VideoMining, which sells in-store CRM solutions and analytics, is rolling out VideoMining Online, an Internet application designed to enable real-time access to shopper metrics.
Announced July 15 at the IIR Shopper Insights in Action Conference, in Chicago, VideoMining Online helps automate the generation and measurement of customer data from in-store video.
VideoMining Online serves as a real-time link to the VideoMining measurement platform and allows retailers and CPG (consumer packaged goods) manufacturers to analyze and monitor customer responses to marketing and merchandising strategies. Rajeev Sharma, CEO and founder of VideoMining, said the new application will make data produced by his company's measurement platform easier to act on.
"This tool can revolutionize how retailers and CPGs incorporate shopper insights into their retail strategies," Sharma said in a statement. "It empowers them to rapidly spot opportunities, test concepts and adapt their retail execution dynamically."
VideoMining Online features a multidimensional analytics framework that integrates sales data with metrics representing causal information on the consumer purchase decision process. The tool can be linked to any store with a deployment of VideoMining's measurement platform.
The application's framework will ease the sharing of information among practitioners, officials said.
Vahe Katros, principal of Vahe Katros Consulting, said VideoMining can help retailers gain insight into important "nonevents" that take place in the store.
"Sales data does not reveal the nonevent, like a customer noticing a promotion, looking at a product and perhaps reading the package information," Katros said. "Information relating to the nonevent is very valuable to those who care about the category. If this kind of information can be gathered without hiring and placing a set of eyes in the aisle, that's a good thing."
Dan Berthiaume covers the retail space for eWEEK. For more industry news, check out eWEEK.com's Retail Site.