The Internet of Things is growing and devices are becoming smarter. Find out here how security cameras can help grow your retail business.
70% of retailers plan to invest in the IoT over the next five years. Their main aim is to increase sales and reduce costs. Who wouldn't? But there are other reasons for using IoT.
Security cameras in the Internet of Things can help you develop a better understanding of your customers. This knowledge opens up new possibilities to tailor your product range and merchandise management to the needs of your customers.
Retail IoT software is expected to witness substantial growth with a revenue share of over 40% by 2025; this growth can be attributed to increasing adoption of retail analytics software to monitor consumer behavior.”
Here are some examples of how the IoT can not only make your sales safer, but also more successful.
1. Gain a better understanding of your customers‘ behavior
Until now, security cameras in stores have mainly provided video information. However, these devices are smarter today than they used to be. Using software apps running on your cameras, you can analyze video information to identify and control movement patterns in your store.
istockphoto / JIRAROJ PRADITCHAROENKU
2. Draw customers' attention and guide them with personalized offers
Security cameras can not only detect and analyze the movement patterns of your customers in the store. They can also detect people in your store based on criteria such as age and gender.
For example, if a middle-aged woman comes to your store, a camera could trigger a certain action, such as a display near the customer showing a customized offer. This allows you to better personalize your interaction with different customer groups.
At the technical level, this is made possible by powerful processors and intelligent software applications that add video analysis to the functionality of the cameras.
IoT applications for optimizing sales make cameras into perfect analytical tools."
Nikolas Mangold-Takao, VP Product Management & Marketing at SAST
3. Optimize inventory in your store and warehouse
If you want to create a perfect shopping experience in your store, then you need to keep an eye on your customers as well as on your goods anytime. Missing or misplaced goods limit your sales. Smart security cameras can continuously analyze inventory levels in your shelves, keep your employees informed, and take action as needed.
The data from your cameras completes the data from your merchandise management system and gives you a real-time overview of your inventory
Want to get more out of your security cameras? Then start now!
The challenge for you as a retailer is to provide the technological environment for the best possible use of the IoT in your business. Our goal is to provide you with the right tools.
Our open IoT platform for your security cameras gives you access to tons of software apps that make your devices smarter.
Download our Retailer Whitepaper now to learn more about how to turn your security cameras into smart sales assistants.
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