Updated: May 3
Mcgill Guest Speaker, Dr. Soodeh Farokhi, on how Experiential Retail is driving the Need for Video-Based Journey Analytics Solutions like C2RO Perceive™
Retail video analytics solutions like C2RO PERCEIVE™ are the only retail analytics technologies capable of capturing qualitative data such as demographically classified journeys and socio-demographic behaviors, both crucial insights for marketers to build retail strategies that provide customers with immersive and memorable in-store experiences.
C2RO Founder and Chief Technology Officer, Dr. Soodeh Farokhi, was invited last Wednesday as a guest speaker to Mcgill professor Nathan Yang’s MBA/MMA Advance Marketing Analytics course to discuss how experiential retail is driving the need for retail video analytics solutions like C2RO PERCEIVE™.
Why we need data-driven stores
With customers now visiting retail stores for exciting experiences, and to receive services they can’t obtain online, retailers are turning to experiential retail for new ways to engage with their customers. A successful experiential store is agile, it evolves with the trends and customers changing needs, which means that marketers will need data-driven stores that provide them with near real-time data, allowing them to adapt and more efficiently shape feasible short-term and long-term goals with measurable results.
With the ability to be more proactive in the evaluation of the performance of pricing and promotional strategies, marketers are given the same ability as their digital colleagues to modify and test different sales strategies to effectively increase their in-store conversion and retention rates. By reflecting real customer pain points in their solutions, as well as store and operations strategies, brands can create a more frictionless, convenient, and positive in-store experience.
Journey Analytics is key in understanding customers’ in-store experience
As Dr. Farokhi discussed during her session and mentioned in C2RO’s recently published Whitepaper, journey analysis is a key enabler for experiential retail. As the physical path visitors take in-store continues to evolve from having a clear intent to purchase to just wanting to explore and experience the brand, retailers will require data that goes beyond counting in-store walk-ins and identifying high-traffic areas – quantitative data that is provided by door counters, wifi, and beacons. In addition to providing only partial visibility into the insights that matter for businesses, the emergence of new technologies, such as AI, has revealed a large discrepancy between the data being gathered and actual numbers.
“The inaccuracy of existing technologies and their inability to provide qualitative data, such as demographically classified journeys and socio-demographic behaviors, make door counters, wifi and beacons unreliable sources for data-driven decision making”, says Soodeh Farokhi, Founder and Chief Technology Officer at C2RO. “The need for more accurate insights and qualitative data has led to many companies turning to AI for data analysis and investing in retail video analytics solutions, making door counters, wifi and beacons obsolete.”
Retail brands and mall operators using video-based journey analysis solutions like C2RO PERCEIVE™ can analyze the journeys to uncover brand and product relationships by demographic class, as well as link the journeys to marketing, sales and operations to maximize the ROI of business strategies.
The Importance of Privacy by Design
With new technologies turning every digital and physical customer touchpoint into personal data, technology providers have the responsibility to ensure that their solutions in no way violate customers’ anonymity and their right to be forgotten. In response to the emergence and fast adoption of these new technologies, strict data privacy regulations such as GDPR have been put in place to protect the rights of individuals. While many technology providers have assured the public that their solutions are “GDPR-compliant”, a solution that was not created to respect data privacy regulations and protect customers from the start will never be fully compliant.
For this reason, a few companies such as C2RO have adopted the notion of “privacy by design” where they ensure that regulations are taken into account during the conception and design of all of their solutions. The adoption of this practice has not only facilitated C2RO’s entry in multiple industries, such as Retail and Smart City but also made it the only video analytics technology on the market capable of reconnecting visitors from one surveillance camera to another to provide insights on demographically classified visitor journeys and behaviors, without using biometric and personal data, thus being fully compliant with data privacy regulations such as GDPR.