It is no secret that many processes in modern retail are already controlled through marketing algorithms that are widely used by Machine Learning (ML) and Artificial Intelligence (AI).
The main applications for Machine Learning in retail are in two areas
Predictive and prescriptive analytics can be used across a variety of retail products and locations. Information can be obtained from various supply datasets to add to retail decision making.
AI can be connected to other systems to improve potential demand planning and adjust product supply and capacity.
The main point is that AI can optimize customer orders to accurately meet demand.
AI can be linked to GPS tracking and video monitoring to draw conclusions about the current shopping routes and to make improvements.
AI can help improve customer routes and predict all the customer movements in the store.
Based on the results of an independent study, the introduction of artificial intelligence into management AI is the main advantage of technology in decision-making in retail.
Unsurprisingly, retailers are paying close attention to these benefits, statistics, and potential use cases. MarketsandMarkets predict that global AI spending in the retail supply chain will reach $10 billion by 2025, increasing more than 45% annually.
Returning to the origins of data acquisition, it should be noted that one of the fundamental factors is behavioral. For a retailer to get a more accurate forecast, it is very important to know how the buyer moves through the sales area, firstly, what goods he is interested in, among other things.
Depending on the store specialization, the movement of the buyer from one shelf with goods to another may vary.
Video surveillance can help a retailer here. In hypermarkets and large retail chains such as Walmart, special entrepreneurial systems are used to monitor customer behavior around the clock and build an analytical forecast of behavior every day.
Systems of this kind cost millions and are maintained by specially trained personnel.
What should a small business owner do? Is it so bad?
Not at all. At Camdog, we have provided a mode for creating a heat map. Even though we position this Camdog mode as more for loitering/suspicious activity detection, it can safely be applied for small business owners to use so they can clearly understand which part of their sales area is used most practically and which is not. Are there queues due to improper placement of shelves, and so on?
Therefore, having taken care of this in advance and having covered all areas of the hall with an overview of video cameras, you can easily understand how the buyer behaves. And this is all regardless of the fact that all the cameras are still monitoring for security around the clock. And you can watch it at any time from any device connected to the Internet.
For more information, contact us - and we will tell you how it all works correctly.