Intelligent Assets Increases In-Store Revenue for Retail By Aaron Allsbrook
September 14, 2021
A quick trip to the store will always be part of our lives. Brick and mortar retail is here to serve us the extra part we need for the weekend honey-do project, for new back-to-school outfits, and the exact guidance on the perfect wine to pair with tonight’s special dinner. These stores have pressures to differentiate the shopping experience from competitors and to ultimately drive more revenue per shopper. Intelligent Assets provides IoT and Edge technology to get meaningful information from existing systems while protecting the security and privacy of customers and increasing profits with higher customer engagement.
With all technology, the effort and expense must be focused on creating meaningful outcomes. For retail, Intelligent Assets drives more daily store revenue by increasing the engagement between customers and floor sales representatives. As customers shop, there is a special moment where interest in a particular product is high. It is ideal to engage with the customer not as they start their browsing, but at the moment of selection. At this moment, a customer may be unable to find a product, may select a cheaper or inadequate product, or fail to think about the additional things necessary to be successful with the product. By alerting sales attendants to the shopper at this critical moment, it allows for a store to immediately increase its overall revenue per shopper. Additionally, this personalized experience for the shopper enhances the value that only a brick-and-mortar store can provide. By increasing the employee to customer engagement, Intelligent Assets makes every store more profitable.
In a day and age where eCommerce invades our privacy, retailers can provide secure and private experiences for customers. Processing images in video feeds allows for protecting the value of the image without storing the true image. Thanks to Intelligent Assets, only meaningful data like customer counts, dwell times, employee engagement, and purchased items are kept without the need to store the identifying picture or overreaching tracking devices. Intelligent Assets allows for turning off the poor practices major online retailing has done to simply provide metrics that matter, like heat maps for occupancy, and line length times. Intelligent Assets lets retailers get the deep metrics they need by optimizing their store without having to uncomfortably invade the private lives of their customers.
Intelligent Assets can immediately ingest information from existing feeds in the store and turn it into critical information. Existing camera feeds, existing point of sales, and existing point solutions are all easily pulled together thanks to Intelligent Assets as both data sources and targets. Store aisles are easily mapped into Intelligent Assets areas that are monitored for people, especially where high-value items exist. As the data comes in, dwell times are interpreted to uncover product interest, buyer confusion, or possible theft. Along store aisles, products on display are mapped to assets themselves so they can monitor for restocking needs or additional shipments. Each floor sales representative has a dedicated role in Intelligent Asset as a user with secure view permissions. As customers move through aisles, browse products, and as they dwell, Intelligent Assets captures their intents as events. Events around the need for additional support or opportunity to encourage a sale to close. Intelligent Assets is then able to tie all of these retail elements together and create employee sales process engagement as an action using Microsoft Teams for easily dispositioning the results for customer interactions. This ability to represent all of the elements of a buying transaction in retail stores means Intelligent Assets is a simple configuration for any business to adopt.
Intelligent Assets has been designed to make complex technologies like IoT, Edge, and AI simple for users. The goal of this solution is to rapidly provide meaningful capabilities that will drive measurable ROI in the form of savings or increased revenue. In the case of retail, the ability to engage with any device, process that information locally in the store while using advanced AI like video analytics results in easily recognized additional store revenue. Retailers are using Intelligent Assets today to drive higher returns on their properties.