Here we uncover encouraging evidence that innovation in retail is impressing shoppers. Two thirds (66%) of consumers believe retail technology has improved the in-store experience, according to a new study by the National Retail Federation (NRF). Meanwhile, Forbes has cited 2019 as the year that the retail sector will master data science – in particular leveraging data analytics to truly get close to customers, and improve the shopper experience.
We also explore how retailers can leverage the data further. By building on the basics of traffic analytics, it’s possible to squeeze even more value out of people counting.
Benchmarking: Are you getting your share?
Retail market benchmarks provide head office with the ability to compare footfall for a store location with the average for that geography. Footfall analytics used this way reveal the share of overall traffic one store is attracting compared to others nearby, or nationwide. From a property and leasing perspective, market benchmarking helps retail property professionals evaluate the suitability of new locations based on localised shopper traffic trends. These benchmarks can be delivered through the ShopperTrak Analytics suite.
Dig for victory with a professional services solution
Quite rightly, retailers want to earn the highest return on their technology investment. Many struggle to find the time and the internal resources to manage the process of extracting meaningful, accurate, actionable insight from their data pools, and to begin driving tangible results. One option is to work with a dedicated results coach so that there’s a proven change management process in place, driving meaningful, measurable results.
Retailers and shopping centre owners can benefit from a Professional Services solution. This will provide the framework for positioning the impact of traffic, conversion, and other key metrics. And with an established change management process under way, retailers can begin to reinforce tactics, gain buy-in from store teams, and accelerate results over time.
Store segmentation is one project type that can drive impressive results when putting traffic data insights to practical use. Typically, this involves identifying high-performing and under-performing stores with in-depth analyses. From here it’s possible to implement best practices to address pain points, beat sales goals and instil new ways of delivering excellence on the frontline of customer service.
Customer experience has never been more important
Retailers have realised that their customer experience is now their brand experience. Technology is playing its part in shaping the best possible service, stock availability, ‘retailtainment’ and convenience for those heading into physical stores. Failing to schedule the right number of sales assistants at vital peak trading times is unforgivable in today’s competitive market and such shortcomings can be hugely damaging to brand reputation, not to mention conversion rates.
The big winners will be those businesses delivering retail experiences that chime with shopper needs, and this is where traffic data analytics can make a powerful difference. Forget conjecture and intuition; digging deep into footfall data is one failsafe way of knowing how customers behave, and how to begin driving high impact results.
To find out how to drive retail business performance using traffic data analytics, download our free eBook: