You need to be more data centric to achieve success in retail industry. If you rely on hard data and retail analytics instead of the guesswork, you will be capable of making smarter decisions for your business.
Using retail analytics, you will find a rise in the return on investment of your business. It also stands out of the ordinary in bestowing a higher customer satisfaction.
The collected data helps in obtaining insights of the shopper. A wide array of stores make use of these insights to measure their performance.
Video surveillance has earned high popularity to ensure the prevention of any loss of stock or material. It also helps in recording the footage. In addition to this, it enhances the efficiency and the bottom line of the business.
There is a wide array of parameters which might result in loss of sales and foot traffic. It is inclusive of lack of merchandise, online shopping, and poor customer service.
The retailers depend on surveillance heavily to prevent loss and protect the assets of the stores.
Though it can reduce the loss and thefts, the lack of consideration continues to remain for the customer, the crucial asset.
The customer experience is considered to be the success of a healthy and successful store.
You need to give your customers a compelling reason as to why they should choose to visit your store over online shopping.
The in-store experience stands out especially in this aspect. The stores should be looking for different ways, to accommodate the preferences of the customer.
If you ensure a hassle-free shopping experience at your store, it plays a vital role in bringing an improvement in the customer experience.
Retail intelligence is the key to enhancing the customer experience. It also plays a vital role in providing a boost to the in-store campaigns and helps with optimization of the staff productivity.
Heat maps offer data which are the indication of human traffic hot spots, present in the store.
This will help the retailer with placement of the products at certain end caps that will help in grabbing the attention of customers.
With the employees in different sections, you need to ensure that the sales floor is staffed appropriately in order to handle different customers.
The music which is played at the store is crucial when it comes to matching the customer demographic. It has an effect on the customer experience and sales at the same time.
You need to take a close look at retail analytics as it offers a wide array of benefits such as:
It offers an estimation of the age of the visitors. In addition to this, it also regulates the total count of female and male visitors. It plays a crucial role in triggering the digital signage messages, based on gender and age.
It plays a vital role in tracking the total count of people who are standing in a certain area, for instance, in a queue. It also helps in determining the level of activities, in the certain area. Real-time push alerts are also triggered if the queue is longer than expected.
It is known to count the total number of customers who have passed under the camera and the direction in which they are going, in real time. This allows you to analyze customer behavior post-purchase using retail analytics.
It stands second to none in offering in-store background music. Music plays a key role in influencing the mood of your customers, which may lead to higher purchases. It also enables the scheduled and live announcements in the store at the same time.
It offers data about the occupancy of the store which include the average time of visit, the total number of visitors which enable the right staffing level. It helps to send the alerts, in accordance with the predefined occupancy factors.
It allows the targeted marketing messages to the visitors, on the basis of gender and age and a variety of other factors.
It provides a clear picture in identification of dead areas, hot spots and bottlenecks which facilitates an in-depth understanding of traffic patterns in real time and over time.
The individual components of this specific intelligent solution coalesce in a single platform, thereby enhancing the in-store experience of the customers.
Fundamental statistics offer updates on the latest transactions and sales. However, they do not provide an insight into the inefficiencies and efficiencies.
Therefore, retail analytics is considered to be the best option in this regard as it benefits the different operations of the store.
The statistics help in comparing two different stores in the same geographical location, having the same customer demographics.
Here, sales is considered to be a driving factor which plays a vital role to determine the performance of the store.
In-store retail analytics always opts for the collection of different processes and they are applied to the operations of the retail store.
As you do so, the retailers can gain more insights into their business performance on macro and micro sales. Though it might appear to be complicated, it is certainly worth the information gleaned via the insights.
The requirement today that retail analytics satisfies is – data driven insights which can be understood at ease and can be applied at the same time.
For achieving the specific goal, the retail business analytics solution should include in-built reports. These reports should be customizable in terms of data visualization on the required key metrics.
For the typical retailers, it helps in determining the campaign performance reports from the email marketing campaigns.
It also helps breakdown the return on investment of that particular campaign. With the right retail analytics strategy in place, it makes it easy to make good decisions which are aligned with the long-term objectives of the business.
By Uma Raj
By Uma Raj
By Abishek Balakumar
Abhimanyu is a sportsman, an avid reader with a massive interest in sports. He is passionate about digital marketing and loves discussions about Big Data.