Footfalls determine the success of any retail store. And the advancements in retail technology have turned this into a science. However, the retail industry in India hasn’t progressed beyond customer count. Even today, most retailers depend on clickers and other outdated devices to measure store traffic to determine core retail metrics like conversion.
But retail analytics has moved generations ahead. Traditional devices only give you numbers and numbers only reflect “how many’’. They do not reveal ‘‘who’’, ‘‘what’’, ‘‘where’’, ‘‘when’’, ‘’why’’ and ‘’why not’’. The challenge has always been in answering these questions. Find the answers and a universe of insights will bare itself to you.
A few retail analytics platforms are reinventing traffic counting by going beyond conversion. One of them is Traffic 2.0, a patented, proprietary web-based platform by RetailNext, that uses sensors to collect valuable shopper demographic and behavioural data. Traffic 2.0 integrates with data sources like workforce management, POS, CRM, loyalty and other data streams, delivering powerful insights:
By measuring the flow, directionality, and conversion rates of their shoppers, physical retailers gain deeper understanding of their customers. This empowers them to deliver a differentiated value proposition and an improved shopping experience eventually increasing customer loyalty. A mere shopping trip is now transformed into an engaging customer experience.
Traffic 2.0 includes the ability to separate employees from shopper movement. As it correlates data from various streams, this allows the striation of those data points to report on not only the paths both shoppers and employees take, but the crucial interactions where their paths crossed. Associate-shopper interactions impact shopper behaviour and store performance and such insights can provide new perspectives. By continuously identifying traffic cycles across days, weeks and years, staff and customer-to-staff ratio can be aligned to traffic power hours.