Academic-led report calls for retailers to adopt more strategic use of video analytics
ECR Retail Loss Group reports retailers should rethink their near $2B annual spend on video as an integrated business tool rather than just a security blanket; Recommends creation of video tech ‘Tsar’ to ensure overarching strategy and better organization-wide adoption
Montreal & Paris, July 30, 2020 - A new ECR report, authored by Professor Emeritus Adrian Beck of the University of Leicester, calls for retailers to leverage video analytics more strategically, to control costs, improve operations and increase profitability. Commissioned by the ECR Retail Loss Group and supported by an independent research grant from Genetec Inc. (“Genetec”), a leading technology provider of unified security, public safety, operations, and business intelligence solutions, the report offers practical advice for retailers on extracting maximum value from their video surveillance systems.
The report, 'Reviewing the use of video technologies in retail' is drawn from in-depth interviews and site visits with representatives from 22 retailers* based in the US and Europe. These include some of the largest retailers in the world, with collective sales of over $1 trillion - equivalent to approximately 12% of the total US and European retail market.
The report summarizes the ways in which video systems in general, and video analytics in particular, are being deployed across retail businesses, including their use by legal teams for health and safety compliance, and monitoring slip, trip, and fall incidents. It also covers business intelligence applications - such as improving customer service through better staff response times and product availability; generating heat maps and customer dwell times; people counting and queue monitoring; delivery alerts; and improving pick accuracy. Given the need to extract value from across the organization, a key recommendation of the research is the appointment of a video 'Tsar' with overall responsibility for the strategic oversight of video systems deployed across the business.
Adrian Beck, Professor Emeritus at the University of Leicester and author of the report commented: "While video technologies have been used in some form or other in retailing for over 40 years, the research found few examples of retailers where its role, purpose, and capability to contribute to business success was clearly articulated. Video analytics is a technology with a broad-ranging and rapidly evolving capability, but what seems clear from this research is the need for explicit leadership, greater application across retail functions, improved integration of video technologies with existing systems, and better alignment of video system design with organizational objectives."
"Video has over the years become an even more indispensable tool for the whole business, not just the security team," said Scott Draher, VP Asset Protection and Safety at Lowes. "This landmark report provides an essential guide to asset protection and loss prevention leaders on how to proactively manage video, and the data it creates. It not only promotes ways of applying critical thinking to the use of video analytics, but most importantly clears the path on ways they can start to shape a company-wide approach that enshrines video as more than just a tool for security, but an asset for the whole company."
"With multiple, disconnected retail buying units and departments all voicing different data needs, technology providers have historically responded with siloed, custom solutions that add cost and effort, while reducing ROI and scalability," said Rob Borsch, Practice Leader for Banking and Retail at Genetec. "But by taking a more holistic approach, driven by a centralized vision and direction, all stakeholders can become aware of available solution capabilities, like tailored dashboards for each department, to help drive better engagement and ROI - a key focus for retail moving forward."
To download the report, please visit https://ecr-shrink-group.com/page/the-use-of-video-cctv-in-retail.
Genetec Inc. is an innovative technology company with a broad solutions portfolio that encompasses security, intelligence, and operations. The company's flagship product, Security Center, is an open-architecture platform that unifies IP-based video surveillance, access control, automatic license plate recognition (ALPR), communications, and analytics. Genetec also develops cloud-based solutions and services designed to improve security, and contribute new levels of operational intelligence for governments, enterprises, transport, and the communities in which we live. Founded in 1997, and headquartered in Montréal, Canada, Genetec serves its global customers via an extensive network of resellers, integrators, certified channel partners, and consultants in over 80 countries.
For more information about Genetec, visit: genetec.com
-- 30 --