Indicators to know the real results of your company
Pedestrian traffic counting solutions can offer interesting insights for retailers, particularly for those who are using data analysis to improve their business performance.
So far, to understand the progress of its store, the majority of retailers only relied on the analysis of sales results: this information is certainly useful; for example, to know the total sales amounts of a given day or relative to the launch of a campaign, but these are purely financial, economic metrics. This information does not give retailers any predictions about what will happen in the future, or how to improve performance.
Instead, combining pedestrian flow data with other metrics or Performance Indicators (KPIs) provide more in-depth information on the store’s performance.
Thanks to in-store technologies it is possible to know:
- Real rates on sales conversion (how many of the customers who entered the store made a purchase?)
- Attraction rate (What is the attractiveness level of my windows shop?
- People entries, leavings and their percentage of visit’s repetition (how many customers have entered, how many have left and how many have repeated their visit to the store?)
Using TC Group’s solutions retail intelligence technologies for pedestrian traffic’s counting, able retailers to calculate the exact number of people in a store at a given time and aligning this information with data obtained from POS, and determine the real effectiveness of your shop (and staff) to convert visitors into buying customers.
Establishing this type of conversion rate is essential: it allows retailers to determine how these rates vary depending on the time of day, day of the week and month, and to calculate the impact of advertising and promotional activity.
In addition to providing a more detailed picture of the conversion rate, pedestrian traffic counting solutions are integrated with chronological data, able to provide concrete information on the exact time (of the day, month or year), in which occur the biggest spikes in a store.
This is fundamental information for managing what is generally the second most important source of incoming for a retailer (after inventory): store staff. With accurate information on the pedestrian traffic’s flow, retailers will be able to know precisely the perfect number of staff needed for each hour of the day, and, consequently, will be able to plan the hours of the store team with knowledge of cause.
Since 1997, TC Group Solutions has been collecting millions of data from sensors around the world with the aim of helping retailers increase profits, commercial efficiency and improve service to their business customers.