A new marketplace economy that values experiences over products is transforming the retail industry as we know it. Today’s consumer no longer just wants “stuff,” they want engaging connections, positive feelings, and memorable experiences – the most important commodities in the new experience economy. Retail businesses are leveraging in-store retail data to find out more about their customers and the operational processes that impact customers to optimize the customer experience.
Retail Analytics is an innovative solution that enables retailers to capture and analyze customer data and store performance data to gain actionable insights that help them make better business decisions. With an in-depth understanding of who your customers are, what they want, and how they behave in your store, you’re better equipped to meet their demands and create satisfying experiences they will never forget.
Strategically placed counter sensors track the number of people in your store and monitor people’s behavior. Integrated analytics software combines, transforms, and visualizes the data as KPIs for in-depth insights into store performance and customer experience. With advanced reporting features and real-time alerts for queue management and service level management, retail managers are empowered to drill down on fundamental metrics and ensure that staff always put the customer first.
Here are some of the ways businesses can benefit from retail data analytics.
Sensors placed above the checkout area or clothing fitting room area measure queue length and customer wait times to ensure that predetermined limits are not reached. Suppose queue length or wait time are exceeded. In that case, the queue management system automatically sends an alert to management for immediate intervention to expedite the checkout process or fitting room service and meet customer demand more efficiently.
Counter sensors placed at the entrance and exit of a store register the number of people in the store at any given time with 98% accuracy. Should the occupancy rise to a certain level, staff will automatically be notified to attend to the increased customer demand to ensure that sufficient service levels are maintained.
Optimizing store layout is fundamental to achieving a great customer experience. Analyzing traffic flows over time and through heat map analysis, retail managers can identify dwell zones and popular travel routes that make it easier for customers to traverse the store and find the products they want.
Predictive analytics can show when your store is likely to be busiest by the hour, day, week, month, and year, allowing retail managers to schedule staff shifts according to peak periods. Operational and administrative tasks such as inventory management or staff training can then be scheduled during quieter periods.
Marketing and Sales
The advanced technology that powers the counter sensors can identify gender and age, enabling retailers to create consumer profiles for targeted marketing campaigns. Promotional material and product placement can be designated to previously identified dwell zones for optimum reach. By tracking customer engagement and sales conversion rates during the campaign, retail managers can ascertain which initiatives and products are working or how they can be refined, and which can be tossed aside. Sales conversions are calculated by integrating your retail analytics solution with your Point of Sales system.
Are you looking for the best retail analytics solution?
Vemcount is a revolutionary retail analytics solution with the following features:
▶︎ Occupancy Management: Keep track of the number of in-store visitors at any time. Receive alerts when occupancy limits are reached.
▶︎ Campaign tracking: Discover the gender distribution of customers and adjust your campaigns and displays accordingly. Measure the commercial potential of an area or the impact of window displays.
▶︎ Heat Map: Get an overview of visitors’ walking paths. Identify hot and cold zones and rate the popularity of areas based on their behavior. Understand your visitors’ movement patterns to optimize product placements, store layout, and marketing activities.
▶︎ Captive rate: Count the passersby and identify the captive rate to determine how window displays are converting into sales.
▶︎ Identify peak periods: Measure visitor traffic and explore peak times per year, month, week and hour to deploy staff more effectively and to forecast queue demand.
▶︎ Manage staff: Understand and respond to the need for real-time services, such as checkout, fitting room, bathroom, and security staff.
▶︎ Follow safety recommendations: Monitor performance and generate real-time alerts to ensure the number of visitors does not exceed the safety recommendations.
▶︎ Customer service: Measure queue length, the average wait time before being served, and customer interaction to increase customer service.
▶︎ Customer segmentation: Exclude or get separate counts for children and adults, and discover the gender distribution to profile customers even better.
▶︎ Gain insight with sales data: Integrate with POS data to calculate the conversion rate, understand how sales correspond to traffic and weather changes.
▶︎ Staff exclusion: Identify and exclude staff and irrelevant objects from counts, e.g., shopping carts for more valid data.
▶︎ Spend-per customer: Measure store's conversion rate when integrating with POS data and determine the spend per visitor.
Considering how you can win in the experience economy with retail analytics? Send us a message, and we’ll call you back with all the information you need.