NEW YORK CITY, NY and OTTAWA, ON, January 11, 2015 –– March Networks is pleased to introduce a new video-based business intelligence solution that helps retailers elevate store performance and drive profitability in an increasingly competitive landscape. March Networks Searchlight 4 provides retailers with the valuable insights they need to improve customer service, marketing and operations, as well as loss prevention and security, across a few or hundreds of locations.
A majority of retailers have invested significantly in video surveillance to enhance security. Many forward-thinking organizations have also integrated their video with point-of-sale (POS) transaction data to gain powerful loss prevention and investigation capabilities. New Searchlight 4 extends the value of that visual and transaction data dramatically by combining it with business analytics that deliver relevant information to operations, marketing and customer service groups. Using Searchlight’s dynamic browser-based dashboard, retail teams can run customized reports in just minutes – allowing them to analyze and compare store performance and customer behaviors, identify trends and discover new opportunities for improvement.
Customer Service, Conversions and Workforce Optimization
Most retail organizations are working hard to both provide customers with exceptional service and optimize their workforce strategies. In one recent survey, only three percent of retailers said their defined customer experience is executed consistently in every store every day, while another study noted that in-store sales increase by an estimated 25 to 50 percent when customers are helped by a knowledgeable retail associate. Long lines are also an area of focus, as consumers are willing to wait just five minutes on average before they abandon a purchase and leave the store.
Searchlight helps retailers address these critical areas using the integrated data, including reliable analytics from the new March Networks MegaPX Indoor Analytics Dome IP camera. A people counting analytic makes it easy for retailers to determine conversion rates and run site-by-site comparisons, for example, and then review the integrated video for further analysis. A queue length monitoring analytic provides equally useful data, allowing retailers to adjust staffing schedules to optimize the customer experience. In addition, Searchlight’s operations audit report provides daily snapshot images taken from sites at pre-determined times, enabling regional managers to quickly see if stores have opened on time or if there is no associate on the floor at certain times of the day.
Merchandising and Promotional Metrics
Tracking the success of on-site advertising, promotions and merchandising puts retail marketing teams at a distinct advantage, allowing them to adjust efforts for maximum benefit. By integrating dwell time analytics and POS transaction data, Searchlight helps marketers determine the effectiveness of different marketing offers and compare success rates across locations. Using the intelligent software, marketing staff can see if an endcap display is underperforming in a few specific locations, for example, and then quickly review the associated video to see if there’s an issue with how the display appears in those stores. If a retailer is charging premium rates to merchandisers for digital signage, marketing can also use Searchlight to provide supporting performance metrics.
Loss Prevention and Employee Performance
With theft and fraud costing retail organizations an estimated $128 billion globally and $42 billion in the U.S. alone (Global Retail Theft Barometer 2014), many retailers have developed extensive loss prevention (LP) programs to fight back. Searchlight arms store owners, managers and LP teams with advanced detection and investigation capabilities that help them identify potential losses faster and stop them sooner. The software integrates POS transaction data, surveillance video, analytics and alarms, and enables retailers to filter efficiently through that data using advanced transaction summary and reporting tools. With Searchlight, retailers can pinpoint trends, such as high and low employee or store performance; search across multiple locations simultaneously by transaction type, amount or card number; identify and visually verify suspect transactions; and gather strong case evidence to improve apprehension and recovery rates.
“Video has long been overlooked as a source of ‘big data’ even though it captures virtually everything that happens within a store and delivers immediate, real-life context to the viewer,” said Net Payne, Chief Marketing Officer, March Networks. “Searchlight4 turns the millions of hours of recorded video into video-based business intelligence that retailers can use to make decisions that directly impact profitability and the customer experience. In addition, it allows them to maximize the investments they’ve already made in their video surveillance systems and extend the benefits to internal teams beyond loss prevention and security.”
March Networks is demonstrating the new Searchlight4 software and its complete IP video solution for retail in Booth 1331 at Retail’s Big Show Convention and Expo, January 11-13 in New York City. For more information, please visit www.marchnetworks.com.