How Can Shopping Malls Benefit from Retail Video Analytics?

It is becoming more and more common for malls to depend on security systems for more than simply loss prevention and other security applications. Analytical tools are crucial in this respect. When it comes to preventing theft and loss, malls have traditionally relied on video monitoring and other security measures. However, over time, mall owners have discovered additional advantages of employing their technology – that is, to learn more about client profiles and behavior so that they may better staff and organize their facilities to attract customers and enhance their shopping experience. As brick-and-mortar retailers face increasing competition from online retailers, the latter has become more important. 

People’s shopping habits are evolving slowly. The overall experience is why consumers go to malls despite the internet shopping has grown in popularity. Giving customers a unique experience is becoming more and more prevalent in malls now and in the future. A shopping mall is a social gathering place where individuals may catch up with old friends, make new acquaintances, and engage with various products and brands. With the use of technology, shopping malls are increasingly using consumer profiling to help shops reach their goals. Mall managers will need to grasp two sets of technology to provide a seamless client experience.

Tracking the mall foot traffic, identifying individual customers, and purchases, calculating stay durations, analyzing activity, communicating with customers, and creating real-time merchandising, advertising, and promotional possibilities are all possible with this technology.

Here’s How Retail Video Analytics Help Shopping Malls

The importance of retail analytics has grown in this context. Understanding mall traffic is essential because it reflects the sales opportunity created by the shopping center, and understanding mall-to-store conversion indicates how well tenants take advantage of this opportunity and ultimately convert it into sales.

Counting visitors offers insights on mall activity, trends, peak times, and some top-level impact assessments on other aspects such as the weather, holidays, and promotions. The optimal times to launch daily marketing activities to bring customers into stores may be gleaned from visitor counting data as well.

To learn more about how people counting works, click here.

Mall managers spend a lot of time deciding what kind of businesses to put in the mall. With the help of demographic data, such as age and gender, visitor counting can help with this by comparing the popularity and performance of different retail store locations within the center, as well as cross-store visits, to see what kind of consumers visit the mall and how they behave while there. The layout of a mall is also a significant consideration for mall proprietors. Analytical tools like visitor counts, dwell time, and heatmaps may help mall owners better understand how customers move around the building. As part of this process, the mall’s layout is examined for hotspots and bottlenecks, and layout adjustments are evaluated, as well as how time-based activities, such as pop-up businesses, affect the in-mall experience. Rent price may be informed by this information, which can be used to analyze the effect potential tenants will have on the mall.

Conclusion

Video surveillance is a fundamental part of the security domain’s work. However, a great deal of time has gone between the days when operations were mostly monitored by people to today’s software-based video analytics. Analytical systems are taught to recognize people in real-time from CCTV footage. This lays the groundwork for a variety of different outcomes. The most important thing is to keep an eye on visitors and employees at all times. It is possible to determine the smooth flow of customers/visitors on a certain day of the week or even at a specific time of day using historical data. It will send out notifications right away if it detects unusual traffic or commotion caused by a large crowd. 

Intruder detection is another one of the most common benefits of retail video analytics. Video analytics effectively deters criminals from commercial properties. In this way, corporations may protect their personnel and property. An increasing number of businesses are relying on sophisticated video analytics to help them better protect themselves, and this trend is only expected to accelerate. Companies are increasingly turning to live video monitoring outsourcing since it not only provides them with reliable data but also helps them concentrate better on their main tasks, is cost-effective, and saves time and money.

So, what are you waiting for?

Get Video Analytics from Link Retail for accurate people counting and increasing the conversion rate of your mall and store.