The opportunity is everyone that enters your store: -
With the ever-increasing pressures and micro-thin margins, retail is constantly searching for ways to grow their top-line whilst controlling costs. In recent times, the major strategy adopted by many has been to optimise their labour.
Given we live in the age of technology; [I may look back in 20 years and laugh at that statement] we all seem to prefer the experience of shopping in store, we may sometimes grumble about it, but we do love it.
Today it is in most cases unnecessary to move off the sofa, get in the car and drive to a store to experience “shopping”. It’s as easy as turning on your computer or sliding your fingers across your smartphone, locating the item and pushing the Paypal button; “was it good for you”, well actually no
Earlier this year I came across a website, going by the name of; deadmalls.com. Curiosity got the better of me, so I investigated further, I was strangely drawn to these failed, but once anchor points of now collapsed communities, and how they had fallen into disrepair or pulled down completely to make way for yet more office blocks.
Retailers are looking for ever more cutting-edge methods to understand customer buying behavior and take full advantage of the insights available from new technology and data analytics
The diverse choices we make as we transverse through a store greatly reflect how we feel about the decisions the retailer has made on design and selection of goods on display
Reliance on point-of-sale (POS) data is effective at capturing sales but not in-store experiences, lost sales opportunities or true conversion rates.
Retailers require more information on their customers. They need to know where they go, what they respond to, how long they wait in line and if they buy or not. If they don’t buy, they need to know why.
In excess of 75%* of all UK retailers are needlessly missing out on sales and paying additional costs because they don’t use the most basic of sales information tools: customer traffic or to put it another way opportunity. Yes they have POS data, but that is what went (past tense) through the till, not what could have.
You can manage what you can measure
It is a fact of life that shopping centres are in the business of generating pedestrian traffic. The more customer traffic the centre generates the more attractive it becomes to the retailer. If the retailer finds the centre more appealing they become more willing to negotiate higher and longer leases.
Given the fierce competition the traditional high street is facing, its wonder many still survive. With increasing threats from, Big Box retailers, internet sales and interest rate changes, many have turned to the ever promising CRM (customer relationship management). “Know your customer better than you know yourself, one package proclaimed”
1. Staff Planning & Optimisation – whether you are in retail, leisure a service industry or a public sector venue; staff optimisation is paramount, and not necessarily about reducing staff, but about ensuring that the right number of staff, are in the right place, at the right time to achieve the right staff to customer ratio.
Data-Savi retailers have been practicing store traffic monitoring for well over a decade. In particular, apparel retailers have embraced foot traffic counts as a tool to help them understand and strategize their staffing, conversion and marketing efforts. In-store analytics are critical and give retailers a deeper insight into key store metrics that a business can leverage to increase its bottom line.