There is a term out there that is used in many facets of the retail industry; Big Data. Although you may not be familiar with what the term is referring to, it is of the utmost importance for retail stores to collect this data and utilize it to make informed business decisions regarding staffing and overall business operations. A retail traffic counter will allow you to collect and analyze this information.
Step One – Obtaining & Processing The Data
Retail Traffic Counting is often the first step to obtaining big data for many facilities but this is just the raw data of how many clients and when these clients entered the location. Retail stores need more than just the raw data and that next step in analytics to maintain growth and success in their business. A business need to do more than just collect the numbers, it needs to put them into usable data that can be used for staffing analysis, salesperson performance, store performance, and revenue per guest.
TMI (too Much information) is a common slang term used in today’s world but it also can apply in the retail business. If you are generating too much information and it is not put in concise usable reports, managers and owner may miss critical information that could help optimize operations and increase revenue. When managers and owners can put the raw data into analytical reports they can then have a comprehensive overview of their customer behavior and retail store operations in order to implement business tactics to ensure business growth.
Step Two – Utilizing the Data
Retail Traffic Counting Systems offer a large amount of information that can be overwhelming if someone is given information that they cannot act upon. The two biggest issues is giving the data to the wrong level employee or given to them in an untimely manner.
You want the right people’s eyes on the correct reports and given to them in just in time methods.
The owner of a chain of stores requires different information than a floor manager or a store manager. The owner will want to see overall numbers of people shopping at their different stores and how much each store is grossing in sales revenue. On the other hand a floor manager would rather see if sales are matching the store traffic and the performance of the individual sales people working the floor.
Timely reports and data are also essential when it comes to retail traffic counting. Providing real-time data allows management to make immediate decisions and take action to create a much better customer experience as well as customer service in general. Smart business owners know that when customer are happier with their experience at your store your salespeople will have a higher conversion rate which increases overall sales and profits at your locations.
Going through the steps of Obtaining, analyzing and understanding the data collected by your retail traffic counters will help business owners and management understand their clientele and optimize their business to create growth and maximize their sales.