“Big data” and the “digital economy” are terms you have no doubt heard a lot about over the past few years, and for good reasons. As one of the most in-demand commodities driving the digital economy, data is to businesses what money is to banks – inherently fundamental and valuable.
Treating data as a currency is understanding the overwhelming potential for profitability that it carries. However, recognizing that data has value is only the first step to profiting from it. Extracting actionable insight from data that enables you to optimize your business processes and enhance the customer experience is where the actual monetary value of data is proven. And this cannot be achieved without powerful analytics software that intelligently and automatically transforms data into insight.
A host of analytics platforms exist today, with the primary objective of collecting and analyzing complex and dynamic data. These platforms allow companies to retrieve, combine, explore and visualize data to improve decision-making and inform business strategy.
According to a 2020 Big Data Analytics Industry Report, 79% of executives feel that companies not embracing data analytics will lose their competitive edge, and 83% have used big data projects to gain a competitive advantage. The importance of big data and data analytics cannot be denied by any industry, anywhere in the world. However, the distinguishing factor between some industries is the type of data they collect and the methods they use to collect it.
What is Footfall Analytics?
Footfall analytics is used to drive business optimization and customer experience strategies in retail stores, shopping malls, airports, nightclubs, educational centers, hospitals, public libraries, museums, and many other places with high footfall traffic. It involves combining advanced sensor technology and data analytics software that does far more than merely counting people. Footfall counter sensors are typically placed at the entrances and exits and above counters or tills to measure people’s number, movement, and behavior in context.
A comprehensive data analytics platform analyzes the information from the footfall sensors to provide the following actionable insights:
▶︎ Customer Flow: Find out how many people visit and leave a location with up to 98% accuracy and which entrances/exits are used more/less.
▶︎ Peak Times: Identify peak times during the day, week, month, or year and optimize your business operations.
▶︎ Benchmark Locations: Compare and rank your locations based on performance through hourly or daily updated top/bottom lists.
▶︎ Conversion Rate: Integrate Vemcount with your POS system and get insights into how traffic converts into sales.
What is BI Analytics?
The term “Business Intelligence” (BI) was coined in the late 1980s to describe the use of technologies and applications that helped managers make better business decisions. Business analytics or data analytics is often used interchangeably with business intelligence and essentially encompasses the strategies and applications used for data analytics.
Just as a footfall analytics software platform provides actionable insight into data generated from various sources, so too does a BI analytics platform. They can perform the same functions of analyzing, combining, and visualizing data, generating reports, and providing real-time insights. The difference is the context of the information and how it is gathered.
What is Vemcount Data Analytics?
Vemcount is an all-in-one data analytics solution for footfall counting that offers the full customer-tracking experience. Vemcount counters capture detailed and accurate data about customer flow, queue times, traffic patterns, dwell zones, conversion rates, outside traffic, marketing and sales performance, customers’ gender and height, and even social distancing and mask-wearing measurements.
You can see all of these details in real-time on the Vemcount dashboard and create custom reports with combined data to glean actionable insights that help you optimize your business processes.
Vemcount provides deep insights on data that matters:
☞ The total and current number of visitors in the store at any time to monitor company performance;
☞ Zone-specific information on sales, customer occupancy, traffic out, average dwell time, conversion rates to optimize marketing and sales initiatives and boost revenues;
☞ Waiting time and queue lengths, including real-time data on current and average waiting times, conversion rates, customers served, customer interaction times, and queue abandonment to enhance the customer experience;
☞ Peak hours, days, weeks, or months to allocate staff and resources more efficiently and save money;
☞ Outside traffic, giving you a clear overview of how many customers are drawn into your store, and how window displays are converting into sales;
☞ Customer behavior, dwell zones, and traffic patterns to optimize store layout;
☞ Social distancing and mask-wearing to comply with government regulations;
☞ Gender distribution and height filtration for targeted marketing campaigns that match customer profiles;
☞ Vehicle and pedestrian counts to identify peak hours and optimize parking and staff allocation;
☞ Room-specific occupancy to maximize energy efficiency through integration with an automatic lighting and HVAC systems, and so much more.
Is Vemcount a BI analytics platform?
Yes! Vemcount offers all of the functionality and features of a typical BI analytics platform. As a cloud-based solution, you get on-demand access to Vemcount, with full API and 3rd party integration capabilities, a user-friendly and customizable dashboard, real-time alerts and notifications, customizable reporting, and advanced user management.
It’s time to capture and use data more wisely in the digital economy, and Vemcount is pushing the boundaries of intelligent footfall analytics innovation.
Get in touch with us to optimize your business processes and customer experience.