August 5, 2016
Given that e-commerce sales in the US made up just 8% of total retail sales in Q1 2016, there is a chance that the death of brick-and-mortar has been largely exaggerated. In addition, real-time retail data indicates that at any moment in time, Americans spend 10 times more on offline retail compared to online retail.
Brick-and-mortar will not go away soon by any means and there are friendly companies aimed to enhance the performance of physical stores and create superior offline shopping experiences. It's neither the furniture companies providing those comfortable sofas in shopping malls hallways nor the fountain companies that create works of art for the pleasure of mall shoppers. Instead, it’s the tech companies which are allowing retailers to track shoppers while they enjoy their walk around the store. Software companies offering video management solutions have been in the market for some time already and are well-known to retailers that are truly dedicated to data-driven decision-making in the optimization of operations.
Let’s look at some interesting examples of companies applying video analytics in retail.