Smart retail analytics deliver business success

How to use retail analytics to maximise the business value of every person entering the store.

Why Smart Retail Analytics?

Many retailers collect data on what is happening in their stores but are not using that data to maximise the volume of sales.

Someone who leaves a store without buying anything is a loss of the tremendous budgets which were invested in marketing activities, store design, rent and salaries.

An entry which did not end with a transaction is a lost customer.

What can be done to increase the business potential of each person entering? How to make efficient use of the huge amount of data and vast know-how?

Smart Retail Sensing: the Aims

  • Raising conversion ratio
  • Raising the average transaction value
  • Raising the average number of items per transaction
  • Continuing the improvement over time

How to Achieve these Retail Excellence Aims

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

The 5 stages to achieve retail excellence
  1. Data Collection
  2. Analysis
  3. Planning retail adjustments
  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?

  • Store orientation and product range
  • Service
  • The Sales Process

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 Analytics

Long Term

  • Constant improvement in the main parameters
  • Preparations according to predetermined patterns
  • Marking “bleeding profits” shops due to poor preparation

Short Term

  • A significant increase in the three main parameters: Conversion Ratio, Average Transaction Value and Number of Items per Transaction
  • Setting new achievable standards
  • Dramatic amplification in staff awareness and service parameters

Find out more

Get in touch to see if we can help you acquire retail intelligence. You can also download the Smart Retail Analytics infographic.

Retail Sensing

Retail Sensing manufacture the Video Turnstile people counting, vehicle sensing and smart city equipment. Our systems not only measure footfall and traffic, but monitor queues, display occupancy, track shoppers around stores, show heat maps of most visited areas, record passenger numbers, count pedestrians and provide retail intelligence and key performance indicators.

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2 thoughts on “Smart retail analytics deliver business success

  • 8 September 2020 at 11:36 am
    Permalink

    nice cutting edge , but how to collect and integrate third pary data?

    Reply

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