Let us take a look at the applications of smart video surveillance and analytics systems in the retail sector and see how they can help businesses boost sales and foster employee and customer loyalty.
The potential of intelligent video surveillance in retail
According to Fortune Business Insights, the global video analytics market was worth $5.32 billion in 2021. It is expected to grow from $6.35 billion in 2022 to $28.37 billion by 2029. The CAGR over the forecast period is estimated at 23.8%.
Retail is a sector that needs effective video surveillance and is interested in such tools. Major retail chains need to monitor consumer behavior, explore the reasons why customers choose certain goods and analyze the time they spend in stores. All of this drives the development of computer vision and the AI industry in general.
Smart video surveillance and analytics serve multiple purposes in retail outlets: they help optimize the marketing process, on еру one hand, and provide indoor security monitoring capability, on the otherю. Smart cameras can analyze customer traffic in certain areas of the store and the average size of consumer basket, evaluate customers’ sociological and demographic parameters, and monitor the fill rate of store shelves with best-selling goods. The system collects, analyzes and delivers all this data to a human operator for adequate operational and strategic decision-making.
Intelligent Video surveillance help aggregate customer data to configure targeted ads and generate personalized offers for customers. A synergy of ML models, engineering and computing capabilities and special software, all running in real time, has made this possible today.
Smart video surveillance and analytics systems also play a big role in safety and security. They alert to possible shoplifting and fraud on the shop floor and at checkout lanes, and help trace unusual behavior of customers and employees. AI systems can be equipped with alarm buttons to alert the police and private security firms in case of emergency.
An MTS AI solution
MTS AI scrutinizes the best practices and use cases for smart video surveillance and analytics and conducts in-house research. These steps helped our team engineer a proprietary solution – an intelligent video surveillance platform. The system will address a wide range of problems prioritized by the retail sector. These include:
- perimeter breach and suspicious item detection,
- theft and conflict prevention,
- checkout area monitoring,
- work routine monitoring,
- monitoring of personal protective equipment use by staff and customers, where necessary,
- customer count, collection and analysis of customer demographics,
- emotion recognition,
- analysis of checkout lines and customer traffic in monitored areas.
The system enables real-time monitoring of retail outlets and ensures timely response to any troubles or violations. It employs the True Cloud technology to process the video stream and send it to the MTS Web Services cloud infrastructure for storage. The ONVIF standard enables integration of all camera types. The developers provide an API to design iOS, Android and browser applications. Thus, you are able to see everything that is happening in the store and keep track of alarm signals with a mobile phone. The platform infrastructure can also be integrated into existing video surveillance systems.
The system’s AI analytics segment designed in partnership with VisionLabs ensures high-performance data processing. It can be employed for operational and strategic decision-making. In addition to counting visitors and collecting their demographics, the platform can analyze and optimize customer traffic routes across the store, generate a shop floor heat map and determine whether or not employees follow the prescribed rules.
MTS AI has created a business solution that helps optimize employee workload and schedule, monitor and improve the quality of customer service, and cut down the costs resulting from violation of corporate rules and policies. All of these outcomes will drive up the profits and promote loyalty among both clients and staff.