A sea change in customer-preferences and behavioural patterns, especially in the post-pandemic scenario, has brought in new challenges driving the need for automating data, performing predictive analysis based on footfall, managing traffic and enhancing the customer’s experience in the store. It turns out that Retail is one of the industries that benefits greatly from AI-generated services.

AI helps retail stores improve their speed of service, efficiency and engagement with customers. Implementing an AI-powered Video Analytics technology addresses one of their kernel concerns – preventing or reducing shoplifting.

Studies predict an increase of AI in the retail sector from $5 billion to $ 31 billion by 2028. Little wonder that retailers are embracing AI as there are clear signals that retail footfall is undergoing an upswing in recent months. The latest Springboard Footfall Monitor records a rise of 5.8% in December (MoM), as opposed to a drop of 0.2% in November from October and a rise of 2.7% in October as compared to September.

Along with augmenting the in-store experience, AI has been instrumental  after the advent of retail; especially in the post- pandemic scenario. It can help retailers make use of customer data to improve their offering and identify shortcomings. Through processes like Guided Discovery, it can help customers narrow down on the decision based on their specific choices and preferences. It can create a custom-shopping experience with a personalized touch.

Understanding customer behaviour is central to developing the right strategy to grow the business. AllGoVision’s AI-powered video analytics solutions equip retailers with footfall data and analysis which gives them cues to expand their business. A seamless shopping experience is decisive for the success of any retail store. With shoppers’ journey being mapped right from entry to exit, retailers can work on enhancing the in-store experience.

Understanding the demographics is easier with reliable data on the mix of visitors to a store. With a perfect count of footfall and predictive analysis, retailers can keep a tab of how many walk-ins engaged with the product. They can find answers to questions like: Which section in the store was visited more? Which are the products customers tending to skip? How much time did they spend in each section? And so on.

This will help the retailers to change the store configuration or can even store high margin items in areas which are visited more and so on.

Waiting in line has been termed a “timeless form of torture”. A 2015 study found that the average human attention span was eight seconds — a full second shorter than that of a goldfish. Powered with AllGoVision’s AI-driven Queue Management Video Analytics solution, customers can now get rid of their major botheration which affects the store-queues.

With Queue Management system, retailers get to know the average waiting time, identify sections where there is crowd formation and resort to corrective measures to ensure an unobstructed flow.

However, while implementing AI, retail stores should be aware that one hat doesn’t fit all. The solution must be custom improvised to address the specific concerns of the store. Data accuracy is critical since it drives the decisions and to a great extent, the strategy. AllGoVision’s AI-Powered Video Analytics comes with the right mix for retail stores. It analyses data from customer interactions and provides a precise indication of aspects like average waiting time, counter service time and queue count. It equips retailers with valuable insights and reports in the form of heat maps and flow maps. AllGoVision’s solutions can bring about the desired game change by optimizing the shopping experience and maximizing profit.