Why All Retailers Need People Counting Sensors
People counting sensors belong to a group of visitor analytics solutions that allow retailers to gain better insight into how people behave in their stores. These sensors monitor customer activity, measuring important retail metrics like customer footfall, conversion rate, and average dwell time. The tracking sensors can also be used to plot customers’ paths through stores, highlighting the sections they visit frequently and spend the most time in.
So, why do you need to adopt people counting sensors for your store/chain of stores? Because technology revolutionizes retail as you know it. Supported by AI-powered software, the sensors make it possible to track all the essential retail metrics. You can collect analytics that points out if your store is staffed optimally if your customers are satisfied, and how many sales opportunities you lose every day. This puts retailers in a better position to measure and optimize retail KPIs.
Customer counting is an integral part of retail analytics
Retail analytics are key metrics that describe how customers behave in a retail location. They tell store managers everything they need to know about how customers interact with their stores, allowing them to identify and maximize trends. To get analytics, however, you need data. And to get customer data, you need to count and measure in-store behavior. People counting sensors facilitate this counting and data collection.
When the counting sensors are connected to people counting software, retailers can collect foot traffic data. This outlines how many visitors your store receives per day. When the data is analyzed further, you get an insight into your store’s busiest hours and days. Other analytics available from traffic data include store conversion rate, customer-to-staff ratio, and customer retention rate.
These are crucial retail analytics and optimizing; even one of them will boost store performance significantly. Adopting counting sensors for your retail locations makes it easier to monitor the metrics and improve performance.
Analytics from sensors can be used to improve retail operations
While some retail analytics focus on business performance and customer interaction, others concentrate on in-store activities. They identify how easy it is for visitors to move around your store and find their favourite sections and products. The metrics also track average checkout time, cart abandonment rate, and how many sales opportunities are lost per hour.
Data from tracking sensors can be used to create a heatmap outline of a customer’s in-store journey. Therefore, you may plot how customers move from one section to the other. You may also identify chokepoints in their journeys and devise ways to make navigation simpler.
People counting sensors can also be used to monitor queues and staffing levels, especially during peak periods. Analytics from the sensors can be used to determine if enough sales associates and checkout staff are deployed, and how efficiently your store operates at any given time.
Efficient in-store operation translates to optimal staffing, shorter buyer journeys, and shorter checkout times. This improves satisfaction levels, boosting sales, profits, and customer retention.
The sensors can be integrated with other retail solutions
To increase their functionality, people counting sensors are typically integrated into a retail analytics suite. V-count’s suite, for example, enables the sensors to work with people counting, heatmap, queue management, and demographic analysis technologies. This creates even more retail-based use cases, making the sensors much more effective.
V-Count’s Business Intelligence Platform (BIP) is used to store the data collected by different retail solutions. The BIP also provides store managers with reports that highlight performance based on key retail metrics. Suggestions on how each metric can be improved may also be proffered.
Retailers are already using retail analytics to outperform competitors
An increasing number of brands are getting wise to the competitive advantage that tracking and optimizing retail analytics offers. Many of them are now using sensors to collect valuable customer data. This has led to more effective operations and improved business performance.
Luxury linen brand, Matouk, used retail analytics to gain deeper insights into sales and ROI. By doing so, they were able to improve their decision-making process and devise better strategies. The result was a 200 per cent increase in ROI in the six months that followed the adoption of data analytics.
German manufacturer of watches, jewellery, and leather goods; Montblanc is also leveraging video analytics to boost sales. The company generated maps that highlighted sections that store visitors spent the most time in. Subsequently, Montblanc placed its products in these sections and deployed more sales associates to provide guidance to customers and boost conversion. This initiative was followed by a 20 per cent increase in sales.
In a nutshell, all retailers need people counting sensors because it has proven to be valid for increasing sales, optimizing retail operations, and boosting profits. By collecting customer data, retail stores are better placed to identify trends and preferences. This enables them to adjust according to customer needs and provide better services. This optimization is made possible through people counting sensors and retail analytics software.