Retail analytics is the key to understanding customer behaviour
The path to purchase is no longer a straight line. In this multi-channel, many touchpoint age shoppers have the freedom to interact with retailers and shopping centres in many different ways.
In fact, it’s virtually impossible for organisations to understand these complex patterns of consumer behaviour without retail analytics – yet many businesses are yet to invest in analytical technology.
What can analytics reveal about shopping behaviour?
The quality of information revealed by analytics will vary according to the sophistication of the technology you’ve chosen. Market-leading solutions such as ShopperTrak Analytics Suite will use people counting technology to track shopper numbers, and combine this data with other information you’re generating to develop in-depth insights.
For example, in retail stores, people counter data can be cross-referenced with point of sale figures, to map conversion rates against the total volume of customers. This can also be compared with workforce rotas, to reveal whether your staff-to-customer ratio is optimised at all times.
In the shopping centre environment, meanwhile, retail analytics can be used to map the location of visitors around the shopping centres and identify which stores are – and aren’t – driving traffic. People counting data can also be cross-referenced with marketing activities, to see which of your campaigns are driving footfall and therefore returning on investment.