Integrated video delivers the clear information retailers need to identify a comprehensive view of customer interactions.
Originally published on Integrated Solutions For Retailers, December 2014
By Steve Sell, director of marketing, retail, Tyco Integrated Security
Retail environments continue to evolve to meet shifting consumer demands and omni-channel expectations, making a holistic approach to asset protection even more critical. The responses to Integrated Solutions for Retailers’ (ISR) annual benchmark survey bring to light the challenges retailers are most concerned about when it comes to security in the coming year.
As retailers plan for a successful and secure 2015, ISR’s survey reveals that they continue to require integrated security solutions with video surveillance, video analytics, and item-level security all remaining top of mind for key security investments in 2015. While these choices are not surprising, they do seem to indicate that getting more information out of technology is a central theme. Traditional tools are now becoming mission-critical tools as retailers seek better, faster information to both protect and to gain better clarity regarding what shoppers demand.
Clear To Clarity: Higher ROI On Video Surveillance And Analytics
Retailers must move from “clear” to “clarity” when it comes to information. With the analytics and insight capabilities from integrated video, a retailer can now use information to see farther ahead as well as see what is currently happening and gain a comprehensive view of both positive and negative customer interactions. This enriched data helps improve business decisions, increases protection of merchandise, and goes beyond LP to enhance store experiences and drive higher sales.
"ISR’s survey responses make it clear that the demand for well-designed video systems, which enable retailers to capture, save, and export video segments, will continue."
What seems clear is that the benchmark survey validated retailers’ need for additional video analytics and insight. While retailers still find video surveillance relevant and an important investment, they also expect better information and therefore combine it with other solutions to drive deeper value for the enterprise. With the availability of new technology, like IP high-resolution cameras, many retailers are switching from outdated analog cameras to a cloud-based system. This new video technology enables retailers to integrate with mobile technology, allowing them to gain insight at all hours of the day, whether stationary at the home office or on-the-go via a computer, tablet, or phone.
ISR’s survey responses make it clear that the demand for well-designed video systems, which enable retailers to capture, save, and export video segments, will continue. The new perception is that video technology is no longer just an LP tool but also provides significant information to be shared across the business for better ROI. When systems and analytics deliver insights into issues that require attention, or uncover deeper business intelligence, it is really delivering clarity and leading to greater success for all business segments.
Combined Success: Adding Video Surveillance And Analytics To Item-Level Security
As indicated in the ISR survey responses, item-level security solutions will continue to play a key role in how retailers protect high-risk products from theft in 2015. What is more interesting is how they can utilize item-level security in combination with video surveillance and analytics to learn more about their customers. When combined, these technologies enable retailers to protect against loss prevention, while also gaining important business intelligence about what drives or deters well-intentioned shoppers when making purchasing decisions.
For example, through this data, retailers can become better educated on how thieves are defeating the security system and how to protect against loopholes in their security program.
Additionally, the integration of video surveillance, analytics, and item-level security is providing insight into customer-facing issues, including how many times a customer walks away emptyhanded or whether more staff is necessary in areas showcasing high-risk products to improve the customer experience.
Integrated Solutions: Fueling Store Performance
As forward-thinking retailers continue to work with solutions providers and integrators to deploy comprehensive solutions, they will increase their performance and competitive advantages. That’s because information is the new high-value currency in retail, and an integrated security solution can provide the necessary insight across all levels of the business beyond physical security and the LP department. Moving forward, clarity and improved data will be synonymous with improved customer experience and, ultimately, success.