4 Benefits of Using a Business Analytics Platform for Physical Locations
Businesses leverage various technological solutions to analyze different aspects of their operations in physical locations. For example, People counting sensors help businesses measure the number of customers that visit their physical stores or offices every day. Zone Analytics data show how visitors move about in the space; the sections people visit the most, the products they interact with, and the average number of minutes spent in each area. Queue management, on the other hand, shows how long every customer spends at the checkout counter. These technologies provide raw data, but without proper interpretation, the data is useless.
The Business Intelligence Platform is a business analytics dashboard that interprets the data collected and presents it in easy-to-understand reports. This makes it possible for managers to come up with data-backed business and marketing strategies that optimize their service delivery, improve visitor-to-customer conversion, and increase sales.
Here is an in-depth look at 4 benefits of using V-Count’s Business Intelligence Platform:
1- Prevent Lost Sales Opportunities
How many customers come into your store but leave without making a purchase? What is the principal reason for customers abandoning their carts? What measures can you put in place to avoid such an occurrence in the future?
The answer to these questions can help businesses reduce lost sales opportunities and improve their conversion rates.
With data from people counting sensors, the Business Intelligence Platform can analyze customer traffic vs. sales completed. This tells the manager how many sales opportunities were lost per hour (or per shift). If, for example, data from the queue management solution show that there were long waiting lines during this period, it becomes apparent that customers abandoned their carts because the checkout queue was too long.
The data illustrates that the store was ill-prepared, and as a result, overwhelmed by heavy visitor traffic. Steps may then be taken to prevent a reoccurrence, e.g., opening new checkout lines and diverting some staff from less busy sectors to checkout duty.
2- Improve Staff Allocation and Ensure Optimum Service Delivery
Business locations that provide specific services such as banks, telecom service centers, car showrooms, restaurants & bars, etc., need to have an excellent staff-to-visitor ratio to ensure optimal service delivery. Consider this: if there are 10 customers in a restaurant and only 2 attendants are available, there is little to no possibility of all the customers receiving satisfactory service. If the number of attendants increases to 6, the quality of service will improve considerably.
The Business Intelligence Platform uses historical data from people counting sensors to provide managers with a staff-to-visitor ratio per hour or shift. This shows them their day-to-day staffing status. Also, via computer-automated tips, the platform provides managers with information on how many staff/attendants need to be deployed at any particular time to ensure peak performance. As a result, managers can give their staff time away during slow periods and have all hands on deck during peak hours.
3- Quantify the Effectiveness of Marketing Campaigns
Imagine creating a new ad and measuring how many new customers visited your stores because of it, or launching a new marketing initiative and being able to determine the impact that it had on sales and customer conversion. The Marketing Campaign Analyzer provides businesses with a comparison of customer activity in their stores before and after unveiling a new marketing effort.
People counting provides the numbers of how many more customers are visiting the store. Zone analytics data shows how many people are checking out that new product. The Business Intelligence Platform interprets this data and estimates how much more traffic was gained/how many more sales were made because of the new initiative.
Changes in other performance indicators like sales conversion, footfall activity, dwell time, etc., before and after the campaign may also be measured. This makes it possible for businesses to measure the impact of every $ spent on marketing, and ineffective campaigns may be scrapped. The information may also be used to fine-tune strategies that work, making them even more effective.
4- Devise More Efficient Queue Management Practices
Long queues at the checkout counter are the number one reason for cart abandonment in retail. To make matters worse, once a store gains the reputation of always having long wait lines, customers avoid the store and seek out more efficient options. The Business Intelligence Platform provides managers with information on how many customers are in a checkout queue at a particular time and how many of them abandoned their carts during that period. This helps the manager implement practices that will reduce the average waiting period and make the store more efficient.
The manager also gets notified in real-time when a queue is getting too long, giving them enough time to set up emergency checkout stalls before customers start getting impatient. The shorter the checkout lines, the more efficient the store is, and the lower the cart abandonment rate, the higher the sales conversion rates.
V-Count is the expert provider of visitor analytics in the world. Via our Ultima AI sensors and Business Intelligence Platform, we provide customers with a cloud-based dashboard that analyzes the collected data using artificial intelligence and machine learning tools. As a result, we provide clients with information on how well their stores or other physical locations perform. Additionally, we offer reports and features that help improve operations and optimize new business initiatives.