We all have seen a sudden growth of artificial intelligence and machine learning which made the retailers redefine their goals for the future. Redefining goals meant to change the financial and marketing strategies and now while one is into redefining, one needs to find suitable technology to make growth possible and achieve the success they desire for.
With extensive research and survey, it became very evident that out of all other things a retailer needs to know an overall demographic overview of all the customers who walk in to his store. Demographic overview means finding age and gender of all people who visits the store. With the evolution of Artificial Intelligence(AI), retailers are able to use demographic analytics to identify the age and gender of customers.
We at Vedalabs have made a retail analytics tool that helps retailers to grow their business. With the help of artificial intelligence, machine learning, and deep neural network, we extract the age and gender of each customer who walks in the store. We are able to analyze and act on massive amounts of data in real-time with the potential to increase sales.
This is one of the most polished technologies of our time. It uses probability and complex algorithms to compute information from data in real-time. Wherein CCTV cameras provide us real-time feed, Our algorithms find ore in the rocks. Intelligence plays its role when it detects a person and in real-time provide age and gender to the detected being. We have trained our tools in such a way that they can manage computation in idle as well as busy hours. All this requires heavy optimization and computation. Manually Verified result proves the Information computed has pretty good accuracy which estimates to 85–90%. Usually, retail stores utilize this information to analyze the traffic and plan accordingly for inventory and marketing strategies. As the room for improvement is still there, we are researching now and then for better accuracy and giving more meaning to data. We Hope this significantly widens the possible applications of tech in the lode.
Let’s just talk about how the technology works?
First, the device detects the person’s face and half body and then the detected image is sent to the machine learning model which is having a deep neural networks and various algorithms then gives output whether it is a person’s age or gender and the software systems of facial recognition analysis usually include several separate neural networks. One of them identifies the person, another one determines the gender, etc.
An effective deep neural network has been developed and it solves several tasks at a time, predicts age, gender and produces a set of lots of numbers that uniquely attribute each person and allow them to distinguish from other people.
Now, the drawn result is shown at a personalized dashboard with the given private login credentials. The dashboard contains features to set the date and time intervals for which the data is needed and the data can be exported in various formats such as Excel, CSV, JSON and YAML for internal use. The dashboard also segregates stores from an organization that can be seen individually. All this data is shown through graphical representations i.e. beautiful and informative plots and charts for easy understanding and also taking an overview of traffic.
Now you know how technologies work. But you might think that “Why you have to invest in demographic analytics? What are the benefits of using analytics?
With the demographic analysis, we can find out how many of your visitors are female and male as well as their age group. This analysis shows the existing and potential customers and how much they are a valuable asset for the retailer and the retailer should provide services according to their needs and preferences.
Thus, this analysis allows the retailers to work accordingly to the data that their stock needs to be up to date. They should improve their customer engagement level by providing them the right product.
With the right understanding of how to process and analyze these massive and blended data sets, retailers are building out insights that will help them to understand customers in a more better way, predict their behaviour and buying patterns, and improve both the overall customer experience, in-store experience, and their overall profits.
Benefits of demographics are:
- Retailers can drill down their ideal customer groups.
- Retailers can develop well-defined strategies to reach each population according to their data
- Retailers can make a comparison with the previous and new data.
- Increased sales productivity and get to know about the customer buying patterns.
- Make operational changes to increase conversions after getting demographic analysis data
- Take care of inventory after analyzing full report
- Retailers got reliable data with 85-90% accuracy to make level-headed decisions.
Retailers need a reference point for defining in-store success. That means identifying which metrics are the most significant and measurable in a physical location and time is to differentiate in normal weekdays or weekends or festival seasons.
The ability to personalize in-store customer experiences can be optimized by defining reference points related to both what data is collected and how that data is used. That requires measurable goals that can be used as benchmarks to determine which data is the most meaningful in terms of meeting a store’s pre-defined objectives. Today’s marketing and decision-making process in organizations became increasingly data-driven. Meaning that key decisions and activities are based on collected data. All major retail chain stores or small stores are now deploying data-driven analytics, marketing, and other solutions.
To make your store more popular and wants to be accepted by more customers you want to contact Vedalabs. We will provide accurate and reliable data and will help you in making confident business decisions and helps to achieve the goals of your retail stores.