The essence of Retail Analytics

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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:

  • Store performance. Which store is performing best, compared with the others. In times of growth or downsizing, this is very essential information.
  • Cutting costs. What is and is not working? Stop wasting money on strategies that are not beneficial.
  • High performing vs. low performing stores. Why is one store performing better than the other? Which strategies are working and why?  
  • Sales performance. How is your sales team doing? Are they applying the best possible sales strategies or is there room for improvement?  
  • Identifying customer flow and customer trends. This can impact your inventory levels.
  • Ideal staff planning and best possible opening hours.

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.  

https://www.pfm-footfall.com/
July 1, 2019 |

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