Cognitive technologies are unlike anything that we are aware till now. They use natural language processing and machine learning to understand, reason and learn. Businesses can gain valuable insights from the same cognitive software if make it accessible to marketing professionals, along with additional data, collected from different sources.
Marketers can obtain a deeper view into the bigger world, find new patterns and predict consumer behaviors. Analysts, empowered by cognitive software, will obtain a comprehensive understanding about individual preferences and habits.
Owing to technology, the understanding of customers reaches a new level, and offers endless opportunities when combines this knowledge with data, collected from other sources such as social media or CRM/loyalty systems. Thus, the cognitive technology can help retailers better manage promotions, without their wasting marketing dollars.
Modern retail industry is focused on customer experience and engagement. The individual shopping habits are enhanced by the convenience of the omnichannel retailing, and the technologies in turn supply retailers with rich data for the personal on-line behavior. On the other hand, merchants have incomplete knowledge about the off-line customer shopping behavior.
Retailers have collected data from their loyal customers, however, the information is insufficient to predict whether visitors will buy something, or will be affected by a particular promotion at the point of sales. Furthermore, it is known that customer record, including the previous visits and purchases, cannot give a complete picture of the customer behavior and accordingly to predict future sales.
Smart retailers are aware that there is a need to get into a more comprehensive way to identify all customers approaching or staying in the retail store – for instance recognize their physical appearance in-door, identify faces, footfall, track customer movement within the shop, differentiate their emotional status by facial expressions, distinguish the style of clothes, etc.
To address these needs, the vendors start using in-store marketing solutions which are able to identify customers, trace their preferred place within the store, and anticipate their buying intention. They also obtain the demographic and behavioral data from visitors in an unobtrusive way, and consequently send information for further processing. So, the identification of visitors is possible with the help of state-of-art facial recognition software.
Our retail solution MarketVidia offers such features, and provides retailers with the data they seek. It performs face recognition, identifies demography of detected objects and counts the number of visitors in a retail venue.
MarketVidia is an end-to-end platform which integrates facial recognition technology and in-store marketing analytics. It can be completed with a powerful loyalty management engine, in order to get the most of all available data for customers. The combination of demographic data, together with the information in the loyalty system, and powerful analytics tools, allows retailers to make better targeting with an thorough understanding of shoppers behaviors, in order to implement personalized communication and achieve enhanced engagement with brands.
MarketVidia™ offers customer segmentation and in-store customer analytics, and both functionalities are vital for better customer targeting, and later - tailored communication and relevant promotional offers in the retail environment.
All collected data can be used as a starting point for various customer analyses, even for decisions what kind of venue-specific activities can improve the footfall in individual branches, or to identify opportunities for real estate development, etc. The data can be presented via dashboards, and the graphs will illustrate how the sales are affected of the particular customer presence and behavior within the store.
Information will support retailers to make important decisions in a timely manner, for instance - optimization of their floor layouts, marketing spends and so on. Data analytics can help the campaign/store managers precisely target promotional messages and offers, and produce various kinds of content, tailored to the customer profile, and many more.
As a result, all visitors may benefit - not only the new, but also the loyal ones. Staying longer in-store, being engaged in some promotional event as getting instant special offer or a mobile coupon, is very likely to affect the purchase intention and increase the bottom line of sales.
As a first step, MarketVidia ™ performs the initial recognition of faces, gender and age of people. The technology embedded in a simple, yet powerful microcomputer, makes possible gathering and processing of needed data.
Then, the information collected from the camera can be further integrated with data available in other sources. Marketers utilize the data and make some predictive analyses about customer purchase intention at the point of sales. Such analyses help retailers to create customer profiles, and design promotional campaigns on the go, or display a relevant content and information to the targeted audience.
According to the user preferences, the statistics will provide accurate information about the each stage of the sales funnel - the number of shop visitors, how long and how many people stay for longer, how many of them have made a purchase, and most importantly - who they are, split by age, race, and gender, whether they are new visitors or already existing customers, etc. The data can be linked with the recent sales promotion or ad spending, and to provide almost instant feedback, whether the current ad/promotion works and fine tuning if needed, in order to better manage on-going advertising investments, and reach the bottom line of sales.
MarketVidia ™ enables retailers to personalize in-store offers and use targeted communication on-site, that best match with the profiles of people who visited the shop. Merchants can understand which promotion or message works well and which particular place at the store struck the shopper’s attention, where the hot spots in the store are, and accordingly, where to place or replace the POP/POS advertisements.
MarketVidia™ lets retailers and marketers gather, process and analyze information related to shoppers’ behavior in the retail environment. The solution utilizes collected data and helps making insight-driven decisions, based on information and analytics delivered with the software. The ultimate goal is better customer experience and engagement with brands, through an AI based technology, and maximizing the ROI of marketing spends.
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