The Top 6 Technologies for Brick & Mortar Success in 2021
As we bid farewell to 2020, we reflect on the challenges and lessons this year has brought. The coronavirus pandemic has dramatically impacted people’s lives across the globe, challenging businesses in all industries, including retail. As retailers and brands look to return to growth in 2021, they’re going to need some help, and foot traffic technologies can provide that.
Best Technologies to Analyze Foot Traffic in Retail Stores
When customers visit a brick-and-mortar store, they leave clues about their shopping preferences all around the store. They leave hints about their favorite shopping times or days, the store sections they love spending time in, and their preferred products. Even visitors that fail to make purchases leave suggestions about why they didn’t.
These clues and hints can be leveraged to improve store design, optimize staff deployment, and make product listing better. They can also improve operations and boost customer satisfaction, ensuring higher conversion and retention rates. Many retailers are not aware that digital solutions exist to analyze their customers’ foot traffic.
To this end, we have compiled a list of the best foot traffic analysis technologies in the market and how they work.
People Counting Technology
The first step to analyzing foot traffic is measuring it, and V-Count’s People Counting technology does this effectively. The data sent from our Ultima AI people counter to the Business Intelligence Platform (BIP) holds a lot of insights about visitor footfall, and they can be used to derive crucial metrics for any business. For example, retailers can estimate how many visitors they receive per day, which hours are the busiest every day, and which days are the most active every week.
Furthermore, footfall data provides a means to assess the effectiveness of new marketing initiatives. Changes in visitor traffic after the launch of the campaign indicates how well it was received.
Traffic data may also be used to evaluate a store’s conversion rate. This metric compares the visitors who have made purchases with those who have left without buying anything.
VCare Real-Time Occupancy
V-Count was quick to respond to the COVID19 pandemic with the VCare real-time occupancy solution. VCare allows brick and mortars to follow government social distancing restrictions on COVID-19 by anonymously tracking & managing incoming visitor traffic with digital screening, ensuring both customers’ and staff’s safety.
Heatmap & Zone Analytics
Heatmap & Zone Analytics use a different approach to analyze traffic data. The data provided measures customer engagement levels and highlights how visitors move around the store. Analytics from the heatmap solution can help retailers identify their busiest sections and their customers’ average dwell time. They also reveal how customers move around the store and the products they engage with regularly.
The visitor flow outlines the customers’ in-store path to purchase. It shows how easy it is for people to move around and find the products they want. If your store’s layout is too complicated and visitors struggle to find items, they’ll leave without making a purchase.
Dwell time is another vital indicator; The longer you keep prospects in your store, the higher the chances of them making a purchase. By tracking and improving the dwell time metric, you may increase your conversion rate.
Knowing your busiest zones and your customers’ preferred products also have some advantages. Sections that see the most traffic have the highest potential for sales. They also provide an excellent avenue to boost engagement for new products and promote discount offers to customers. Unattractive products can be delisted to make room for the popular ones. Alternatively, products in both classes may be cross-sold to get the poor-performing products off the shelves.
V-Count’s Demographic Analysis Technology separates store visitors into categories based on their ages and genders. When you know your visitors’ demographic distribution, it becomes easier to offer them the right products and brands. You are also better placed to provide personalized services and keep them engaged.
V-Count offers the most cutting-edge queue counting and management solution currently available in the people counting market. V-Count’s Ultima AI can accurately and anonymously calculate the number of customers at the checkout queues as well as the average time they spent there. Identifying these key metrics is critical for retailers who seek to efficiently allocate their personnel and prevent any potential customer losses caused by long queues.
Business Intelligence Platform
The Business Intelligence Platform (BIP) is the ultimate technology for foot traffic analysis. All the data collected for the different solutions are sent to the cloud-based platform for analysis. Subsequently, cloud-hosted AI and machine learning tools convert the raw data into easy-to-understand actionable reports. These reports highlight how customers behave in your store via analytics like conversion rate, cart abandonment rate, dwell time, average time spent at checkout, etc.
Additionally, marketing campaigns are integrated into the BIP, and the platform measures each campaign’s effectiveness. It also identifies the best performing campaigns by comparing performance before and after results.
Finally, the BIP provides recommendations on how to improve store operations based on analyzed traffic data. Using reports from the BIP, action plans can be implemented to maximize visitor footfall, increase business efficiency, and boost profitability.
Customers expect retailers to meet their changing needs. The only way to provide streamlined services is to analyze traffic data to optimize every step of the customer journey that ultimately leads to a purchase. With the technologies listed above, you’re closer to understanding your customers’ behavior and making the most of the insights you gain.