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Smart Retail Sensing

3 March 2017
How to use retail data to enhance business profits: increase conversion ratio, average transaction value and number of items per transaction.

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Smart Retail Sensing

What can be done to increase the business potential of each person entering a store? How to make efficient use of the huge amount of data and vast know-how? Contact us or read on.

Smart Retail Sensing: the Aims

How to Achieve these Retail Excellence Aims

Combine technology and expertise in retail management with the five stages model.

The 5 stages of

The 5 stages to achieve retail excellence

  1. Data Collection
  2. Analysis
  3. Planning retail adjustments - adjusting a customised tool box
  4. Implementation
  5. Back to Data Collection to monitor, measure and make more improvements to the key performance indicators

On which Retail Components does the Model Focus?

The Retail Toolbox

There are various retail tools which can be used to increase sales and optimise the retail process. These include...

Tool: Average shopping or dwell time

The average shopping time reflects the overall level of service in the store. The better the service, the longer people stay and the more likely they are to make a purchase. Measuring and improving average shopping time results in an increase in:

  1. The number of people buying something
  2. The number of items they buy
  3. The amount of money that they spend

Chart of average shopping times
This chart shows some very different average shopping times in a chain of shops in Germany. In the shops where people spend just 6 minutes there is great potential for improvement and increased sales.

Tool: Queue Monitoring

Nobody likes queuing. Too long a queue annoys customers, drives them away and makes it less likely that they will return another day. Measuring queues - knowing exactly how many people are in the queue at the moment, the average queuing time, how many people leave the queue before reaching the front and so on - allows retailers take steps to remedy any problems found. The tool can also predict when queues are likely to form and enable retailers to take pre-emptive action.

Tool: Conversion Rate

Integrating people counts with the point-of-sale system allows staff to see the current conversion rate of the store - down to 5 minute intervals. They can immediately take action to improve performance.

analytics-results

Time Table

Data
collection
1-2 weeks
Observations, processing and analysis
2-4 weeks
Adjusting a customised toolbox
2-4 weeks
Implementation and achieving KPIs
4-6 weeks
Monitoring and maintaining the new standard
periodical

Impact of Smart Retail Sensing

An increase of 30% in sales is achievable in just a few months, without any increase in store traffic. Contact us for more information. Fill in the form below, call +44 (0)161 839 6437 or email sales@retailsensing.com

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