AI in Retail – Increasing Revenue and Improving the Customer Experience
High street stores are facing stiff competition from the internet. Once-dominant retail chains are collapsing. Progressive retailers are turning to
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Retail
The secret of visitor value: why high street stores are using the same metrics as web sites
Webmasters are superstars at analysing visitor data. What can retailers learn from their approach? One metric that stores are stealing
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Understand your retail audience
All retailers want to understand their customers. What pulls their audience’s attention, what gender are they, how old are they,
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Revealed: how to reduce queuing time by 89%
Cameras and people counting technology let supermarket chain reduce the time customers spend queuing from 4 mins to just 26 seconds.
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Why do retailers miss easy opportunities to grow sales?
Many retailers collect people counts, but few use the information to its full potential. Here’s why they are missing out
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Revealed: why a longer ‘average shopping time’ pushes up retail sales
How much customers buy is a direct result of how long they spend in a store. The longer the average
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Understaffing costs more than overstaffing – Retail staff scheduling to maximise profits
Researchers surveying 41 retail stores found that all of them were systematically understaffed during peak hours, affecting sales and profitability.
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There are just 3 ways to increase sales
There are just three ways for high street stores to increase sales: Increase footfall Increase conversion rate Increase average transaction
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How a 1% Rise in Conversion Rate can lead to a 3% Rise in Sales
A small increase in sales conversion leads to a significant increase in sales, even when no other factors are changed.
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Revealed: how testing shop window displays increases sales
Do your shop window displays attract customers? Are you sure? Video recognition technology tells you exactly how many people looked at the shop window, for how long and what percentage of them actually entered the shop. People can be tracked around the store and you can see if browsers turned into customers.
Video systems give over 98% accurate measurements of customer engagement and response, so retailers can improve displays and test exactly what converts browsers into buyers. Importantly, managers are also very quickly informed when shop window displays are failing to attract customers.
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Occupancy counter tweets alerts to shops
Chain of retail stores sees occupancy counter over the web for each store, area and, privileges permitting, the entire chain. Alerts are tweeted when a store is busy.
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