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The Importance of Retail Analytics

Retail analysis is the use of data on consumer behavior and marketing activities to make sound business decisions. Retail video analytics tools facilities strategic planning for business based on conversion I.e. What is working, what is not working, and what can be improved so as to increase sales. What are the advantages of Retail Analytics technology on your premises? 

Traffic Flow 

It is crucial to understand more about the traffic flow of a retail store. By understanding the traffic flow of the store, the manager can know what areas need improvements. For instance; 

  • What are the most popular spots in the store? 
  • Which spaces do the customers rarely visit? 
  • IS the layout of the store impeding traffic and what areas can be improved? 

Retailers realize a positive change in customer flow and average sales value thanks to all customer tracking and enhancing efforts. The flow uses both flexible and scalable network cameras. Plus, the cameras are cost-effective and gives a concrete solution via the analytic.

Customer Profiling 

The people counting system will help you identify your target market. By accurate analysis of your customers’ product appeal, you will get to understand your customers’ tastes and preferences and get to meet their needs better. 

Branding 

Identifying the popular aisles in your store will help in identifying the spaces that are attracting customers and why? The retail analysis compares the various layout strategies of various outlets of a chain. This helps in improving marketing and display strategies and consequently increase sales.  

Labor Optimization 

Retail video analytics facilitate the real-time allocation of labor for more efficiency. They also help identify the peak periods of your store. You will get to enhance efficiency in your premises and have more satisfied customers. 

Profit Maximization 

A comprehensive study of activities in your business premises will help you minimize costs and increase your profit margins. Retail analytics give you a better understanding of your customers, you will know which products you need to sell more and how to sell them. You will also get a better understanding of how many employees you actually need to enhance efficiency in your store.  

Retail analytics gives shopkeepers a clear view of the trafficked areas and customer patterns to help stores improve their services or customer service techniques. Retailers can use detailed analytics to improve their marketing techniques and promotional activities. Retailers can improve their services to meet customer demands by using traffic data from customer buying habits and behavior.

Report

What do you think?

Written by RetailFlux

RetailFlux provides complete set of retail analytic products with superior accuracy in the form of innovative visualizations.

People Counting with Staff Exclusion
Heat Map
Shopper Flow
Route Map
Zone Analysis
Queue Monitoring
Demographics

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