Sales for US retailers improved dramatically to an originally unexpected 5 percent increase in August continuing to surprise store owners after July’s 4.9 percent increase according to a recent report from the National Retail Federation (NRF).
Measuring marketing ROI can seem like a challenge in a brick-and-mortar store.
Digital stores provide obvious ways to gather data but what do you do if your customers are shopping in real life, as opposed to online? With the help of retail analytics, any store can use retail estate management to help improve the ROI of marketing campaigns.
Analytics have a significant role to play in retail, for offline stores as much as in the online world.
Bricks-and-mortar retailers require effective people counting technology to gather the raw data to fuel these analytics. However, the level of detail and insight available differs from one people counter to another and not many can provide a truly accurate picture.
This is where Vector 4D comes in. As the worlds' most advanced people counter, it combines a range of technologies to meet all retail analytics needs with ground breaking accuracy.
Insight into footfall traffic is fundamental to improving store performance. In fact, it’s difficult to achieve better results without measuring the volume of customers, as well as looking at key metrics such as dwell time and the way that consumers move around your retail store.
If you have insight into customer responsiveness to your store, its promotions, staff, layout, location etc., then you are equipped with key data that is essential to making the decisions that directly improve the bottom line of the business. When it comes to what people counters can do there are three obvious ways in which using this technology can contribute to better results.
People counting is well established as an effective way of gathering data and insights that can contribute to better customer experience.
As customer spend increases, on average, by around 40% as a result of a positive experience, there is a tangible benefit to investing in this technology for any business. Footfall and people counting systems evolve as technology develops and more opportunities open up to gain more accurate insights – time of flight people counting is one of the latest evolutions of this incredibly useful tech.
People or traffic counting has long been used by retailers to help understand the performance of their retail stores. Associating the traffic count with transaction records allows retailers to understand their store conversion rate – the key metric that indicates how effective a store is at converting its incoming customers into money. Retailers use this information in a number of ways – comparing store performance across the estate, understanding the impact of advertising campaigns on store performance, understanding the impact of store improvements and driving staff scheduling to ensure that the stores are adequately staffed at the busiest times.
An ability to remove children from the total people count by estimating and filtering height has been promoted as one of the key features of people counting technology for several years. Now with the Irisys Vector 4D coming to market, there is, for the first time, an accurate and reliable way of actually measuring height.
How busy is your store at any given time? How does this change, and how does it affect your conversion ratio? These are basic questions that every retailer has to ask, but until now they have been surprisingly difficult questions to answer, even for retailers with a comprehensive people counting solution.