The choice for consumers within retail has increased significantly in recent years. There is a lot of competition both online and offline. This makes it possible for consumers to choose where and when to buy products, which makes it more important for retailers to distinguish themselves from the competition. Therefore, understanding your customers is important. But how do you get more insights about your customers? You can do so by using retail analytics.
The importance of retail analytics
To distinguish yourself as a retailer from other retailers, you need to respond to the needs of your customers. To do this, it is important to know who your customers are in order to gain insights about them. Retail analytics is important to gain insight into visitors who enter the store but do not make a purchase and those who do make a purchase. By gaining insights about your visitors operational and strategic decisions can be made to improve store performance.
Technology for obtaining retail analytics
The importance of retail analytics is no longer a secret. But how do you get these retail analytics? It all starts with people counting. People counting systems accurately measure all incoming and outgoing visitors. But besides counting incoming and outgoing visitors, it also measures how long visitors visit the store and whether these visitors make purchases. Various insights can be obtained from these retail analytics. For instance, peak hours will become clear and the conversion rate can be calculated.
There are different types of people counting systems, for different retail locations. For example, a store will need a different system than a station or shopping centre. Therefore different people counting systems exist. These include IP cameras with stereo/mono video but there are also infrared systems.
How can retail analytics optimise store performance?
Retail analytics are important to improve store performance in the right way. By gaining insights from retail analytics, you can identify opportunities to improve store performance. For instance, information about the conversion rate can provide insights about blockages in the retail location that cause a decrease in sales. In addition, by gaining insight into the traffic instore, you can schedule staff more efficiently. This prevents you from having too many staff members, which can lead to cost savings, but also ensures you are not understaffed, which can lead to you missing out on sales. People counting systems can also provide important information about the marketing campaigns that are currently active. Are there more visitors and sales during or shortly after a marketing campaign? This is important information to measure the effectiveness of a marketing campaign and for marketing campaigns in the future.
A retail location can no longer do without retail analytics. Therefore, take a look at the possibilities that are best suited for your retail location.