In the ever-growing competitive market of retail, the ability to analyze in-store performance has never been greater.
When considering in-store analytics it’s important for retailers to have clear objectives. Too much data can be confusing but a targeted approach will provide clear, valuable intelligence that retailers can absorb and act on.
Here, we look at in-store analytics and a small selection of objectives that retailers can explore.
Conversion and footfall traffic data
The ability to extract footfall information is vital. The insights gained allow retailers to react and adapt accordingly. People counting and conversion is the foundation of in-store analytics. From here, additional analytics strengthen a stores understanding of customer behavior, their store performance and the wider shopping environment.
The insights are the catalyst to improving sales, optimizing staff productivity and identifying best practice methods to share across estates.
Knowing your busiest store periods will help ensure that your staffing levels are appropriate to meet customer demand. This keeps costs down, drives conversion rates up and improves the customer journey within your store.
Balancing resources to account for peak periods such as lunch breaks and after work hours in the week maximizes the stores opportunity for conversion. Moreover, staff can undertake operational tasking duties during quiet times to keep shelves stocked and aisles obstacle free.
It goes without saying that if a customer has an enjoyable, stress free experience in your store then repeat custom is more likely.
Category and space productivity
Analyzing dwell time data will tell retailers which areas of the shop floor customers are spending the majority of their time. These patterns will pinpoint optimal locations for high margin items that retailers want to push. For example, in the summer holidays retailers can highlight outdoor games and activities in high exposure and dwell time areas.
Another benefit to retailers is behavioral insights. Understanding the customer journey will highlight product exposure levels, engagement, and navigational routes throughout the store. The results can very often lead to an improved store layout that drive shoppers deeper into stores for maximum exposure and visit length.
With the retail landscape always changing, the ability to adapt to a moving market is paramount. If retailers use the information gathered wisely, the store can be tailored to customer demographics they’re expecting on any given time – with the aim of increasing cash flow and profit.
Are you looking to understand what retail analytics can do for you? Book a demo with our team