When counting make sure it's all dollars and sense

Technology is rapidly changing our lives and making or breaking many businesses.

Leading retailers are using in-store technology to overcome challenges and better engage with customers. In order to succeed retailers must have access to intelligence that helps maintain in-store appeal, engagement and sales.

More retailers are exploring how many people walked past their stores and how many entered.

At surface level walk by and walk in visits provides great initial insights into trending and effectiveness of marketing and other initiatives. Looking at one measurement alone can be exciting but at the same time misleading as it may show that something happened but not the why.

Being able to dig deeper allows you to understand the finer details and make quicker decisions that grow profit and sales.

This includes- Understanding a customer's visit based on time spent on site, in what areas of the store and in what sequence they walked. Is this their first visit, or repeat visit and was it triggered by marketing or other initiatives. What brought this client into your store and most importantly did they make a purchase.

Having a clear understanding of these behaviours and numbers across your customers and stores allows you to segment customer groups, compare store performance and mimic success factors.

For example, you would think that a well-placed city location with high exposure would outperform an isolated free standing suburban store.

OI assisted a well-known brand chain in comparing the performance of their stores. Based on people walking past the city store was a much greater performer.

However compared to the suburban store, as we dug deeper a different story started to emerge.

Comparing over a 3 month period while the city store had an astronomical amount of people walking passed; those entering the store were only a few hundred more than the suburban store.

In addition, the amount of time spent in the city store was less than half that of the suburban store. This was compounded further by a high 'quick exits' being visitors leaving within less than 3 minutes.

Now that's great to know but what do we do with this?

We review deeper to see what areas have been visited, in what order did people walk through the layout of the store and how this amounted to daily sales.

Understanding which areas of the store customer segments were engaging in and how that impacted sales provided actionable insights that not only showed the what, but why and how to adjust operations to mimic the success across other stores.

Walk by traffic does not deliver intent compared to a destination retailer which might have less street traffic but higher appeal created through its offering, marketing, staff engagement and accessible location.

In times where retail has many local and international pressures, understanding how your network performs as a whole and being able to pinpoint areas and drill down allows for agile adjustments, helping keep your business ahead of the game.

Onsite Insights (OI) helps physical stores measure instore activity and marketing so they can grow their business while reducing money and resource wastage.

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