You can calculate the total foot traffic. This will help you determine where to place products so that as many people can see them as possible. This can lead to an increase in sales.

Monitoring Employees’ Performance

You have 24-hour access to see what your employees are up to at any time. You’ll notice if one of them isn’t doing their job correctly or isn’t working as hard as the others. Then, you’ll take measures accordingly. In essence, video analytics helps monitor employee performance. This assists businesses in becoming more productive and streamlined.

Customer Service

It also allows for better customer service by tracking whether they solved all their questions and issues correctly. You can see what kind of experiences your customers had and whether they were satisfied with the service or not.

Also Check: The Importance Of Data Analytics In Product Management

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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:

Step 1:

Investigate your store for possible optimization opportunities. Consider what videos would capture the right audience and change their behavior. This can turn walk-in customers into online customers. 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. You might also consider demonstrating fit using a human model. If you own a cosmetics store, perhaps show before and after pictures. Or explain how items work together. The possibilities are endless!

Step 2:

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.

Step 3:

Explore how you can integrate these tools into your store. Then, 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. It could be 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. Investigate why. Understanding this will help you determine where they are falling off the purchase funnel. You can educate them on your product via video. Or, increase awareness with content such as how-to videos.

Step 4:

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. You can also provide a better call-to-action, so customers know what to do next if they’re interested in your products.

Step 5:

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.

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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. They vary in prices and functions. So, you should do some research before buying one. Find 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. Taking proper security measures to guard them will guarantee the best protection. This leads to better video footage, which results in more accurate data analysis. So, this helps achieve the end goal of increasing sales.

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How To Get Started With This Technology For Your Business?
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How Do You Choose The Best Video Analytics Solution?

Using video analytics can be massively beneficial to your company. However, 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 consider:

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.

Affordable Price

This solution should be affordable. Anyone should be able to purchase it, no matter what budget they have set aside for this type of investment. There may be countless companies offering such services. However, some might charge too much or offer poor quality devices and technology. This will end up draining your company’s money without any lasting benefits.

Real-Time Video Analytics

Always choose a solution that provides you with real-time data. It gives you 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.

Multi-Camera Support

Some solutions only allow for one camera. 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.

Data Management

These devices record and store every minute detail, making it another crucial factor. 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.

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Final Thoughts On How This Technology Helping Your Business Grow

Video analytics has been around for a while now. Until recently, it was used mainly by large companies because of its high prices and complicated installation procedures. Recent advancements in this field have led to easier use and installation. Now, anyone can buy a camera and get started right away with minimal effort on their part. These factors have helped boost sales volume tremendously. This has made it easier for companies to become more profitable and increase income. If you’re a company owner looking for new ways to grow sales, start using video analytics right now.

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Author Bio: Eliza Sadler is a professional academic writer with extensive experience, working at one of the Best essay writing service, essay writing service UK. She also writes a lot of articles that work as guides for those interested in buying essays. Eliza always concentrates on doing quality work to fulfill her goals and objectives. She is fascinated by her unique ability to perform original works that suffice high standards. Feel free to connect with her by email.

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