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Footfall Data & Analytics

How to improve retail store performance with real-time analytics

Written by Tony Loxton
Oct 5

Thanks to the increased influence of technology on today’s consumers, optimising your retail store performance calls for methods other than merely reviewing historical data. While traditional methods of measuring retail store performance remain important, they’re far from the be-all and end-all of yesteryear’s retail analytics.

Relying solely on historical data is akin to navigating a busy highway using only your rearview mirror.

In other words, it leaves you open to being blindsided. Occasionally glancing at the traffic behind you is important, but so is being aware of what’s happening right in front of you. And if you’re not monitoring the road from every angle, you run the risk of missing out on crucial information that’s right in front of you. Today’s retail analytics need to use the same approach: gathering data from multiple sources and keeping an eye firmly on what’s happening right now. Unfortunately, many retailers are still relying on ‘rearview’ methods, like point-of-sale data, basket size, average consumer spend and conversion rates.

By forgoing real-time analytics, you’re essentially navigating your retail operations with blinkers on.

Many retailers typically rely on historical data that’s measured on a year-on-year basis, for example, by comparing October 2016 to October 2015. Relying on this data in and of itself is risky – as it doesn’t allow for real-time figures. If you’re only comparing how many transactions there were versus how many people walked into your store, you have limited room for flexibility. What’s more, determining the cause of poor retail performance is almost impossible, as you’re working with data gathered on past interactions as far as an entire year ago.

As consumer buying behaviour evolves, your retail store performance analytics should too.

And relying solely on historical data means you’re unaware of the external factors that majorly influence your customer’s purchasing behaviour and, as such, your retail store performance. One of the biggest factors retailers need to take into consideration is that consumers now have a greater digital footprint than ever. Their purchasing cycle has changed dramatically over the years, and if you’re not gathering data about this, improving your retail store performance is essentially a game of pin the tail on the donkey.

The solution? To make use of real-time analytics in combination with historical data.

When added into the mix, real-time metrics give you the competitive edge that can be the difference between a profit and a loss. If you’re able to combine historical data with metrics like the average dwell time, number of walk-bys, store navigation patterns and repeat visitors, you’re far better equipped to optimise your retail store performance. Amplifying your retail analytics with real-time data doesn’t have to be a massive undertaking. Blix Traffic is easy to implement and simple to use, gifting you with in-depth insight into the way customers interact with your store.

Make sure you’re conducting your in store analytics with eyes wide open. Find out more about Blix Traffic today.

Learn more about Blix Traffic for retail

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