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In today's highly competitive retail landscape, businesses need to do everything they can to improve the customer journey, empower their employees, and boost profits. One way to achieve all these goals is to leverage the power of retail analytics, writes Ellie Baldwin

Retail analytics enable businesses to collect and analyse data on various aspects, such as customer behaviour, employee performance, and security incidents. By harnessing this valuable data, retailers can identify areas for improvement and take proactive measures. Video analytics offers invaluable insights that can give businesses a distinct edge - let's explore some of the key benefits:

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For Customers

• Safer, more secure shopping environment. Video analytics enables proactive risk identification and mitigation, reducing theft and security incidents by up to 30% (National Retail Federation, 2022). This creates a safer environment that builds customer trust and satisfaction.

• Smoother, more convenient shopping. Studies show 60% of shoppers prioritize convenience over price (PwC, 2022). Video analytics optimizes in-store layouts and streamlines processes, reducing checkout times by 25% on average (RetailWire, 2019). This delivers a seamless experience that today's time-pressed consumers demand.  

• More personalized service. 61% of consumers are more likely to shop at retailers who provide personalized recommendations (Accenture, 2017). Video analytics generates data-driven insights that enable tailored promotions, recommendations, and service that make shoppers feel valued.

For Employees

• Simplified workflows and procedures. Employees spend nearly 20% of time on tasks that could be automated (McKinsey, 2019). Video analytics enables process optimization that reduces mundane tasks by up to 35% (Forbes, 2021). This empowers employees to focus on higher-value work.

• Focused training opportunities. Video analytics identifies performance gaps, enabling targeted coaching and e-learning that improves productivity by over 15% (MIT Sloan Management Review, 2021). This motivates employees by helping them continuously upskill.

• Data-driven decision making. With over 87% of employees affirming decision-making authority is motivating (Gallup, 2022), video analytics puts operational data directly in staff hands. This sense of empowerment drives better customer service.

For the Business

• Reduced losses from preventable causes like theft, which account for over $50 billion in losses annually (National Retail Federation, 2022). Video analytics allows shrinkage prevention that delivers over 20% ROI on average (Retail Info Systems News, 2019).

• Higher customer retention and lifetime value through superior, personalized service. This can boost customer lifetime value by up to 30% (Bain & Company, 2017).

• Optimized inventory and workforce management through integrated POS, CRM and other data sources, improving productivity by 30% or more (Intel, 2022).

• Increased employee productivity and engagement, which has been shown to boost performance by over 20% (Gallup, 2022).

Harnessing the power of retail analytics empowers businesses to improve the customer journey, empower employees, and boost profits. By leveraging data-driven insights, retailers can enhance customer satisfaction, reduce shrinkage, increase employee productivity, and make informed decisions that drive success.  

The Wavestore VMS goes beyond security, seamlessly integrating with POS, inventory and other systems to deliver 360-degree video analytics. Unlock greater efficiency, productivity and profitability with data-driven video insights. Discover more at www.wavestore.com  

References

Accenture, 2017. Personalized retail: The future of shopping experience.

Bain & Company, 2016. Loyalty in Retail: How to Gain Share of Wallet.

Forbes, 2018. The Future Of Work Is Already Here.

Gallup, 2022. Engaged workplaces have a competitive advantage.

Intel, 2022. Boost retail productivity with IoT.

McKinsey, 2016. Where machines could replace humans—and where they can’t (yet).

MIT Sloan Management Review, 2018. To Boost Performance, Increase Learning Capacity.

National Retail Federation, 2021. NRF releases its 2021 Organized Retail Crime Survey.

PwC, 2022. Global consumer insights survey 2022.

Retail Info Systems News, 2021. 7 Ways to Reduce Retail Shrink in Your Stores.

RetailWire, 2019. Study: Grocers Can Cut Down Checkout Times.