The Beginner's Guide to In-Store Analytics for Retailers
Analytics and retail are a naturally productive partnership but the spotlight of data gathering and analysis has been in the digital world. However, in-store analytics has been available for some time to brick and mortar stores. The data offers insight into how well their marketing is working, what customers actually do when they enter a store and whether there is an end result to their visit, such as a sale (conversion).
What are retail analytics?
Retail analytics can change the way that businesses are able to create strategy and make key decisions. They offer previously unavailable insight into factors such as people counting (known as footfall in the UK) and retail conversion rates that provide tangible proof of a store’s successes or failures.
People Counting and Conversion Rates
People counting is the foundation of insightful in-store analytics. Tracking the number of people who enter a store can provide surprising opportunities to boost conversion and make smart decisions about store setup and strategy.
This data allows for effective staff scheduling according to peak shopping times and it has the ability to measure the impact of marketing campaigns by measuring the change in numbers to in-store visits.
Workforce Productivity
Staffing optimisation is a key element of effective store management but it can present a significant challenge.
Introducing simple organisational changes using footfall data allows stores to schedule and task workforce teams to meet demand. These changes have a direct impact on operational costs, as teams are used more efficiently and effectively.
The reality is that this can translate across many different areas, from managing scheduling to ensure that service meets customer demand, to efficiently handling payroll by looking at historic and predicted footfall.
The key relationship between customer conversion and staff deployment is no longer a mystery with access to this kind of data.
Customer Behaviour Insights
For any business, customer behaviour is fundamental to the strategy it pursues. The tricky task is to use insights based on behaviours people actually exhibit as opposed to what they think they do.
Solutions that observe peoples natural behaviours can uncover interesting insights, providing direction in areas such as store design, layout & navigation as well as communications and staff interaction.
The results create a more engaging store that transforms the in-store experience for shoppers.
