The Three Keys To Successful Retail Video Analytics
Offline retailers exploring video analytics systems for their stores must wade through a massive amount of marketing messages and collateral to understand how to best select and deploy these sometimes complex and costly systems throughout their chains. The dozens of vendors that currently offer these solutions all offer their own perspectives on what makes their particular offerings better than the rest.
But let's put aside the spin for a second and simply focus on the three key criteria that any retailer should consider when deciding on implementing video analytics in their stores. Use these as your filter the next time you come across a video analytics solution and see if that solution successfully meets all three key criteria.
Video Analytics Key Criterion #1: Scalability
For a video analytics system to have maximum impact for a retailer, it must be able to scale. What that means is that the retailer must be able to install it cost effectively and use it in every location, every day. Systems that can only provide value in a few locations or when used periodically often don't make economic sense to deploy.
Video Analytics Key Criterion #2: Repeatability
While many retailers strive for uniformity in each of their locations, the reality is that a number of factors prevent retailers from consistently achieving this. Legacy store formats, inconsistent execution of planograms and other factors mean that many locations often bear only partial resemblance to others within a single chain.
In the world of video analytics, this means that specific metrics captured from these dissimilar environments can't always be compared or benchmarked easily due to these differences. This limits the value of systems that can only deliver metrics that are focused on physical characteristics of the store. Therefore, the best metrics captured by video analytics systems can be compared consistently from store to store regardless of the differences in physical formats or layouts.
Video Analytics Key Criterion #3: Actionability
We've saved the best for last. For a video analytics system to make sense for a retailer, it must provide data that is actionable. That is to say, if you can't do anything easily (or, worse yet, anything at all) with the data the system delivers, then it probably doesn't make sense to deploy it in the first place.