The Business Intelligence Platform: The Features It Provides and Their Advantages
Every sector in the world economy is being revolutionized by modern technology and retail is no exception. As a matter of fact, recent industry trends indicate that brick-and-mortar businesses stand to benefit significantly from new technologies (e.g. visitor analytics, heatmap, queue management devices, and many others) breaking into the scene. These new solutions provide business owners with data that outlines how much time visitors spend in their stores, how customers behave in the stores, and which products they interact with. As crucial as this data is, however, it comes mostly in the form of numbers, making it hard to interpret and apply.
With the Business Intelligence Platform, businesses can convert raw customer data into easy-to-understand and actionable reports. These reports can then be used to improve in-store operations, store layout, staffing, product listings and many more. Here is an in-depth look into the tools offered by the Business Intelligence Platform and how businesses stand to benefit:
Identify high-performing sections
Which section of your store is receiving more visitor traffic than the rest? Why do customers spend more time in some sectors than they do in others? What practices are prevalent in these sectors, and how can they be used to upgrade the low-performing sectors?
With the multi-camera heatmap solution, businesses can now measure customer dwell time from zone to zone. Afterward, the business intelligence platform provides them with reports on what makes certain sectors attractive to customers. This information can then be used to improve store design, optimize product placement, or make any other required changes.
Data gathered from the devices can also be used to measure how much more sales were recorded when a product was displayed in certain areas. With this, business managers are able to test new product placement strategies and measure marketing ROI.
Analyze and improve visitor flow
Does the checkout counter at your store have long queues? Are there sectors that are so busy that they get overpopulated, leading to customer bottlenecks? The Business Intelligence Platform comes with a Visitor Flow feature that outlines the friction points in the customerâ€™s purchasing process.
Store managers can leverage this feature to improve customer flow in their stores and make purchasing as hitch-free as possible.
Monitor customer seasonal behavior
The Business Intelligence Platform uses historical data to predict how different seasons and holiday periods affect how a store operates. Armed with this information, stores are able to operate efficiently and without compromising on customer satisfaction.
For example, shifts will be automatically planned based on the number of customers entering the store and attendants are allocated based on the number of people in a section. Change in customer interests and how it affects staff scheduling will also be factored in automatically, using the time series feature made available by the latest machine learning solutions.
Set targets and measure performance
At the start of every month/year, businesses set targets for traffic, sales, customer conversion, new products listed, and so on. Using the Business Intelligence Platform, it becomes easier to collate monthly data and measure performance against set targets. As a result, old strategies that proved ineffectual may be overhauled and new initiatives can be implemented to ensure that there are no shortcomings in the future.
Businesses will also be provided with store-to-store reports outlining their monthly, quarterly, and yearly hit rate. This allows store managers to access past data easily and track their performance over time.