The essence of Retail AnalyticsComments Off on The essence of Retail Analytics
Retail Analytics is very important and can really save businesses. As a retailer it is essential to understand what is happening in your stores/locations. You might be wondering what the conversion ratio in your stores is, if your staff planning is optimal and whether your marketing campaigns are paying off. These questions can all by answered analysing reliable footfall data from people counters. Without these insights, retailers are basically flying blind.
New insights and observations
People come into your store, ready to buy something, but then leave without making a purchase. Of course this happens all the time. And as the owner of a store, you may think that you already know what the reason is because you feel that you have a good grasp of what is going on. This can surely be true, but tracking people movement will confirm and strengthen your ideas. Chances are high that you will be overcome with new insights and observations when applying Retail Analytics.
Understand what is actually going on in your location
People counting will give you a clear overview of what is really going on in your stores. You will get information and data about:
A stronger store performance generating more conversions against lower costs is only one of the advantages that make people counting worth the effort. And isn’t this what all retailers strive for?
The recipe for success in retail
The recipe to being successful in retail is simple and straightforward. Make sure prospects visit your store and buy items from you instead of from your competitors. In order to make this happen, you need to be aware of what is happening at your locations. Retail Analytics is not only about collecting this data, but also about correctly analysing and interpreting the data. It is not about the amount of data, but about the implementation of smart insights. Learning from the data and applying the insights is key. The collected data is therefore the foundation for retail success. Making informed and reliable business decisions on product portfolio, customer service and staff planning will in turn result in increased conversion rates and revenue.