Understand How Wi-Fi Tracking Technology Created Retail Analytics 2.0.
What would you think when someone mentions “retail analytics”? It is crystal clear that this is not just about counting the number of people going in and out of the stores, but rather analyzing some specific metrics and customer behaviour that would benefit your businesses’ efficiency, sales and profits.
The camera people counting technology is the foundation block of retail analysis. Recently, businesses started using Wi-Fi tracking systems along with camera people counters to go deeper on their in-store analysis; regarding their customers’ behaviours and thus, further their strategies on how to gain profit on their investments.
Use High-Quality People Counter Device
As soon as the businesses realize analyzing metrics such as draw-in rate, dwell time, retention rate (the benefits of Wi-Fi tracking technologies) helps boost traffic, conversion rate & revenue per customer, people counting technologies and analysis became major trends in many sectors that bring in visitor traffic.
With that said, we would like to welcome you to our world of people counting and retail analytics to give you insight on how we identify these metrics that are mentioned above and how these two technologies complement each other to offer you the big data.
Businesses can see how many potential buyers visit their stores on a daily, weekly and even monthly basis to calculate the total amount of footfall.
They go one step further and see how many of these visitors actually purchase the offered products. Basically, the businesses can now know, exactly how many of these potential buyers turned into shoppers or what they can do to turn them into buyers.
Revenue per Customer
Lastly, they would be able to calculate the revenue per customer by analyzing what each customer purchased and how much they paid for these items. Therefore, the businesses exactly know how much profit they make out of each customer and analyze their purchasing behaviours.
When these three basics of people counting are integrated with Wi-Fi tracking, businesses see sharper numbers and take action relying on more accurate facts to increase sales volume.
On another note, the Wi-Fi technology strengthens and complements the camera people counting technologies with the benefits it provides to give you an analysis at a more detailed scope.
Now let’s see how Wi-Fi traits integrate with camera people counters to turn potential buyers into loyal customers.
Staff elimination will help you receive pure customer data by tracking your staff’s Mac IDs, enabling you to record the number of times they enter and exit the store.
In addition to finding pure visitor number, you can also use this feature to allocate your staff accordingly with your customer number. By tracking your staff’s Mac ID numbers and your customers’ Wi-Fi signals within the store, you will be able to figure out when and where you are overstaffed and understaffed. Thus, you may designate your staff to where they need to be.
Another one of the great advantages of Wi-Fi tracking is to go deeper on how many people come in vs. how many people just pass by your stores. With this technology, you will be able to detect the exact number of people who walk in, while passing by your stores.
At last, this component will help you understand and assess if your marketing campaigns, window displays or other media channelled information has been successful or not depending on the number of people coming into your stores. You may optimize your marketing campaigns, store designs and product placements accordingly if you want to bring more customers in and boost your sales volume.
Dwell-time helps you see and analyze how long your customers stay in your stores. This information will be the key to utilize your marketing campaigns and how you use your product placements to grab your customers’ attention. Use this data to keep them within the store to buy more and engage in the purchasing process. The more they stay, the more they purchase.
With retention-rate, your main advantage is to detect how many repeating customers you have and turn them into frequent and loyal buyers. With this information, you will be able to see what these people are interested in when they come into the stores; in terms of marketing campaigns, popular areas, specific trends and promotions. It will always be easier and more profitable for businesses to invest in keeping repeating customers than, getting new ones.
This feature helps you compare how two of your stores in close proximity are doing in terms of traffic and generating profits. Since these stores are so close to each other, there might be a possibility that they are cutting into each others’ sales without realizing. It would be ideal for a business owner to know if they are losing sales and profits to another branch and at what percentage or how costly are their stocks for them. Basically, with cross-shopper, businesses will turn their losses to wins.
In conclusion, when businesses combine the basic framework of people counting, which is using the cameras with the high-end Wi-Fi technologies; incrementing sales, revenue and conversion rates are inevitable. So, if you want to boost your success both in terms of investment and customer satisfaction; combining “camera people counting” with “Wi-Fi technologies” is, a must, where you will be using all of the metrics that are mentioned above to make sure you are at your highest potential.