This report, published in 2020, focuses upon providing a detailed and objective assessment of how and why video technologies are currently being used within the retail sector. In addition, it provides a critical review of both the potential and the challenges of utilising video analytics and the key strategic trends that can be seen in the retail industry.
It draws upon in-depth interviews with representatives from 22 retailers based in the US and Europe, with collective sales of nearly €1 trillion, equivalent to approximately 12% of their retail market, and operating in over 57,000 retail outlets. In addition, interviews were carried out with representatives from five major video technology providers.
The research summarises the way in which retailers currently use video technologies, grouping them into 8 use cases: Delivering Deterrence; Providing Reassurance; Ensuring Compliance; Undertaking Reviews; Informing and Enabling Business Decisions; Carrying out Monitoring; Generating a Response; and Identifying, Detecting and Alerting. It also describes some of the current ways in which video analytics are being used, focussed upon security and safety, and business intelligence applications. It offers a comprehensive review of some of the challenges of using video analytics in a retail environment, including issues around data accuracy, managing scalability, addressing bandwidth and processing concerns, difficulties of measuring and proving the ROI, and recognising the impact of contextual complexity and degree of clarity of purpose on video analytic performance.
The research concludes by bringing together some key strategic trends, including: the importance of developing organisational leadership in retailing on video technologies; ensuring that businesses focus upon delivering cross functional use, build greater capacity through data integration, and build video systems that meet organizational requirements.
Retailing is a constantly evolving and dynamic industry, hard wired into the economies of most countries. It is also an increasingly competitive and complex environment, demanding businesses to not only be agile and responsive to the needs of their customers, but also make use of a growing array of technologies. While video systems have been used by retailers for some time, primarily to deliver security and safety, this report provides a stimulus to think more creatively now, and in the future, about how its role can be further developed to enable retailers to meet their core goals of satisfying customers and returning a profit.
Click below to download the report.
Finally, lock in these dates for the monthly group discussions, and look out for the invitations.