As we enter a more digitally-centered world, traditional shopping malls see a change in consumer behavior and a decline in traditional revenue streams. Contributing to this decline is the COVID-19 pandemic and related stay-at-home and social distancing orders put in motion to prevent the spread of the virus.
However, shopping malls are now capitalizing on smart technologies to boost conversion rates and revenues and enhance customer journeys for more compelling and satisfying shopping experiences. Footfall counting and retail analytics is the secret weapon some shopping malls are wielding to remain competitive in the digital economy. Read on to find out how.
What is the relation between footfall counting and retail analytics?
Footfall counter devices are used in conjunction with retail analytics platforms to track and manage visitor traffic and apply social distancing guidelines while concentrating on achieving a higher conversion rate, among other things.
The most accurate footfall counter systems use video-based counting with 3D cameras for 98% accuracy and can even detect height and gender differences. Having access to this information alone is of little use, though. When integrated as part of a greater BI analytics solution that provides actionable insights based on analyzed data, the benefits are multiplied tenfold.
Footfall counters can extract the following types of customer data:
▶︎ The total and current number of visitors entering and exiting a location;
▶︎ Zone-specific occupancy levels;
▶︎ Average dwell time;
▶︎ Traffic patterns;
▶︎ Queue waiting times;
▶︎ Social distance measurement;
▶︎ Height, gender, and object filtration;
▶︎ Conversion rates;
▶︎ Customer interaction time;
▶︎ Bypasser count and behavior;
▶︎ View directions (can detect where people are looking);
▶︎ Temperature, CO2 levels, humidity, and other environmental variables.
How are shopping malls using footfall counting technology?
Now that we have a better idea of footfall counting technology capabilities, let’s explore how shopping malls are using it to their benefit.
Tenant revenue management
Shopping malls rely mainly on rent from their tenants to survive, while tenants rely on malls to provide spaces that attract customers. The mutually beneficial relationship between shopping malls and tenants is key to effective tenant revenue management.
Shopping malls can now use traffic flow, heatmap analysis, and footfall count data and analytics to assess where the most popular areas are to install flagship stores and high revenue vendors and charge them a realistic rental based on verifiable data.
Marketing and sales strategies
Marketing and sales initiatives are meant to increase footfall and revenues, but they don’t always work. To effectively measure which initiatives draw in the most traffic and achieve the most significant returns on investment, shopping malls can optimize their marketing and sales strategies always to implement what works best.
Shopping mall layout and design
By observing traffic flows and dwell zones throughout a shopping mall, you can gain insight into which entrances, exits, and areas are preferred by customers and which aren’t. Footfall counting devices can be placed anywhere in a shopping mall to track customers entering different areas, follow traffic flow patterns, and measure how much time they spend in certain areas. With this intelligence at your fingertips, you can optimize the store's locations and place information desks, pop-up stores, and advertisements in strategic places.
Top of mind while traversing the “new normal” is keeping a safe distance from others while shopping. The shopping malls' responsibility is to ensure that social distancing and occupancy levels within their establishment are maintained. Footfall counting technology can measure the distance between people and the occupancy levels throughout the mall. Automatic alerts can be set up and triggered when the minimum distance or occupancy count is exceeded. These alerts can be communicated to shoppers via live video streaming displays to control occupancy and distance.
Shopping malls can save money on resources by using footfall counting and analytics data to identify peak hours, days, weeks, and months and only allocate resources when and where they are needed. Energy consumption can also be minimized in areas that receive little to no traffic by automatically powering down lighting or temperature control systems when the occupancy count for a room is zero.
If you’re ready to start reaping the rewards of footfall counting and retail analytics, Vemcount is the solution for you. With 18 years of experience and state-of-the-art footfall counting and analytics technology and software, as well as a flexible subscription-based model, you don’t need to look any further.
Get in touch with us to get started!