Artificial intelligence (AI) is largely embraced at the Point of Sale (POS) of any businesses, particularly in retail. By using AI powered CCTV cameras we can precisely manage inventory, track orders, reduce the check-out time by keeping the queue moving and much more. CCTV’s that are backed by AI also offer insights on customers’ shifting behaviour and emotions and helps businesses retain their customers. This is how OurEye will better your customer loyalty.
Here are a few insights as to how retail store managers can take their business to the next level by utilizing the potential of the AI monitored POS.
1) Knowledge is Power, so is DATA
AI powered CCTV cameras can determine the current customer sentiment in real-time as they shop around. You get to know what your customers buy and when they buy it. AI powered CCTV can also help firms deduce their customers’ patterns and behaviors in general and what types of offers, cashback, coupons, and rewards they respond to the most, and on which products.
Analytics can inform you who your consumers are and what types of offers and rewards they’re most likely to respond to on a personal level.
When combined, this framework enables efficient and highly accurate perspectives about the store’s
· positioning
· peak operating hours
· inventory
· sales trends
Firms can further use this information to better the experience of the consumer by,
· Strategizing Data-Based Marketing Campaigns
· Make modifications to products or services
· Improve operational efficiency
· Enhance overall customer experience.
2. Manage Inventory Better
As mentioned above, happy customers are loyal customers! So, it is in the best interest of the store managers to keep a check on the products that are the crowd’s favorite and make sure that their customer never leaves the store unsatisfied or sad. AI powered CCTV Feeds and POS system helps retail stores by closely watching over every small nook and corner of the store and preferences of the customer and manages inventory better by never missing any spot.
Artificial intelligence-enabled POS systems may even assist in the elimination of losses by precisely monitoring inventory and ordering depending on sales and current supply levels.
They can also utilize this data to advise future replenishment orders and enable auto-restocking, so you won’t have to wait for the eleventh hour to send out orders to replenish the sold-out items.
Store managers can stock up everything, way in advance, because the data is received much in advance.
3. Master Marketing with AI Monitored POS System
“You are everywhere, but you don’t have to be” — Kristina Halvorson. This is what you can accomplish if you let technology help you!
Retail stores can utilize smart data to create effective marketing efforts that targets relevant audience.
Furthermore,
· The algorithms adapt and learn from a large amount of data.
· It allows for a better knowledge of the buyer’s requirements and expectations.
· This allows for the timely delivery of attractive offers, coupons, merchandise, facilities, etc.
· AI becomes more accurate with the continuous usage and regular inputs
· The algorithms that filter through these enormous amounts of data will naturally produce more efficient, customized, and real-time optimization.
This renewed sense of personalization in shopping helps retail stores market their products and services better. This way, the reach grows exponentially. By hitting the soft spots, retail stores can manage their supply chain better.
4. Check on Suspicious Activity
AI encourages in-store fraud detection and prevention. A retail business owner recognizes the value of every dime.
Retailers may use AI to keep track of items, movements, transactions, and behaviors, which reduces the risk of theft and makes it simpler to spot potential robberies.
It’s simpler to keep an eye on suspicious actions and inform shops in real-time because of AI’s tremendous data analytical skills, which can instantly track it.
Due to inadequate data management and analysis tools, large-scale observation of personnel, stocks, transactions, purchases, and sales were previously difficult.
