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How many clients passing through your store windows everyday? And how many of them entered your point of sales? Which one of those who entered, ends up buying something? What do people who didn’t buy anything have done? What do retailers have to do to obtain higher results from their store through the day?
Nowadays, technology is the ultimate tool for retailers who want to adapt to the changing times. Right now, to became successful, it is necessary to use multiple and complementary channels of sales, and to transform stores in multifunctional hubs: it’s not an easy work.
What happens inside your stores every day?
To be aware of how the business is going, every retailer needs to know what happen in their points of sales: how many people enters, how many of them leaves and with what frequency? For this reason, technology will provide them with enough quantitative data, to implement their economic performances and help them take the most appropriate and less risky decisions.
Do you already know the Retail Intelligence?
The first parameter of the retail intelligence’s technologies is pedestrian traffic. Thanks to this specific KPI, retailers could have a global vision of what is happening in and outside the store, to optimize their profitability.
It is possible to obtain very accurate data through the analysis of pedestrian traffic, as, for example, the conversion rate: how many of the people inside the store buy something? Or, for example, the attraction rate: how many of the people who passed in front of my store windows decided to enter the store?
To assess whether the management of a store is profitable, it is necessary to study some key performance indicators (Key Performance Indicator). It is a set of specific parameters that each store can use to verify if the objectives have been achieved. These “smart data” are essential for making strategic decisions and optimizing sales.
In examining the results of a store, other parameters that you know are:
- Total amount of sales per hour
- Total amount of sales per customer
- Total average sales made for each staff member
- Total sales value per m²
- Average ticket value: this is the average sales value per customer in the shop and is obtained by dividing the sales by the number of tickets issued.
By studying the pedestrian traffic behavior we can significantly improve the profitability of the store, because different departments of the company can meet all the needs and make strategic decisions that directly affect the company.