As data becomes one of the most valuable assets in the world, retail foot traffic analytics has become increasingly important. The question is, are you seeing the data you need or is your retail analytics system a throwback to the 90’s?
What is retail foot traffic analytics?
Data analysis is the process of inspecting, cleansing, transforming, and modeling data to discover useful insights, inform conclusions, and support decision-making. Like data analytics, retail analytics is collecting, analyzing, and reporting on data related to a retailer’s operations.
Retail analytics can be applied to understanding foot traffic, customer behavior, tracking inventory levels, measuring the effectiveness of marketing campaigns, and more. For example, by analyzing data from a variety of sources, such as customer purchase histories, foot traffic counters, and POS systems, retailers can gain valuable insights into their customers’ habits and preferences so they can adjust their product offerings, pricing, return policies, and even their physical and online store layouts accordingly.
Analytics also helps retailers make better decisions about which promotions to run and which marketing strategies to focus on, as well as when to staff up and down. Ultimately, data analytics helps retailers increase sales, reduce costs, and improve customer satisfaction and loyalty.
Why should you collect retail foot traffic analytics?
Make decisions faster, and with more confident. With retail analytics, you can stop guessing and can start making data-driven decisions. With the right data, you can optimize staffing, predict foot traffic and inventory levels, personalize the customer journey, and much more.
How should you collect retail analytics?
There are multiple ways you can track analytics for your business. You can gather data from multiple sources, such as your POS system, Foot traffic counter, or there are even software’s that pull data into one source of truth.
By harnessing data from various sources, you create a multi-faceted strategy for insights. The POS system provides transactional data, offering a detailed view of sales and inventory, while foot traffic counters offer valuable information on customer behavior and engagement within your physical space.
What metrics should you track?
Tracking data is essential to understanding and growing your business, but there is a point where too much data can clutter your analysis. Focusing on sales and traffic performance metrics is a great place to start.
Here’s a handful of metrics that are beneficial to track:
- Average Ticket
- Time with Customer
- Conversion rate
- Daily revenue
- Prospecting %
- Foot Traffic
How AI is changing retail analytics
Retail analytics that utilizes AI-computer vision lets businesses see their foot traffic, improve their teams, and automate their sales. Most systems merely count foot traffic and provide the data. Ai lets you connect foot traffic analytics to every part of your business to track the entire customer journey; including advertising, in-store experience, sales results, and follow-up tools and goaling that keep customers coming back. Here are some metrics AI improves:
- Average counts by day, door, and location
- Advertising effectiveness
- Queue time tracking
- Average Time With Customers
- Counts by Day, hour, location, and salesperson
- Returning customers by location & salesperson
- Sales Vs. Opportunities by location & salesperson
- Revenue Per Opportunity by Sales Staff Rank
- Add-On Sales by Percent of Transactions
- And much more
So if your data system is the equivalent to a 90’s cellphone, maybe it’s time for an upgrade. Because if you operate a brick-and-mortar business, you need to track your foot traffic and improve your teams to make more sales. The problem is, it is difficult to see what happens once someone enters your business and even worse, traditional systems merely count foot traffic, but modern systems do much more.
Want to learn more about how Trakwell.ai can help you grow your business?
