This is Part II of our previous post, Footfall Analytics and the Future of Shopping, where we discuss how footfall analytics will soon impact the shopping mall industry. We’ve started presenting the ‘Key Benefits of Footfall Analytics’ as Sales Growth & A/B Testing and Comparability.
Let’s continue the list of benefits. Check it out!
• Better Manage Occupancy Levels
Smart sensors placed at the entrance and exit track how many customers are in the store at any given time. For example, with Vemcount, retailers benefit from 98% footfall accuracy. This technology also automatically alerts staff to an increase in customer demand. Thus, this approach can help maintain satisfactory levels of customer service.
By studying hidden patterns in the data, enterprises can also improve their staff planning strategies. This means that retailers can better plan for peak times of the year and hire and schedule staff accordingly.
What Does the Future Hold for Footfall Analytics?
While the COVID-19 pandemic ravaged the retail and shopping mall industry last year, there are positive signs of recovery. As the world gets vaccinated, we are slowly gaining momentum to reach pre-covid levels of foot traffic.
The future of malls is digital. As technology keeps getting better and better, so will footfall analytics protocols. When it comes to retail, footfall data and related analytics solutions will complement other technologies like AI-powered inventory management, agile marketing, collaborative analytics (with personalized targeting), and more.
We can achieve all this and more by engaging in the following:
• Mall Analytics
Malls will measure foot traffic with high-accuracy smart sensors at all entry and exit points. They will use this information as a core metric for competitive benchmarks and retail traffic indexes.
Key benefits of mall and retail analytics include:
▶︎ Better anticipate demand and other major trends
▶︎ Boost efficiencies in everyday management
▶︎ Delivery of enhanced customer experiences
▶︎ Improve ROI from marketing endeavors
▶︎ Improve relationships between store owners and mall visitors
▶︎ Optimize in-store operations
▶︎ Tangible insights into customer behavior
• Key performance metrics include:
▶︎ Footfall data
▶︎ Heatmap data
▶︎ In-mall marketing
▶︎ Conversion data
Malls will also benefit from smart parking management protocols that enhance customer experiences from the moment they are in the vicinity.
• Path Analytics
Path analytics pools together location and time-based metrics to measure where mall visitors are and how long they stay. In this scenario, path analytics looks at the number of people dwelling in a "virtual" zone and how long they stayed there.
Mall path analytics often takes the form of a visual heat map. However, important data lies in the details. For example, shop owners can look at the correlation between traffic flows, proximity to stores, and sales or conversion rates to identify new opportunities.
• Path analytics enables:
▶︎ Location-based marketing (that allows mall operators to send real-time promotions to their smart devices)
▶︎ Enhanced operations (where footfall data and path analytics help mall operators measure traffic flows. It's a critical component to malls offering shared services like curve pickup and free transportation)
▶︎ In-mall navigation (where real-time digital signs help visitors navigate away from crowds to reduce congestion)
• Proximity Traffic
Smart sensors and cameras will track store proximity traffic to capture the sales opportunity value of store locations. In this case, foot traffic must be close enough to the store to be viable.
The type of store also impacts the analysis of proximity traffic value. Not all stores provide the same value to the owner. When there are multiple entrances to a single store, there will be challenges in the field of view. In this case, people counting will define the details of proximity traffic.
As the lines between online and offline data analytics continue to blur, digital shopping malls and retailers are poised to optimize operations, deliver enhanced personalized experiences, and take customer service to the next level. In other words, more sales and more profit.
Footfall analytics will also play a key role in helping brands set themselves apart and build customer loyalty. As the retail market grows increasingly more competitive, it'll be critical to start the process right now.
Are you wondering if your business can benefit from footfall analytics? Let's talk! Send us a message or schedule a commitment-free consultation.