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1-Supermarket

Top 10 useful metrics - Why retail analytics make the difference

For all businesses, data is a game changer and, retail stores – both physical and online – are no exception. Data gives shop owners the head start to enhance their store’s performance. With the newest technology, using cameras featuring facial recognition and artificial intelligence, you can make significant improvements in many areas.

In this article, we will talk you through the most promising data you can use to get better insights and optimise your business significantly.

1. Anticipate peaks in visits and demand

Information gathered relating to customer numbers is critical to boosting sales and profits. Get insights into peak hours and days for customer activity, how much time is spent in the store, or the average dwell time of a customer in any one area.

Data showing time spent in a store combined with the time of day, week or year can provide critical insights into customer buying patterns and interests. With this in mind, it is not hard to imagine that foot traffic is one of the more important metrics to track.

2. Get to know your customers

Knowing who is in store provides essential insights for the target group build up. What gender and age groups are in the shop at any given time and who are they with? Which customer segment is looking at digital signage and for how long? At the end of the day, which segment is growing and which segment will be buying more of your products? All of this makes demographics our #2 metric in this list.

3. Showing relevant content

Digital displays are used more and more in stores to inspire customers and boost sales. By monitoring specific customer attributes, your display can show relevant information and ads. This will, of course, lead to higher awareness and improved sales. With the latest AI technology, the system gets smarter every day, knowing who is looking, and monitoring how long they look. Even facial expressions can be measured.

4. Reduce waiting times

Using an intelligent system with cameras and AI gives you the opportunity to measure waiting times at any given moment. With this information, you can optimise staff levels to reduce waiting times.

5. Test new products and shop layouts

By tracking shopper profiles, the locations where they look at products, and the time periods they are in our stores, we can gather data on what works best. Any change in the shop setup can be measured and optimised by searching the sweet spot in your retail mix.

6. Customer experience

Depending on your store type, there are KPIs that improve your customer shopping experience. For QSR this could mean striving for the shortest time at the vending machine and increasing employee efficiency to ensure a speedy service. For retail stores it could mean validating store concepts, where longer time spent in store or at any one display is good for business. Length of stay metrics help to get better insights on how customers experience their store visit.

7. Store aesthetics

To attract customers into your store, you want to make the windows as eye-catching as possible – turning passers-by into customers. With a mix of creativity, stunning materials, displays and content, you can significantly improve the look of your store. Measuring the effects of any change gives you all the insights to create the best performing window layout to enhance shop entrance traffic.

8. Impulse product sales

Most shoppers come into the store with an open mind on what to buy. With displays showing relevant content, retailers can inspire them to buy specific products. Our latest solutions can even sense who is looking at the LED display to show the most relevant content using AI. By also measuring the outcome of each touchpoint, optimisation is easier than ever before.

9. Customer satisfaction

With better data comes more ways of optimising your shop to suit your customer needs and expectations. Reduced waiting times, better staffing, products at the right place. These and many more aspects can now be screened with high accuracy to help retailers to make the right decisions and keep on optimising.

10. Better business decisions

True metrics are the best basis for well-informed business decisions and to generate audience KPIs. By counting unique visitors and gathering a range of data based on demographics, you have all the info you need to know what works and what doesn’t. You can even feed your business intelligence (BI) with accurate and relevant data to produce better forecasts, models, algorithms and for cross-analysis.

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