For clever business owners, data has become an essential commodity in the digital economy. Without digitally transforming and integrating data and analytics into their business processes, companies risk missing out on strategic sales and marketing opportunities and falling behind in a changing marketplace.
This applies to retail stores as well, where metrics and measurables such as people counting, sales conversions, stock levels, and spend management should always be tracked to effectively gauge performance.
However, tracking and combining multiple data points to create actionable insights can be challenging without an efficient system. This is where retail analytics comes in.
In this blog article, we explore what retail analytics is, how brick and mortar retail stores can benefit from it, and its use in the digital economy.
So, keep reading!
What Are Retail Analytics?
Retail analytics is the process of collecting and analyzing business-wide retail data, including customer data (such as NPS, customer retention rate, churn rate, and loyalty), in-store data (such as people counting, foot traffic, dwell time, queue time, transaction counts, and conversion rate), and inventory data (such as stock turn, ROI, and sell-through rate).
Retail analytics can provide insights into every area of a retail business, from sales, marketing, and customer experience to stock control, staff management, and overall daily operations.
The Benefits of Retail Analytics
Retail stores can use retail analytics to identify problems they may be facing, such as long queue times, low conversions between foot traffic and sales, and poor customer experience ratings. The benefits of retail analytics are numerous, including improved customer experience, optimized staff management, better sales and marketing strategies, and less resource wastage.
By analyzing customer data such as dwell time, conversion rates, abandonment rates, and queue times, retail stores can create strategies that make the shopping experience enjoyable and put their customers first. Retail analytics can also provide insight into when a store is busiest, allowing for more effective staff rosters and better resource allocation.
The Perfect Retail Analytics Solution
Vemco Group offers reliable retail analytics solutions, including people counting, traffic flow measurement, and in-store analytics capabilities. Our solution, Vemcount, is configurable, device-independent, and available as a hosted or private cloud-based solution to work seamlessly with existing ERP, POS, and BI systems.
With our retail analytics solution, brick and mortar retail stores can stay competitive in the digital economy and drive growth.
Ready to get started? Get in touch today for a non-binding conversation regarding your needs.
