2020 was, no doubt, one of the most challenging years for retail. If there is one thing we’ve learned in the aftermath of COVID-19, it’s that uncertainty is the only certainty.
In 2021, retailers and brands have started to look for ways to innovate to embrace a changing landscape and to look ahead to anticipate future changes. Here are 4 trends that will be shaping the retail industry this year by positively impacting asset protection and profit.
Computer vision is a field of Artificial Intelligence that focuses on understanding the visual world and automating tasks that would typically require human interaction.
Its role is to generate valuable data by using cameras to identify objects, understand consumer behavior and patterns, in a GDPR compliant way – data that helps businesses make strategic and operational decisions.
One of the primary roles of accurate and comprehensive data is security: to protect the people, premises, and assets of a business from the never-ending threats.
Improving Inventory Availability and Visibility
Poor on-shelf inventory availability and stock management constitute a significant cost contributor in retail. Every time a customer is unable to pick off the shelf is lost revenue that can accumulate rapidly, even over a few hours.
Preventing out-of-stock events is at the top of all retailers’ priority list. With the help of A.I. and machine learning, businesses can forecast demand and can effectively manage and maintain adequate stock inventory, replenish shelves, and prevent revenue loss.
Leveraging Store Traffic Patterns
Understanding customer behavior and preferences is key in understanding who buys what, when, and how. By having insights into customer behavior and preferences, retailers can easily identify common behavior and can maximize store traffic.
Consider this: you manage a tile showroom, and store analytics indicate that 85% of your visitors are men. The data also shows that around 55% of your prospects visit between 11 AM and 2 PM on Saturdays, and spend more time looking at a specific type of tiles in the store. Based on this information, you can increase your sales opportunities and ensure that your customers have the best possible experience.
Making the Checkout Process Seamless
Intelligent video analytics leads to deeper business insights. With an effective queue management system in place, retailers can increase up to 40% in revenue. Providing their customers with faster moving queues means that both the customers and the business will benefit: the customer will be have lower wait times improving their shopping experience, and retailers will be able to increase their revenue through-put.
By developing a solid understanding of why and how the above trends can impact retail businesses, you can devise a strategic and efficient strategy that will help you stay ahead of the game in terms of asset protection and profit generation.
Contact us to learn more about in-store behavior analytics, queue length monitoring, and retail loss prevention solutions.