Retailers can derive huge benefits from monitoring how customers behave in their brick and mortar stores. By closely observing the way that people move through a shop and interact with different displays and merchandise, stores can make key changes that will maximize their efficiency and sales.
This kind of research is something that very big retail chains have performed for a long time -- but has been mostly too expensive and complicated for many retailers to implement.
Prayas Analytics is a company in our current class that makes detailed analytics available for all kinds of brick and mortar retailers, by leveraging the security cameras many of them already have.
VentureBeat's Ken Yeung wrote about Prayas Analytics in a story published recently:
"Using existing infrastructure inside a physical store, Prayas Analytics says it’s able to glean enough information to help retailers make more informed decisions on how to increase sales. There’s no installation needed, and all pertinent software can be installed and integrated with the retailer’s existing systems. All the software needs is to tap into the store’s security cameras.It’s one thing to try to spitball what’s happening in a store, but it’s another to have actual data and insights to educate yourself on why customers leave, how to make your workforce more efficient, ways you can better position merchandise and the overall store environment to increase purchases, and more."Read more in-depth about Prayas Analytics and how it works in VentureBeat here.