Video based AI algorithms are an emerging approach that retailers are taking to being able to gain continuous intelligence about their customers. Since video can track consumer behavior once shoppers enter the store, this gives business owners the chance to pivot quickly with making online and offline business decisions. With the current challenges in getting people inside a store now, this can provide valuable insight. The following article does an outstanding job of detailing how these solutions work, and provides real world examples of some of them.
AI is transforming retail analytics, but there’s one method that may surprise you. Video analytics are giving retailers the chance to get insightful data on customer behavior in ways that don’t require complex permissions or expensive gear.
Retail analytics has left the realm of grainy security footage and entered into a rich world of customer insights. It uses complex algorithms to analyze and monitor large amounts of video – more than humans could ever process – allowing companies to make data-driven decisions.
Let’s take a look at this often overlooked aspect of AI-driven transformation and how it’s allowing retailers to make better-informed decisions in areas that traditionally required trial and error and months of waiting on results.