How to calculate your store’s performances?
Nowadays, if you’re the owner of a physical store, analyzing the results of your point of sales it’s very important: to be able to quantify real benefits, brought by your marketing campaigns, it’s the only solutions to know the real situation of your business and to study new methods to improve commercial efficiency.
So, which are the right metrics to calculate the productivity of a point of sales? Which are the most important KPIs (Key Performance Indicator) to consider?
How many people walking on the sidewalk in front of your store? How many of them end up coming in? Measuring the evolution and the distributions of consumer flow during the day it’s crucial: these data helps us understand if we need to adopt new marketing strategies to boost sales.
To do this, it is essential to have a counting people device in-store.
TC Group Solutions offers the best solutions on the market for people counting: these are different tools, able to collect a lot of information on the flow and behavior of the customers.
One of the solutions consists of a pedestrian traffic reader, installed on the façade of the store and able to gather information on the number of people passing in front of the shop window, 24 hours a day and by time slots.
Another of the possible Retail Intelligence solutions is the In & Out module, an input and output counter installed at the point of sale: this tool calculates the number of customers physically present in the store and the time they stay inside.
Both of these hardware devices are completely independent, do not need access to the store’s ADSL connection and do not interfere with the point of sale management system.
This information is then cross-linked with the TC Analytics software, to obtain the coefficients of attraction and conversion, and, consequently, use this data to improve store productivity.
How many of the people passing in front of your store end up coming in? And how many of them carry out a purchase, turning into real customers?
Measuring commercial performance is essential: it allows us to evaluate the effectiveness of our sales strategies, the availability of products in stock, the level of attraction of your windows, the effective productivity of the staff, the preparation of the store etc.
Only thanks to the two tools mentioned above will it be possible to calculate how many potential customers enter the point of sale at any time (Visitor Conversion Rate), the percentage of potential customers that turns into real (Customer Conversion Rate), the Cost of Potential Customers (CPC) and much more.