Expert Solutions
RETAIL
The Indian retail market is one of the most dynamic and fast-paced industry and accounts for 10% of the national GDP. India is also the sixth-largest global destination for retail space and is ranked 16th in the global FDI confidence rating, making it one of the key growth drivers for the Indian economy. The current offline retail space in India is as dynamic as the industry, with a diverse mix of supermarkets, malls, departmental stores, showrooms, flea markets and traditional mom-and-pop stores. Irrespective of the variants, retailers across the spectrum are turning to technology adoption for security and simplifying and managing the daily operations. Larger retail set-ups like malls and departmental stores etc. are also leveraging AI and smart technology to optimize operations, monitor customer movement, and avoid theft. Customer engagement and delight is another significant are where applications of AI and smart data analytics is helping retailers to understand consumer behaviour, buying patterns, preferred products/ price points and footfall data to generate more accurate predictability to enhance sales and drive revenues.
Some of our expert solutions for the retail industry include:
CONTROL PEOPLE
CROWDING
This application, as the name suggests, helps retailers and store managers to handle crowds inside the store, by sending an alert. Particularly useful for larger stores, where people may get drawn towards a particular brand, product, discount offers in one area, making it difficult for other customers to access the product. Through video analytics, the owner or the floor manager can get an alert whenever there are more than a set number of people at a particular part of the store, and accordingly can assign floor staff to handle the situation in that area. This solution is also extremely relevant in the current scenario, where social distancing rules need to be strictly followed.
CUSTOMER
FOOTFALL COUNTING
Customer footfall and transformation reports have become the most significant measurement for retail profitability management. Our customer footfall counting solution leverages deep learning algorithm, and is equipped with advanced sensors that can detect human activity with up to 95%+ accuracy. Apart from this, our solution also works as a performance dashboard, showcasing sales figures and beneficial KPI’s, like conversion rate, along with customer footfalls, to allow retailers and store managers to have an accurate, single-window dashboard of the overall store performance. Further, this is designed to share real-time updates and alerts that can also be accessed on a mobile device, making it an easy and cost-effective solution for retail store and business management.
CUSTOMER
BOUNCE RATES
Customer bounce rate is defined as the percentage of customers who visit a particular store but don’t end up purchasing anything. Although a very common practice, it is not favourable for any retail establishment. We at ThinkAi, have curated our AI-powered solution to help retailers handle this situation and curtail the occurrence. Through our video analytics solution, the retailer/ store manager can now gain behavioural insights to determine the cause or most common reasons that contribute to a higher customer bounce rate. This in turn helps in improvising the store footfalls which, in turn, can attract more customers, thus contributing to more sales and cutting down on the unproductive customer visits.
EMPLOYEE
DWELL TIME
Monitoring and measuring employee movement and behaviour inside a retail outlet is as important as monitoring customer behaviour. Our Dwell Time AI solution helps retailers measure the productivity of individual employees in the enterprise, keeping a track on the actual working hours that the employee in the workspace. It also simultaneously tracks the whereabouts of the employee inside the retail outlet, helping managers measure the dedicated working hours of the employee which eventually increases the productivity time for any retail outlet.
Monitoring and measuring employee movement and behaviour inside a retail outlet is as important as monitoring customer behaviour. Our Dwell Time AI solution helps retailers measure the productivity of individual employees in the enterprise, keeping a track on the actual working hours that the employee in the workspace. It also simultaneously tracks the whereabouts of the employee inside the retail outlet, helping managers measure the dedicated working hours of the employee which eventually increases the productivity time for any retail outlet.
CUSTOMER
DEMOGRAPHICS
One of the most effective functions of AI and data analytics is to understand Customer Demographics. By leveraging machine learning software, our solution helps retails gain valuable consumer insights which can be instrumental in planning and executing effective business growth plans. From consumer behaviour, spending patterns, time of store visit, the most frequented section of the store, repeated purchases, average billing during every visit etc., to targeted insights for a specific group of consumers like new mothers or middle-aged couples, retails can gain deep insights that can help them design customer engagement campaigns to boost sales. Further, leveraging these insights, a store can target a specific group of customers with specific interests, to boost sales and upsell their products. Other uses can be personalized engagement, and other perks to earn brand loyalty and encourage greater footfalls.
LOYALTY CUSTOMER
TRACKING
When you are an owner of a retail store, it is very essential to know whether the customer entered in your store is a loyal or an HNI customer with good spending track record. Using predictive marketing analytics, the AI software will understand the target customers and insights into their behavior and predict what they are likely to look for. Machine-learning will look at the customers’ past buying patterns in order to predict their future actions. Using this strategy, you can identify potential opportunities and threats that may affect their buyer’s journey. It gives you information in advance, so you can act on it ahead of time whether to invest time on that particular customer or decide on the future strategy.
NEW PRODUCT
ANALYSIS
A video Analytics software which helps in identifying the potential success or failure of a new product or particular product inside the store, can be a game-changer for every brand and retail store owner. Our solution helps retailers analyze the first reactions of customers to a new product and help gauge their interest levels. Using machine learning and the behavioural analytics, one can further gain valuable insights to make informed decisions about whether or not the product will profitable to be sold in the store, thereby saving retailers a lot of time, money and energy that is generally invested in marketing a new product.
BLACKLISTED
CUSTOMER ALERT
Just like HNI and loyal customers, retailers also need to be on a look out for blacklisted customers entering their store. With the database of whitelist and blacklist customers stored in the system, our solution leverages video analytics technology to alert store management system, in case the blacklisted customer tries to make an entry inside the store. This, in turn, helps to prevent fraudulent acts of such customers, thus maintaining the dignity of the store and avoiding any disturbance to other customers.
STORE
HEAT MAPPING
Improving the layout and design of a retail store is key to creating a better shopping experience and optimizing sales. Our Store heat mapping solution uses heat map analytics to identify hot and cold zones throughout the store, depicting what areas of the store were most visited by customers. From the heat map, retailers, and shop managers can gain in-depth customer behaviour insights that can be valuable when stocking up products and designing the entire layout of the store as well as managing the temperature controls of the entire floor, thus taking the guesswork out of the entire layout plan. Understanding shopper behaviour on a day-to-day basis, according to where and how long they are located in the store, gives owners and managers the actionable data needed to optimally design and manage the store.