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Magnit starts rolling out queue video analytics

·4-min read

MAGNIT PJSC (MGNT)
12-Jul-2021 / 11:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

 

MAGNIT STARTS ROLLING OUT QUEUE VIDEO ANALYTICS

 

Krasnodar, Russia (July 12, 2021): Magnit PJSC (MOEX and LSE: MGNT; the Company, Magnit), one of Russia's leading retailers, has started rolling out video analytics for store queue management. The system allows promptly detecting queues at the checkout counters and inform store employees that they need to open an additional register. The technology has already been installed in 60 Magnit Family supermarkets and Magnit Extra superstores; 21 more stores will be equipped with the system by the end of September.

A decision about roll-out has been made according to the Company's plans to minimize queues and make the shopping process even more comfortable for the customers. For this reason, the roll-out prioritizes stores with large sales floors and the highest concentration of traffic.

Magnit installs video analytics equipment in the checkout area, including both regular sales counters with cashiers and self-checkout terminals. Cameras register a violation if a counter always has five or more customers standing in line. The system then immediately sends a notification to a special employee chat group in the corporate messaging app. After receiving a notification, operating staff must respond to the signal and open an additional register; when this is done, the system will automatically inform customers that they can go to the open counter.

Regional teams responsible for performance management and customer service also support the integration of the service. They also receive a notification from the system if the issue has not been resolved during the period of time given to the store to redistribute the customer traffic.

The queue video analytics system is planned to be installed in Magnit Family supermarkets and Magnit Extra superstores in Moscow, Krasnodar, Astrakhan, Volgograd, Bryansk, Izhevsk, Kazan, Rostov-on-Don, Perm, Samara, Surgut, Ufa, and other cities. During the technology trial period, the Company managed to reduce queues twofold and increase turnover due to the better service.

«

Ruslan Ismailov

 

Magnit's Deputy CEO and Director for Retail Chain Management

»

 

 

 

"The technology will improve customers' loyalty due to fewer queues and higher speed and service quality, and what is more, it will improve our operating performance. Besides, due to integration with different in-store systems, additional analytics, including information about incoming traffic, will become available. Based on these data, we will be able to forecast the queues and, consequently, adapt in-store processes to different time periods-from peak hours to seasonal spikes. Queue video analytics will also become an important tool for improvement of store staff performance and service levels. The data will be used to make a ranking of cashiers and forecast their work based on how fast they serve the customers, as well as the number of critical queues and other indicators. It will let us plan shifts and distribute workload more accurately."

 

 

For further information, please contact:

 

Dina Chistyak

Head of Investor Relations 
dina_chistyak@magnit.ru

Office: +7 (861) 210 9810 x 15101

 

Media Inquiries                    Twitter

press@magnit.ru                    @MagnitIR

 

 

 

Note to editors

 

Public Joint Stock Company "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2021, Magnit operated 39 distribution centers and 21,900 stores (15,098 convenience, 471 supermarkets and 6,331 drogerie stores) in 3,770 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS 16 results for FY 2020, Magnit had revenues of RUB 1,553.8 billion and an EBITDA of RUB 178.2 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.

 

 

Forward-looking statements

 

This document contains or may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and/or store openings are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Magnit as of the date of the statement. All written or oral forward-looking statements attributable to Magnit are qualified by this caution. Magnit does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.

 


ISIN:

US55953Q2021

Category Code:

MSCU

TIDM:

MGNT

LEI Code:

2534009KKPTVL99W2Y12

OAM Categories:

3.1. Additional regulated information required to be disclosed under the laws of a Member State

Sequence No.:

116736

EQS News ID:

1217687


 

End of Announcement

EQS News Service

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