Increase sales and turnover with TC Analytics
The installation of beacons or the use of Wi-Fi in stores allows retailers to collect a large amount of data concerning consumers and their behavior in store purchase.
Through consumer smartphones with Wi-Fi or Bluetooth enabled, retailers are able to monitor purchasing behavior. This is possible thanks to the information released by the MAC address, a unique identifier placed by the manufacturer of the hardware device that allows to trace the person who owns the device that interacts with the proximity marketing systems. The data obtained with these technologies can be useful to:
- Identify how many people have passed in front of the store and who have decided to enter or not;
- Identify the conversion rate at the time of purchase;
- Trace back to the purchase paths made by consumers
- Detect how much consumers are kept inside the point of sale
In this way, retailers can obtain and control a large amount of data, concerning shop visits, one-time visitors, new visitors but also potential consumers, or those who pass in front of the store but, for some reason, do not decide to enter.
The proximity marketing proves to be a useful technique to analyze also the data concerning the flow of customers and purchase routes: traditional methods, such as loyalty cards, are useful for collecting data on the customer but do not allow to trace the path chosen by customer within the point of sale, nor the shelves or products that he explored before making a purchase decision. On the one hand therefore the analysis of the purchase, on the other the analysis of the visit.
We must not forget that it is the experience inside the point of sale the decisive and most influential moment in purchasing decisions (70% of purchase decisions take place in the store). Yet 99% of what happens in the store is not knowable, if not precisely through these new retail analytics solutions.
With an adequate system of retail analytics, we can monitor the movements of the individual customer and the time he spent in front of the shelves; know (by induction) which products he has taken into consideration and those to which he was not interested.
By crossing this information with the expense data, it is possible to calculate the conversion rate for the entire store and for the product area.
This information is effective to facilitate and improve customer segmentation and to offer increasingly customized offers. Collecting detailed information on customer movements and the reactions they show in front of the store or inside it is also useful for assessing the impact of marketing campaigns and is certainly a solution that brands should adopt to increase turnover.
At TC Group Solutions we are specialists in technology for improve efficiency and performance of every kind of business: we offer solutions to collect, store, process and analyze point of sale data with our TC Analytics software.