Part 6: Key Applications – Commercial Real Estate
In part 5 of this series, we discussed a key application for AI video analytics: Smart City and Transportation. Public transport agencies’ ability to derive actionable and data-driven insights in real-time from their surveillance cameras allows them to understand their traffic flows, demographic groups, and service usage patterns, optimize operations, and build safe environments to enhance their service quality and increase user satisfaction.
Understanding customer shopping patterns and preferences are key insights for shopping mall operators and retail stores to maximize their operational efficiency, boost store performance, as well as develop more targeted sales and marketing strategies to grow sales margins and elevate customers’ in-store experience. In addition to safely and anonymously collecting comprehensive and accurate insights on its store traffic’s socio-demographic and cross-shopping patterns, retailers can also identify their store’s pass-through traffic rate (e.g., visitors who enter the store but do not buy anything), study their in-store journey, A/B test marketing strategies and build highly targeted sales campaigns to convert pass-through traffic into purchasing customers.
Demographically Classified Journeys
Identify the demographic make-up of your store or mall visitors to understand the shopping patterns and behaviour of each demographic class. Understand shopper’s journeys to identify the best bath to purchase and build highly targeted sales strategies.
Traffic Flow
Understand traffic flow in your mall or store with accurate data on entrance/exit counts, dwell-time, and high-traffic areas. Recognize peak hours to optimize operations, and identify the ratio of pass-through traffic vs. store visitors to improve marketing strategies and drive in-store traffic.
Shopping Mall Specific Benefits
Tenant Performance
With accurate insights on tenant performance, you can analyze high-performing tenants and identify how they attract visitors to your mall, optimizing tenant placement for increased traffic to anchor tenants and key areas.
Cross-Shopping Patterns
Identify the set of tenants that make up the shopper journey of target demographic classes, to uncover cross-shopping patterns and increase customer spending.
Retail Specific Benefits
Retail Specific Benefits
Visitor and Staff Engagement
Identify high-traffic areas in your store by analyzing heat maps and engagement rates with staff, to address inefficiencies and increase your revenue per square foot.
Path to Purchase
Measure the performance of specific areas (e.g., entrance or POS) with insights on dwell time and visitor behaviour to optimize your spaces to effectively drive sales.
Product Placement
Identify your top-selling products to understand why they attract sales and improve your product mix. Optimize product placement to increase product discovery and basket size.
About the AI Video Analytics Series
In this series, C2RO shares their expertise, as a thought leader and recognized pioneer in AI video analytics technology, on how AI-powered video analytics (e.g., AI Video Analytics) is transforming indoor physical spaces by providing businesses with a 360-degree view into people behavior and business operations insights. In part 7 of this series, we’re going to introduce the advantage of an AI video analytics solution for Events.