A white paper from Chinese firm Hikvision explains how AIoT technology can help retailers stay ahead.

Retailers are under constant pressure to outperform their competition. To differentiate themselves, retailers must prioritise customer service, efficient operations and a personalised touch.

By harnessing the combined power of artificial intelligence (AI) and the IoT – known as AIoT – retailers can overcome these problems.

Hikvision (www.hikvision.com) and Retail Customer Experience (www.retailcustomerexperience.com) have collaborated to release the white paper (www.retailcustomerexperience.com/resources/leveraging-aiot-video-technology-to-improve-retail-efficiency).

The technology fusion of AI and IoT brings about intelligent video systems that provide actionable insights, leading to boosted efficiency and improved customer experiences. With the use of high-definition cameras and AI analytics, features such as remote inspection and business intelligence become available, fine-tuning the shopping environment to meet consumer demands.

Powered by AIoT video technology, remote audit technology is streamlining how retail operations are managed. These enable remote store inspections using CCTV, standardise procedures, and ensure adherence to company standards across branches. They present a cost-efficient alternative to physical audits, bringing down annual costs significantly.

Smart video technology, powered by AIoT, offers tools for analysing in-store traffic patterns and managing queues, thus enhancing the overall shopping experience. These insights also assist in making informed decisions regarding merchandising, staffing and floor planning.

By implementing automatic licence plate recognition and parking guidance systems, smart video can alleviate driver stress and reduce operating costs for businesses. Moreover, these systems improve parking lot turnover rates, resulting in a smoother overall experience for customers.

AIoT, says the white paper, stands out for its analytics capabilities, allowing for more accurate insights, enabling intelligent and efficient decision-making, automating repetitive tasks, and enhancing customer service.