What factors will drive the growth of AI-powered video analytics in the retail industry?

AI-powered video analytic solutions are being quickly adopted across industries and sectors. The ability to survey and monitor business operations; and, detect key events is a benefit that not many businesses (or, organisations including governments) can refuse.  

It helps businesses (and, even other organisations) in more ways than one, including –  

  • It helps to identify and, even, track the movement of objects in real-time.  
  • It helps to important detect time and space events occurring any time anywhere.  
  • Enables businesses, of all sizes, to quietly monitor all operations in real-time.  
  • Increases efficiency of business operations and effectiveness of controls.  

These are just a few benefits that businesses are gaining from the increased adoption and use of AI-powered video analytic solutions and tools. The overall AI-powered video analytic industry is growing very quickly and the retail industry is emerging as the biggest segment.  

What is driving the growth in the retail industry? 

The retail industry is adopting AI-powered video analytic solutions with great gusto because it has offered a wide variety of solutions and has also been able to significantly reduce costs at the same time. The growth is being driven by –   

  • An increased need to observe and understand customer behaviour 

To capture, engage and retain a customer, it is essential to understand their behaviour. Businesses need to understand who their ideal customer is and what their usual behaviour is. Such solutions are helping businesses spot trends, and patterns and gain deeper insights into consumer behaviour. It enables them to use these insights to create a better strategy.  

  • Need to manage crowds while still adhering to social distancing and other rules 

The COVID pandemic is still lingering around and businesses all over the world need to comply with strict social distancing norms and other regulations. AI-powered analytics is allowing businesses to manage crowds more safely and effectively.  

  • Ability to manage inventory seamlessly with minimal human intervention 

Businesses can now reduce staff (which in turn leads to massive cost savings) since a lot of crucial inventory management can also be completed with the use of AI-powered video analytic tools and software. Minimal human intervention is needed.  

  • Ability to maintain optimum security levels across stores and outlets 

Businesses are also able to monitor all operations across several locations, in real-time, with ease. This has reduced costs associated with maintaining security at locations and safeguarding assets. AI-powered video analytic tools can help prevent theft and leakages. Thus, it offers a very interesting, cost-effective application in terms of safety and security. 

TwoFresh – experts in all things video  

TwoFresh is London’s premier video production and marketing company. We are a team of experts that are passionate about everything video. From video production to marketing to analytics, we take pride in helping some of the most notable brands from all over the world achieve their organisational goals through the power of video.  

If you are looking for expert advice or some help with your video campaign, connect with us over a call or email, and let’s get started on discussing the next big thing for your business.