5 New Year’s resolutions every retail business should make for 2016
Despite a few twists and turns along the way, it’s been a positive year for many retail markets, with consumer confidence increasing and retail footfall rising with it.
However, there’s always room for improvement, and the start of a new year is the perfect time to put some longer term growth objectives in place.
In case you need a little help with your year-ahead goals, FootFall has pooled our expertise to create 5 New Year’s resolutions every retailer and shopping centre should make for 2016:
#1 – Don’t let data lie dormant
The beauty of modern retail is that every customer interaction leaves a data trail. Yet, as we discussed in our most recent Acting on Insight report, a lot of that information is lost because retail businesses only focus on selected metrics.
In 2016, retailers and shopping centres should be leveraging all the statistics they generate, in order to better understand where business is being lost as well as won – and make positive changes as a result.
#2 – Give customer-facing staff greater support
Most of the retail analytics generated within organisations is shared at a higher level, but how many of those insights trickle down to regional managers and store or centre associates?
Customer-facing staff are the front line of any retail business, and therefore they should be the best equipped to respond to behavioural changes. This means delivering key data directly to them in a way that is easy to digest and action.
#3 – React quicker than the competition
Not only must information be filtered through to the right personnel, it’s got to be done quickly. At the pace retail moves, it’s no longer sufficient to make changes by the week or day; retailers and shopping centres should be adjusting to consumer trends throughout the day.
Retail businesses need to be investing in a retail intelligence solution that can deliver intra-day insights, preferably through a dashboard that can be tailored by individual users, so they can respond quickly to the metrics that matter to their role.
#4 – People counters are the bare minimum
Leading retailers and shopping centres aren’t just counting customers anymore; they’re integrating this core data stream with all the other information their business is generating, to provide a holistic view of customer activity.
To succeed in 2016, retail organisations must look beyond people counting alone, to a solution that can put footfall into context. Whether it’s sales data, weather, marketing spend or another metric, creating a 360 degree understanding of shopper behaviour will enable more effective change.
#5 – Forewarned is forearmed
While day-to-day profitability rests on reacting to traffic in the moment, retail businesses need the analysis tools to accurately forecast for the year ahead.
Footfall is an essential statistic in successful planning – and being able to track consumer activity trends across the year will highlight peaks and troughs, allowing retailers and shopping centres to schedule everything from their staffing to their marketing budget allocation.
By gaining retail insights at both a macro and micro level in 2016, companies will have the necessary viewpoints to see the devil in the detail, whilst making sure their ship is continually on course.
For support with your operational strategy in 2016, FootFall’s Site Analytics provides detailed insights into customer behaviour. To find out how to count, capture and convert more opportunities, visit the Site Analytics website page.Back