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Business Strategy: The Growing Value Proposition for Video Analytics in Retail

Business Strategy: The Growing Value Proposition for Video Analytics in RetailThis IDC Retail Insights report focuses on video analytics, a technology that has yet to be fully leveraged for in-store analytics. While video has been used in store for many years, mostly for loss prevention and security, the heightened competitiveness and disruption in the retail industry, and the increasing sophistication of the consumers, make for a very real proposition — and need — for the brick-and-mortar retailers to understand their customers — and the customers' journey — better. While the online retail space is able to leverage a rich, native customer footprint, the same does not hold true for the brick-and-mortar store. Retailers have increasing need to have a single 360-degree view of the customers, and deeper insights into their customers, if they want to deliver a more personalized, contextualized customer experience to the customers."It is more important than ever for retailers to have an omni-channel view of their customers, and this means having deep insights into their online — and brick-and-mortar — customers. Video analytics is delivering richer capabilities to the brick-and-mortar sector to understand more accurately how many customers come into the retail space and where they browse inside the store, where traffic bottlenecks are, and what the sale conversion rate is," said Robert Eastman, research manager, Retail Omni-Channel IT Strategies. "This report talks about video analytics as one of a portfolio of sensors that retailers can deploy to deliver much better insights into their customers inside of the store. Video analytics captures the customer journey in a way that other technologies can't."

IDC Retail Insights Opinion
In This Study
Situation Overview
In-Store Analytics and Video
The Video Technology Stack
The Approach
How Retailers Are Taking Advantage of Video Analytics
Future Outlook
Essential Guidance
Actions to Consider
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