If you are a business owner using the internet to promote your products, you already know of the importance analytics play. Reports on search patterns and website visits combine to tell you who is searching for your products and what interests them most about your business. What if there were a real world equivalent?
It will not be long before there is one, thanks to the evolving technology of artificial intelligence. In fact, VideoMining is already pushing a similar concept with their special cameras and collaborative software. These fresh technologies claim to be able to analyze shopper behavior through a system of monitoring store activity.
The cameras are mounted to the ceiling throughout the public areas of the store. As shoppers enter the business, their activities are monitored and recorded. While this system may also aid in security, that is not the purpose here. Instead, the activity of each shopper is analyzed by the software.
The software translates the shopper’s path throughout the store into data points. Those data points are combined with more data from the shopper’s visit, including purchases, loyalty card information, and online interactions with the business. Once all of this information has been analyzed by the system, it generates an analytics report.
VideoMining may just be leading the way in a trend that seems inevitable. Analysts are predicting that AI will be adapted this way in every retail business within the next five years. The concept, drawn from online analytics, will be used to help businesses discover their strengths and determine which products or services are just wasting resources. The information these reports can generate may change the way retail stores advertise and operate, putting more emphasis on delivering only what consumers are seeking.
Of course, this system all hinges on the use of artificial intelligence and, for that, we will need a larger pool of AI technicians. Experienced technicians will have to be available to tweak individual systems and to help develop in-store marketing campaigns that will build upon the information provided by the analytics reports.
As the technology advances, these types of AI systems will also help businesses personalize the shopping experience for each customer. Where online shopping is currently leading the retail shopping race, that is only because brick and mortar stores cannot provide that same level of customization. If AI can level that playing field, in-store shopping may make a big comeback.