Retail Management Software: Giving Retailers What They Need
Some years ago, a survey was conducted at the National Retail Federation’s Big Show. Managers of brick-and-mortar retail stores were asked which parts of their store operations they wished they could improve. Their answers ranged from being able to predict what customers want, to having the means to devise new strategies to attract customers and increase sales.
At the time of the survey, the technology to solve these problems did not exist (or were not yet readily available). Today, however, there are a number of retail management software that make it possible for store managers to predict what customers want, gain more control over their stores, and boost profits as a result. Below are data these solutions are providing so retailers get exactly what they need.
Improved Conversion Rates
Retailers spend millions of dollars every year on advertising; all in a bid to attract more visitors. However, if 1,000 people visit a store and 250 0f them make a purchase, that’s a 25% conversion rate. On the other hand, if only 400 people visited and 150 of them buy something, the conversion rate is 37.5%. This shows that improving conversion rate is as important as attracting visitors, and managers are looking for ways to do this.
How do you ensure that every visitor that enters your store becomes a customer? Easy. By offering them the products that appeal to them. If you have a footwear store and most of your visitors are women over 40 years, you need to stock your shelves with products that appeal to that demographic.
With V-Count Mood, Age, and Gender Recognition Technology, store managers can now tell the demography of their visitors. Historical data from the software tells you if most of your customers are men or women, and to what age range they belong. With this, you can predict which products they’ll need. Additionally, V-Count’s people counting technology makes it possible for retail stores to constantly track their conversion rates. Therefore, they can tell when new strategies are working or if more changes are required.
More Efficient Staffing
Another survey, this time from BRP Consulting showed that 79% of store visitors decide where to shop based on “personalized service from a sales associate.” What this means is: if people come to your store, they want attendants to cater to them and give them special attention. This won’t happen if you have 3 associates attending to 20 customers.
In addition to providing information about how many people visited a store, data from V-Count People Counting also signify a store’s peak periods. When this data is analyzed using the Business Intelligence Platform, managers get a report highlighting how many sales associates will be needed to run the store optimally. Since the data used to create this staffing report was collected during periods of high—as well as low—activity, overstaffing and understaffing is not a concern.
Finding the right balance when employing and deploying staff is very important. If you employ too many, you end up spending too much on payroll. If you do not employ enough, you end up losing customers during busy periods. With V-Count’s software, you employ and deploy exactly as needed.
Shorter Queues and Faster Checkout Times
When people visit a store, they want to make purchases, pay for their shopping, and leave the store without extended delay. At the first sign of queues, bottlenecks, or long checkout lines, they abandon their shopping and move on. During rush hours, stores lose a lot of business because of long queues, and managers need a long-lasting solution.
V-Count Queue Management offers one. With this, managers get notified when lines are starting to from anywhere in the store. The manager can then deploy more staff to the concerned area; be it checkout or a particular section.
V-Count also provides retail stores with heatmap technology. Data from heatmap devices show how customers move around in the store. This information can be used to improve store layout; making it easier for visitors to move around and ensuring that no sections are crowded even during the busiest periods.
Data Reports to Optimize Store Operations
V-Count Business Intelligence Platform provides regular reports showing how well a store is performing, how effective their marketing campaigns are, and how operations can be further improved. The platform collects data from the different retail management software (people counters, heatmap, queue management, and MAG) and analyzes them using artificial intelligence. These reports offer store managers an overview into how they can create stronger marketing campaigns, how staff scheduling may be optimized, and how to improve store design and product listings. It also highlights how many sales opportunities were lost and how these can be avoided in the future.
With V-Count’s retail management software, managers can now improve their store’s operations without difficulty. They can provide personalize services, ensure that there are no delays in the store, and offer products that appeal to their customer base. With these, a higher percentage of visitors are converted to customers, and sales—as well as profits—increase rapidly.