Although e-commerce seems to take the world by storm, retail stores still account for more than 90% of all retail sales. This means several people are walking into retail outlets to shop.
Retail storeowners who understand the trends of these store walk-ins and walkouts stand a higher chance of improving their customer service, in turn boost business revenues, and increase profit margins – the core of every business.
Traditionally, retail stores would have an employee act as a footfall counter at the entrance clicking an old-fashioned customer counter.
Today, footfall analytics technology helps retail stores get accurate hourly footfalls (the number of people that visit a retail store at a particular period of time) providing important insights of ratios of new versus old customers. Retail stores can use these important data to fine-tune their strategy. Collecting footfall information can help retail stores conduct the key analyses below:
Conversion Rates: Footfall analysis will let retailers know the percentage of customers who make purchases when they walk into the store. Conversion rate analysis will let retailers understand the actual reason for an increase or drop in conversion rate at different times and take necessary measures to sustain higher conversion rates.
Time Analysis: Analyzing footfall data helps retailers understand peak seasons, peak days, and peak shopping hours for their customers. The outcomes of the analysis can let retailers plan when to liquidate their inventory to utilize the peak hours. It is also easy to organize the staff shifts to avoid compromising on customer service during peak hours.
Loyal Customer Walk-in Analysis: Retailers can use advanced footfall analysis technology to differentiate loyal from new customers and can seek ways to convert the new customers into loyal customers. A higher percentage of loyal customers will indicate that the store is on the right track with its customers maintaining high customer satisfaction.
Age and Gender Analysis: For fashion retailing, footfall analysis can help retailers assort their stores better by knowing the percentage of females and males who walk into their stores to stock products suiting the most visiting gender. Age analysis will help storeowners to understand the percentage of different walk-in people to structure the store to suite these groups of people.
Footfall analytics can assist you understand your customers better and make necessary adjustments to grow your retail store. You can request for a demo at any time and we can walk you through footfall analytics solution for retail store.