The IoT in retail – Sell smarter using security cameras
Cameras can help to optimize sales in the retail sector. In our white paper we set out some example applications and provide tips on how to plan and implement this technology.
The Internet of Things is growing. Experts anticipate that globally more than twenty billion devices will be networked by 2020. In the process, end devices are becoming increasingly smart and versatile. A security camera, which would previously only have been able to supply video data, is now able to analyze that data as well.
This enables retailers to better understand the shopping habits of their customers and organize their product ranges in a more appealing way. In addition, data from security systems can help with optimizing merchandise management. Security cameras in the IoT are therefore far more than just a security tool.
Small wonder that 70% of retailers intend to invest in the IoT in the next five years. Nonetheless, a study carried out by Cisco determined that three out of every four projects would fail. Many investments fall short of the mark, in our opinion, because IoT thinking is too one-dimensional in the retail sector ‒ although cameras are being networked, their potential remains untapped from a sales perspective.
Our white paper provides an overview of applications and technologies for the IoT in the retail sector and the potential it holds.
The hidden potential of the IoT solutions in security
Security cameras in the Internet of Things can help the retail sector to gain a greater understanding of their customers. This knowledge opens new opportunities to better tailor product ranges and merchandise management to the needs of consumers. This improves sales and helps to lower costs. Below are just a few examples of how analyzing video data can not only make sales more secure, but also more successful:
1. Gain a better understanding of customer behavior
Security cameras are able to identify movement trends in stores. For example, this enables retail stores to optimize the placement of their product ranges and goods and improve shopping experience. The following image shows how movement trends around the retail space can be analyzed.