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The "News and Views" Section - Manufacturers Press Release

- Press Release - 4th November 2008

Best Buy Leverages Retail Traffic Analytics Solution from Verint Systems
for Customer Experience and Retail Optimisation

Multinational Retailer of Technology and Entertainment Products and Services
Extends Use of Verint Nextiva Suite

Weybridge, Surrey, October 29, 2008 ­ Verint Systems Inc. today announced that its Nextiva® Retail Traffic Analysis solution is being used by Best Buy Co., Inc. ­ a multinational retailer of technology and entertainment products and services ­ as part of a programme designed to help analyse and optimise customer experiences associated with product placement and promotions.

Already a Verint customer with over 60 percent of its retail stores being monitored with Verint equipment, Best Buy deployed Verint’s retail traffic product on a 45-camera platform in one of its 45,000 square foot retail stores to evaluate the value-added solution.  Designed to leverage existing video surveillance applications, Nextiva Retail Traffic Analysis provides real-time information regarding customer count, traffic patterns, dwell-times and broad information regarding customers’ in-store shopping behaviours. 

“We are already impressed with the value Nextiva Retail Traffic Analysis has shown for Best Buy in the areas of product placement, and the effectiveness of displays and promotional positioning,” says Tim Fisher, director of loss prevention and safety, Best Buy.  “Within hours of the installation, store management was working actively with the solution and modifying product placement based on the information.  Store operations found the user interface to be intuitive and easy to use, and we are very encouraged about the possibilities the solution can deliver.”

Nextiva Retail Traffic Analysis helps retailers understand shopper behaviours and trends by providing insight into in-store promotions and advertising campaigns, identifying traffic flow patterns and measuring dwell-time, and helping to ensure proper product placement on shelves and aisles. By using a video analytics tool, retailers can extract and search customer behaviours through an easy-to-use video management application.  In addition, the analysis can be used along with point-of-purchase data to further understand buying patterns.  Armed with this type of information, retailers can determine the success rate of promotions and optimise store layout and design to help improve the customer experience and maximise sales.

“Partnering with a widely respected retailer like Best Buy is ideal as traffic measurement and conversion rates have become key metrics as critical as turning on the lights for retailers,” adds Jim Clark, senior vice president and general manager, Verint Video Intelligence Solutions.  “Nextiva continues to meet organisational needs in enabling retailers, among other verticals, to better understand whether changes in traffic and sales are due individual store management, marketing programs, corporate operations or characteristics of a particular location,” he concludes.

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About Best Buy
With operations in the United States, Canada, Europe and China, Best Buy is a multinational retailer of technology and entertainment products and services with a commitment to growth and innovation.  The Best Buy family of brands and partnerships collectively generates more than $40 billion annual revenue and includes brands such as Best Buy, Audiovisions, The Carphone Warehouse, Future Shop, Geek Squad, Jiangsu Five Star, Magnolia Audio Video, Pacific Sales Kitchen and Bath Centers, and Speakeasy.  Approximately 150,000 employees apply their talents to help bring the benefits of these brands to life for customers through retail locations, multiple call centres and Web sites, in-home solutions, product delivery and activities in our communities.  Community partnership is central to the way Best Buy does business.  In fiscal 2008, it donated a combined $31.8 million to improve the vitality of the communities where its employees and customers live and work.  For more information about Best Buy, visit http://www.bestbuy.com 

About Verint Video Intelligence Solutions
Verint Video Intelligence Solutions is the leading global provider of networked video solutions that enhance the security of people, property and assets.  Verint’s award-winning Nextiva portfolio includes video management software, integrated analytics, encoders and IP cameras and intelligent DVRs for use in a variety of vertical market environments.  Open, standards based and IT friendly, Verint solutions enable organisations to leverage their existing video investments and place IP video within the reach of virtually every organisation. 

About Verint Systems Inc.
Verint Systems Inc. (VRNT.PK), headquartered in Melville, New York, is a leading provider of actionable intelligence solutions for an optimized enterprise and a safer world.  Today, more than 10,000 organisations in over 150 countries rely on Verint solutions to perform more effectively, build competitive advantage and enhance the security of people, facilities and infrastructure.  

Visit us at our website http://www.verint.com

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