Retail analytics is the technical term for the process of collecting and analyzing business-wide retail data, including information about Customer data, In-store data, and/or Inventory data.
Footfall counter sensors collect consumer behavior in dynamic ways, and BI analytics software transforms that data into actionable insight that helps business owners make more informed decisions.
Retail Analytics provides in-depth insights on consumer behavior, patterns, and preferences to help you create compelling customer journeys and successful marketing campaigns.
A retail store’s conversion rate measures the proportion of visitors that purchase in any given store. It is calculated by dividing the number of transactions by the number of visitors, times 100.
A retail analytics solution uses non-invasive and anonymous customer tracking sensors to monitor how many people are coming through your doors, what their age and gender is, where they browse, what products they are interested in, how much time they spend, and much more.
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 their secret weapon to remain competitive in the digital economy.