There has always been a productive relationship between data analysis and retail. While significant developments have been made in the technology, stores have begun to seek new pursuits in the face of growing e-commerce market share. In addition to virtual reality, interactive display and smart shelf technologies used to increase the customer experience, many technologies that measure the efficiency of this experience have taken their place in the stores. Many tools that create real-time interactions or collect data are now being used in retail stores.
The data provide insights into how well marketing campaigns are working, what customers do when they enter a store, and whether there is a final result in their visit, such as a sale (conversion).
What is Retail Analytics?
Retail analytics can change the way businesses strategize and make key decisions. Customer counting technology and customer tracking apps provide previously unavailable information about factors such as retail conversion rates, which are evidence of a store’s success or failure.
People Counting and Conversion Rates
Counting people is the basis for determining meaningful in-store value. Tracking the number of people entering a store can provide significant opportunities to convert and make smart decisions about store setup and strategy. These data allow effective staff planning according to rush hours and provide the opportunity to measure the impact of marketing campaigns by measuring changes in the number of in-store visits.
Staff
Staff optimization is a significant element of effective store management but can be a serious challenge. Simple organizational changes made taking into account the number of customers provides efficiency in the staff distribution of the stores. These changes have a direct impact on operational costs due to the more efficient use of staffs. To ensure that the staff is meeting the customer’s demand, contact, time and sales amount should be examined hourly. The data obtained from these parameters provide important information on the interest and distribution of the staff. The key relationship between customer interest and staff allocation is no longer a mystery with access to this type of data.
Customer Behavior
For any business, customer behaviour is the cornerstone of the strategy it follows. The difficult task is to use the behaviour people actually exhibit different from what they think they are. Solutions that observe the natural behaviour of people are of vital value and these solutions cover topics such as store design, layout, staff interaction. The results create a more attractive store that transforms the in-store experience for shopping.