As you may have seen in our last post The Evolution of People Counting, today’s technology allows retailers to capture ongoing foot traffic data which is an important part of any successful retail business. Point-of-sale (POS) systems give you half of the picture and they don’t tell you anything about potential customer behaviour or numbers. Foot traffic Data can make big difference as it allows you to unlock the the key to customer happiness and loyalty, customer behaviour. Here we will explain, in more detail, what types of actionable conclusions you can come to from understanding foot traffic.
Until now, most retail conversion has been the number of sales from each store location each day. Some retailers will compare these numbers between specific store locations and some between all store locations.
As mentioned previously, you can use the retail conversion rate to assess the effect of other marketing or operational activities. The numbers will help you make an informed decision as to what types of improvement in conversion represents a success for your business.
Gathering timely traffic data is the cornerstone for critical performance measurements in retail, event spaces and hospitality locations. The data provides the means to consistently check up on labor efficiency and scheduling as well as the effectiveness of promotional tools both inside and outside the store. Make sure you are capturing all the data you can, but more importantly, use the data to achieve positive outcomes.
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