Enalytix: Reimagining transformative growth in the Retail sector with AI Video Analytics
CXOToday has engaged in an exclusive interview with Neerja Kumar, Co-founder & COO of Enalytix
- Please give your take on the growth of AI Video Analytics in India over the years since the pandemic.
The pandemic significantly accelerated the adoption of AI Video Analytics in India. Businesses needed automation, safety, and efficiency more than ever. AI Video Analytics ensured compliance with safety protocols, enhanced security, and optimized operations. According to Gartner Hype Cycle for AI 2024, computer vision, a key technology in video analytics, has entered the ‘plateau of productivity,’ with increasing real-world benefits and widespread market adoption. Retailers use these technologies to understand consumer behaviour, manage store layouts, and ensure social distancing, marking a pivotal transformation in business strategies.
- How has AI analytics as a whole, shaped various industries in India?
AI analytics has reshaped industries by enabling extensive data collection and driving data-driven decisions. It identifies operational inefficiencies and improves outcomes across sectors. In healthcare, it controls infection spread. In manufacturing, it optimizes production and maintenance. The financial sector benefits from enhanced fraud detection and personalized experiences. Retail, logistics, and agriculture have also seen transformative changes, driving innovation and competitive advantage.
- Could you elaborate on the pivotal role of video analytics in the transformative growth of the retail sector?
Video analytics in retail has evolved from security and loss prevention to providing insights across all departments. It analyses foot traffic, dwell times, and customer engagement, enhancing customer experiences and maximizing sales per square foot. Real-time alerts for understaffing, crowding, and suspicious activities improve store operations. Many large retail chains use video analytics for predictive analysis and optimize store designs. With tech advancements, retailers can now invest in sophisticated video analytics solutions, leveraging existing security camera infrastructure for quick implementation and substantial benefits.
- How has Enalytix leveraged its solutions to revolutionize the retail sector?
Footfall has been a key KPI used by the retail industry to measure store performance. The accuracy of the Footfall counts is a key point of debate between store teams and operations or marketing teams. With Enalytix’s evidence-based offering, the discussion has shifted from establishing accuracy of data to meaningful actions.
Enalytix enables retailers to make data-driven decisions by analysing foot traffic patterns, dwell times, and customer interactions, resulting in improved sales and operational efficiency. A key reason why retailers are switching to video analytics is that it is evidence-based. Our solutions deliver high accuracy and complete transparency, which instill confidence in the data we deliver and enables the retailers to get the most out of their video analytics spend. For example, we provide real-time images supporting the reported footfall data on the dashboard. Our comprehensive approach has empowered retailers to adapt to changing market dynamics and thrive in a competitive landscape. Some of the reputed retail chains like Biba, Mufti, Nike, Zivame are already using this technology.
- What makes Enalytix stand out from other players when it comes to its AI-enabled solutions?
Over the last 3 years, Enalytix has made a unique space for itself in the video analytics industry owing to the accuracy, data completion, transparency and best-in-industry post sale service offered to clients. We provide all this while maintaining privacy, as we do not take any videos/data out of client premises by leveraging the best of Edge computing technology. Our AI-enabled solutions are tailored to meet the unique needs of each client, ensuring maximum impact and efficiency. We do not just collect data, but enable customers to derive insights out of these by creating user-friendly interfaces, easy to consume dashboards and seamless integration with existing systems, making Enalytix a trusted partner in their journey towards retail transformation.
6. What is your take on the future of AI video analytics in the retail space?
According to CBRE’s “India Market Monitor Q4 2023,” retail leasing in India hit a record high in 2023. As offline retail thrives on customer interaction and brand experience, leveraging AI Video Analytics becomes crucial for competitive advantage. Integrating AI with IoT and augmented reality will create new opportunities for innovation. Data privacy and ethical AI will shape future solutions. Enalytix is committed to leading these advancements, ensuring our clients benefit from the latest innovations in the dynamic retail landscape.
