Retail has become very competitive. As a retail store, you need the flexibility and adaptability to change your business and marketing strategies according to what is most effective. This data allows you to make management decisions that improve the customer experience, increase your conversion rates and profits, and change your approach during different seasons and for different business environments. It is possible to gather actionable data by using advanced smart retail tech solutions such as FastSensor.
The Value of Measuring In-Store Metrics
Doing business has been radicalized by online stores that focus on providing a seamless and efficient customer shopping experience by using customer shopping preferences and data. Retail locations must also measure various metrics to improve how their businesses perform.
How well the store performs and converts visitors is a reflection of things such as store layout and staffing. Managers need to rely on business metrics and KPIs to make decisions to improve their stores' competitiveness. Customers are becoming more selective about where they shop; they are looking for the best customer experience.
Tracking Retail Metrics
Capturing and measuring metrics such as traffic, conversion rates, and wait times is essential for retailers. Traditional methods of relying on personnel to log these metrics are no longer suitable. A modern technological solution is vital.
Smart retail technology solutions use sensors strategically placed throughout the store, which capture customer data throughout the day. They operate automatically and anonymously, and using a Wi-Fi connection; they transmit collected data to the cloud for storage and analysis. The data collected by the sensors comes from signals emitted by customers' devices, but it is non-personal. FastSensor offers this technology as a simple and reliable way to measure retail KPIs.
There is a wide range of metrics you might capture. Measuring store traffic is one. When you know how many people enter your store daily, you can calculate your conversion rate. If you are not converting as many of your store visitors as expected, you may need to explore the reasons for this. It may require a new store layout, a fresh marketing campaign, or a benchmarking campaign comparing your store with a comparable store.
An important operational decision in a retail store is workforce allocation. Knowing when and where to assign store associates can directly impact the flow of business and customer experience.
Traffic counting also shows you when the peak shopping times are. These are the times when you need more staff on the floor and at the checkout areas. Proper workforce productivity management allows you to manage human and financial resources efficiently.
It is also important to capture customer demographics and customer shopping behaviors. This data gives insight into the most popular store sections, common customer shopping routes, and dwell time. Further analysis can help you consider new aisle layouts. You also can use the information to launch promotions and measure their success.
If you are looking for a technology solution to improve your store operations, FastSensor has the answer. We have experience in providing superior smart retail solutions. Contact us now to get started.
Retail Analytics: Leveraging Data to Win More Sales and Customers