Retail In-Store Analytics
Retail In-Store Analytics
Use Retail Store Analytics to Improve Performance
Valuable data is constantly available in your retail outlet — it’s walking about, looking at particular products, and buying certain items. The challenge is to capture the relevant data, analyse and interpret it, and put it to good use for the benefit of your business. That’s where retail analytics comes in because it can help to determine how successful your business really is and make it better.
Online retailers have always had relatively easy access to retail analytics. Every search for a product, every click through a page, and each purchase can be recorded and analysed, enabling future product mix, pricing and layout to be changed to maximise returns. For traditional retailers, that data has not been so easy to acquire, but in-store analytics is changing all that and allowing those retailers to compete on a more even footing.
Recording, Analysing and Taking Action
Using retail in-store analytics from RetailMotion, you can log customers as they enter, track their movements and actions, and record any purchases they make. You can then analyse this data to glean information that will be vital to the successful operation of your business. This includes:
- a count of visitors to determine their numbers at different times of the day and week.
- customer behaviour, which covers where those customers have been, what they have done, and the products they have bought.
- conversion rates are calculated by dividing the number of sales transactions by foot traffic numbers.
At its most basic, foot traffic analytics can be used to effectively organise staff rotas so that the greatest number of staff are on duty when visitor numbers are at their highest. However, retail analytics can provide much more than this, also covering:
- measurement of the success of marketing campaigns to determine if foot traffic and sales have risen as a result, especially when compared to previous campaigns.
- the improvement of conversion rates at busy times by ensuring there is sufficient floor staff to meet demand; this may be required if analytics reveal falling conversion rates at those times.
- changing store layouts and improving signage to help customers move better through the store (this is easier if the signage is digital).
- altering pricing strategies so that prices are neither too high nor too low.
Increasing foot traffic without a corresponding increase in sales values is a missed opportunity that can be rectified by restoring conversion rates to what they should be. This can be achieved by better layout, improved pricing, or simply by ensuring there are enough staff to handle the orders. They’re simple things to do but you won’t know they need to be done without in-store analytics.
The Benefits of Using Retail Analytics Companies
At RetailMotion, we can help you gather the data, identify that which is important, and generate meaningful information that will allow you to create the right strategy. In a competitive market, where online businesses often seem to have an unfair advantage, it’s a way of redressing the balance and maximising your potential.
Retail in-store analytics provide a vital insight into your business. Customers today are increasingly informed and demanding through their ability to research online, and they expect a high level of service. With our help, you can anticipate their needs and meet them by providing the right products at the right price, and with the necessary availability and customer service to back them up.
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