State College, Pa., May 3, 2022 – VideoMining, the leader of in-store behavior analytics for CPG retail, announced a new program called Behavior Labs, a retailer-specific “test & learn” platform for optimizing retail performance using advanced shopper analytics.
Each Behavior Labs program utilizes prescriptive analytics with behavioral sensing and artificial intelligence to help identify opportunities and rapidly test innovation with a specific retailer. It enables better collaboration between CPG manufacturers and the retailer for enhancing in-store shopper experience and improving sales results.
Leveraging real stores and data from actual in-store behaviors, Behavior Labs are designed to help incorporate the true “voice of shopper” in any aspect of retail strategy. It can help detect and quantify shopper “friction” that results in lost sales, such as a hard-to-shop category, unattractive assortment, pricing barriers, poor packaging, out of stock, crowding and other common issues.
As a testing platform, Behavior Labs help understand the holistic impact on shopper behavior from new product introduction, promotions, secondary displays, planogram resets, signage, trial adjacencies and packaging changes. The test stores are dynamically selected from a pre-qualified set of “lab” stores to meet the objectives of a specific A/B test or custom study.
“In today’s rapidly evolving retail environment, its critical for both retailers and manufacturers to quickly adapt and align their strategies with the shopper,” stated Dr. Rajeev Sharma, Founder & CEO of VideoMining. “Behavior Labs create a powerful collaboration frameworks for learning from relevant shopper behaviors and testing ideas in real stores, leveraging our sensing/AI technologies and expertise in behavioral science.”
The retailer-specific Behavior Labs extend VideoMining’s well established decade-long industry shopper insights programs in grocery and convenience, to retailers in all channels. For retailers that are already in the shopper insights programs, the metrics from Behavior Labs can be indexed to the industry numbers, providing additional insights from benchmarking.
The Behavior Labs leverages VideoMining’s proprietary IoT sensors with on-board AI and a suite of powerful sensing/analytics technologies protected by 58 patents. Each retailer-specific study will be supported by experienced shopper scientists at VideoMining to help interpret the behavioral data and provide best practices consulting.
About VideoMining, LLC
VideoMining provides in-store shopper behavior data and insights to CPG manufacturers and retailers, creating visibility into the complete “in-store” path-to-purchase to help drive ROI from investments in shopper marketing, category management and store/brand innovation. VideoMining’s client base includes a majority of the top 50 CPG retailers and manufacturers.
VideoMining owns and operates industry’s largest “in-store panel” in partnership with leading grocery and convenience store retailers, tracking over 1.5 Billion trips per year. VM panels are powered by its patented sensing and artificial intelligence technologies to measure real world, in-context shopper behavior. VM integrates this shopper behavior data with transactions, planograms, loyalty and promotions data providing a 360 degree view of the complete purchasing process.
For more information visit www.VideoMining.com or contact firstname.lastname@example.org.