Sensormatic Solutions Maximizes Shopper Experiences Through Store Guest Behaviors Powered by Computer Vision Analytics at NRF 2024
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Insights
Understanding consumer behavior is paramount for retailers and the integration of AI in retail analytics, as seen with Sensormatic Solutions' Store Guest Behaviors powered by Computer Vision Analytics (CVA), represents a significant advance in this field. By analyzing in-store customer movement, retailers can optimize store layouts and inventory management to enhance the customer experience and potentially increase sales conversion rates. This solution leverages existing video infrastructure, which can be a cost-effective way for retailers to adopt advanced analytics without the need for extensive new hardware investments.
Additionally, the ability to conduct A/B testing with real-time data can lead to more informed decision-making regarding product placement and promotional strategies. The collaboration with established tech companies like Intel and Lenovo suggests a robust and reliable system optimized for retail environments. As retailers continually seek to gain a competitive edge, the adoption of such AI-driven analytics tools could become industry standard, influencing stock valuations of both technology providers and retail companies that effectively utilize these tools to drive growth.
The retail sector is increasingly competitive and personalized shopping experiences are becoming a key differentiator. Sensormatic Solutions' offering taps into this trend by providing detailed insights into shopper journeys. The heat maps and dwell time analysis can help retailers not only in store design but also in tailoring the shopper experience to meet consumer demands more closely. This could lead to increased customer loyalty and repeat business, which are critical metrics for retail success.
From a strategic perspective, the ability to integrate with existing digital ecosystems and the emphasis on operational excellence suggests that Sensormatic's solution could help streamline operations and reduce costs. The focus on loss prevention and maintaining safe shopping environments also addresses current retail challenges, potentially reducing shrinkage and improving profit margins. These operational improvements and potential sales uplifts are factors that investors and analysts monitor closely, as they can have a direct impact on a retailer's bottom line and, consequently, on its stock performance.
While the benefits of advanced analytics in retail are clear, the use of AI and computer vision raises important questions about consumer privacy. Retailers adopting such solutions must ensure they comply with data protection regulations, such as GDPR in Europe or CCPA in California. The anonymization of shopper data and transparency about data collection practices are essential to maintain consumer trust.
Failure to address privacy concerns adequately can lead to reputational damage and legal consequences, which can negatively affect a company's market position and investor confidence. On the other hand, retailers that demonstrate a commitment to ethical data use can differentiate themselves and potentially attract a customer base that values privacy, which can be a unique selling proposition in the crowded retail market.
- Sensormatic Solutions newest offering uses AI to provide retailers with analytics and visualization tools that enable outcomes-based improvements and satisfying retail experiences
NEUHAUSEN,
“Truly understanding the shopper journey is key to impacting shopper behaviors, and a holistic picture of a customer’s movement in a retail space allows for better-informed decisions which results in a superior shopping experience,” said Subramanian Kunchithapatham, chief technology officer at Sensormatic Solutions. “Retailers of any size or category can achieve just that with our Store Guest Behaviors solution and design the ultimate experience that aligns with their brand and overall mission as well as with their customers’ needs.”
Blending Accurate In-Store Data to Help Reinvent the Shopper Experience
Data is redefining everything from how retailers interact with their shoppers, to how, why and where shoppers make their decisions and purchases. Store Guest Behaviors reveals enriched, actionable shopper insights retailers can use to help boost in-store sales through thoughtful strategy and layout within a retail environment. This is because it increases the value of foundational traffic analytics programs, using people counting, shopper journey and behavior data to facilitate operational excellence and improve conversions.
That outcome is enabled by understanding:
- Shoppers’ paths to purchase. Store Guest Behaviors utilizes various data streams like zone-level dwell time and movement analysis, which can measure the time shoppers engage with displays or merchandise. The solution provides heat maps that highlight shoppers’ journeys and paths to purchase, empowering retailers to design more effective layouts and floor plans, inventory management practices and labor models.
- Audience measurement. Store Guest Behaviors can help retailers better understand their customers and what they want. With shopper sentiments, demographics and other relevant data streams, retailers are equipped with the necessary data to enable simple yet comprehensive A/B testing to quantify the value around decisions on merchandise mix, promotional display placements, planogram designs, and assortment strategies.
Store Guest Behaviors powered by CVA allows retailers with compatible tech stacks to make use of existing video infrastructure by using an edge appliance to tap into their digital ecosystems. As with most Sensormatic Solutions computer vision applications, the new solution is enabled through collaboration with Intel and Lenovo and optimized for retail using Sensormatic Solutions suite of proprietary, connected and outcomes-based solutions.
Sensormatic Solutions Store Guest Behaviors powered by CVA is available now—the latest in an extensive line of Computer Vision Analytics applications that can help provide retailers insights on shopper behaviors while strengthening loss prevention efforts and maintaining safe environments for shoppers and associates.
For more information on Sensormatic Solutions full computer vision portfolio and use cases, visit sensormatic.com/computer-vision. To see this solution and more in action, meet us at NRF 2024 booth #4865, Jan. 13-16, 2024, at the Jacob K. Javits Convention Center in
Recent Relevant News: Sensormatic Solutions Showcases Latest Outcomes-Based Retail Analytics Solutions to Address Retailers' Most Pressing Challenges
About Johnson Controls:
At Johnson Controls (NYSE:JCI), we transform the environments where people live, work, learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the planet.
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Visit www.johnsoncontrols.com for more information and follow @Johnson Controls on social platforms.
About Sensormatic Solutions:
Sensormatic Solutions is the leading global retail solutions portfolio of Johnson Controls powering operational excellence at scale and enabling smart and connected shopper engagement. Our intelligent digital operating platform – Sensormatic IQ – combines the full Sensormatic Solutions portfolio, including third-party data to deliver unmatched insights into shopper experience, inventory intelligence, loss prevention and operational effectiveness with advanced technologies, like AI and Machine Learning. This enables retailers to act on prescriptive and predictive data-driven outcomes to confidently move into the future. Please visit Sensormatic Solutions or follow us on LinkedIn, X, and our YouTube channel.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240110727115/en/
Media Contacts:
Jaclyn Messina
Sensormatic Solutions by Johnson Controls
Direct: +1 561-235-6458
Email: jaclyn.messina@jci.com
Grace Torrance
Matter on behalf of Sensormatic Solutions
Direct: +1-978-518-4504
Email: jciretail@matternow.com
Source: Sensormatic Solutions
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