4 ways to use convenience store video analytics
Convenience store owners are increasingly turning to convenience store video analytics to help them meet the needs of their customers. Here, we explore four ways data science can be used to improve your c-store business and generate more revenue.
The convenience store industry has long been a mainstay in the American economy. However, in recent years, the industry has undergone a transformation, as data science has become an increasingly important part of the industry.
This is due, in part, to the fact that consumers are increasingly turning to convenience stores for their shopping needs.
In fact, according to a study by the National Association of Convenience Stores (NACS), convenience stores now account for more than 60% of all retail spending on food and beverages outside of the home.
As a result, convenience store owners are increasingly turning to data science and convenience store analytics to help them meet the needs of their customers -- including using data analytics to track consumer behavior and preferences as well as identifying trends and patterns in consumer spending.
By using convenience store video analytic systems, owners can better understand what customers want and use that information to create a more customer-friendly experience.
So, let's briefly examine how the most profitable c-store operators utilize convenience store video analytics to drive higher profits.
Effective Product Placement
Heat mapping feature of inside of a c-store provided by www.i3international.com
A convenience store can use heatmaps to track the movement of customers in the store. This data can be used to better place products in the store and potentially increase sales.
By tracking customer behavior, the store can make better decisions about where to place products, leading to increased sales.
For example, suppose the store notices many customers congregating around a particular aisle. In that case, they may place more popular items in that aisle. Conversely, if the store notices that customers are avoiding a specific area, they may decide to put less popular items.
In addition to product placement, video analytics can also track customer engagement. This data can improve the customer experience and loyalty program to ensure better customer engagement with the store.
For example, if the store notices that customers are spending a lot of time in the aisle with a particular product, they may want to put that product on sale. Or, if they notice that customers are not spending much time for a specific aisle, they may want to move products around or add more signage to that area.
Video analytics & deep learning allows convenience store owners to make changes to the store that will improve the customer experience and increase sales.
Happy Customer, Happy You
A customer's experience in your store depends on many things, but one of the most important is how long they must wait in line.
With AI-enabled analytics and a video solution system, you can accurately manage and control your queue time, ensuring customers spend as little time as possible waiting in line.
This will help improve the customer experience and keep them returning for more, ultimately increasing your revenue.
When it comes to convenience store video analytics, one of the most important features is the ability to coordinate all your cameras in one easy-to-use software.
The real-time reporting & loss prevention aspect of your analytics system provides high-quality images and the ability to playback the footage, customize screen division, and back up any critical footage. By keeping everything organized, you can be sure that you have the evidence you need in case of any incidents.
Operators using proper convenience store video analytics can review high-risk locations and employees using the data displayed in an interactive graph, and review the risk analysis calculated with information collected across from all employees from one location or multiple sites. The smart-ER feature allows business owners to make better decisions about where to allocate their security resources and how to protect their customers and employees.
Smart Exception-Based Reports using a video analytic system also allows operators to search for transactions with specific criteria such as void, discount, overwrite, transaction on hold, transaction recalled, etc., with real-time alerts.
This provides a more efficient way to manage and analyze transactions and helps ensure that all aspects of the business are running smoothly.
Convenience stores are often busy, and it can be difficult for one employee to do all the tasks. This can lead to workplace stress, making it harder to retain employees. This, in turn, affects the customer experience. It's no secret that a happy workforce leads to better customer service.
As video analytics systems become increasingly advanced, it is becoming easier for businesses to use the data collected to improve their operations.
For c-stores, this could mean taking a load off of their employees by optimizing operational activities and enhancing the chances that they will stay with the company for longer.
By reducing the amount of work that needs to be done manually, businesses can create a more efficient and streamlined work environment that is less likely to cause employee burnout.
C-store retailers can use customer behavior data to determine when rushes hours often occur.
For example, suppose the data shows that customers tend to purchase cigarettes and energy drinks right before lunchtime. In that case, the store should make sure those items are readily available during that time.
Additionally, if the data indicates that sales of candy bars and soft drinks spike in the evenings, the store should stock up on those items in anticipation.
By using customer behavior data, c-store retailers can ensure that they are prepared for the rush times and have the items customers are likely to want.
i3 International Inc.
If you're looking for a way to improve your c-store's operations and increase revenue, i3 International is here to help. Our video analytic systems are designed to help you take control of your queue times, optimize your workforce, and prepare for rush hours. Contact us today to learn more!