To run a successful retail business, it is necessary to have highly marketable products and a store location that attracts high customer traffic. Application of heat map analytics for your storefronts not only helps in optimizing the retail space but also is instrumental in realizing the desired profit numbers for your business.
Read on to know more about the importance of heat map analytics in the retail business.
What is Heat Map Analytics?
A heat map is a colored and visual representation of the activities in a particular area. In the case of retail stores, a heat map indicates the amount of time the customers are spending at different parts of the store. The warmer colors refer to places where people linger and the cooler colored areas are the places where customers spend minimum time.
Knowing the patterns of the customer’s trails within your store can help you immensely in resource planning, stocking your shelves and adopting a lean methodology in doing business.
How Does it Help Retail Business?
Usage of heat map analytics crucially impacts your business success. At the same time, it provides you with a sustainable competitive advantage over others in the following ways.
Optimized Store Layout- More Sales
With the visual representation at your disposal, you can do comparisons of the traffic at various places within your store. This helps in chalking out an optimized store layout plan and allows you to emphasize the products that sell more. Heat map analytics also assist you in changing the layout as per the different shopping seasons.
For example, for the holiday season, you can take stock of the products that are selling more and arrange the shelves accordingly to attract more buyers.
When combined with the already installed security cameras in your store, heat map analytics effectively helps in loss prevention. This essentially means better protection against theft, shrinkage and other similar losses. The new footage can assist you in getting to the root cause of issues like low sales in spite of high customer traffic. This enhances the business intelligence of your retail stores.
Better Resource Planning
With the knowledge garnered from the heat map analytics, you can successfully implement a lean methodology in terms of resource planning. This includes, but is not limited to, planning for products, workforce distribution, choosing store locations, implementation of marketing campaigns, etc.
Optimized resource planning helps take your business to the next level by directing your time, money, and energy towards the right channels.
To Sum Up
Heat map analytics is an effective and useful tool to have, irrespective of whether you are setting up a new retail business or planning to scale up an existing one. It is the smart solution of the modern times that can set you apart from your competitors. Contact LinkAnalytix today to learn more about this solution and how you can benefit from it.