The main objective of every retailer is to maximize ROI (return on investment) when every strategy has been put in place and everything is up and running. But there are various challenges that hinder this growth, prompting further steps to be taken to ensure the business is profitable and sustainable. Apart from marketing and other techniques of sales promotion, there is a component that cannot be overlooked – retail analytics. Below, we will look at some of the solutions you can take advantage of to boost conversion and customer relations.
Understand Shopper Behavior
We call it shopper flow! This is a retail video analysis application that gives you a graphical representation of data about shopper concentration in the form of heat maps. The focus is on your retail store layout and customer in-store movement. Your retail store is marked into zones and each zone provides valuable information on customer behavior. From such data, you are able to make decisions on what kind of adjustments you need to make to optimize the usage of your store floors.
Shopper flow can adapt to your existing video cameras so you need not worry about fresh equipment installations. You are also able to gauge customer product interest and the duration spent in your store. From our prior installations, most of our clients have reported that shoppers tend to walk around a very small area of the store – slightly below 40%. From these stats alone, you can tell that measures need to be put in place to draw shoppers to other areas of your retail store.
The customer journey is not always a straight line, but a zigzag that begins from research to purchase. Business intelligence can help your retail store get a grip on the journey and offer better experiences.
Get Insightful Numbers
Still, on retail data analysis software and the magic they can do to your retail sales figures, we look at another retail decision making the machine in the form of Retailflux people counter. This particular analytical solution has been proven to deliver shopper behavioral data with very significant accuracy rates (above 95%) by more than 2000 clients we have worked with. It performs regular customer headcount as well as his/her purchasing trends.
You are able to tell who comes out of your store with something and who doesn’t, as well as the quantities they buy. It also gathers your website data using cloud technology and presents actionable KPIs to you.
Take the initiative to make your retail business grow by installing any of this retail data analysis software. You will be happy you did so. Contact us for queries and a demo request.