What can be done to increase the business potential of each person entering a store? How to make efficient use of the huge amount of data available and vast know-how, achieving a 30% rise in sales in just a few months? Contact us or read on.
Just 3 ways to increase sales
Optimising for just three parameters dramatically increases sales, even with no increase in footfall.
- Raise conversion ratio
- Raise the average transaction value
- Raise the average number of items per transaction
- Continue the improvement over time
How to Achieve these Retail Excellence Aims
Combine smart retail technology and expertise in retail management with the five stages model.
- Data Collection
- Analysis
- Planning retail adjustments - adjusting a customised tool box
- Act
- Back to Data Collection to monitor, measure and make more improvements to the key performance indicators
Want to find out more?
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The Retail Toolbox
There are various retail analytics tools which can be used to increase sales and optimise the retail process. These include…
Tool: Queue Monitoring
Nobody likes queuing. Too long a queue annoys customers, drives them away and makes it less likely that they will return another day. Measuring queues - knowing exactly how many people are in the queue at the moment, the average queuing time, how many people leave the queue before reaching the front and so on - allows retailers take steps to remedy any problems found. The tool can also predict when queues are likely to form and enable retailers to take pre-emptive action.
Some diverse average shopping times in a chain of shops in Germany. In the shops where people spend just 6 minutes there is great potential for improvement and increased sales.
Tool: Average shopping or dwell time
The average shopping time reflects the overall level of service in the store. The better the service, the longer people stay and the more likely they are to make a purchase. Measuring and improving average shopping time results in an increase in:
- The number of people buying something
- The number of items they buy
- The amount of money that they spend
Tool: Conversion Rate
Integrating people counts with the point-of-sale system allows staff to see the current conversion rate of the store - down to 5 minute intervals. They can immediately take action to improve performance.
The Results
An increase of 30% in sales is achievable in just a few months, without any increase in store traffic. Contact us for more information.
Time Table
Data
collection
1-2 weeks
Observations, processing and analysis
2-4 weeks
Adjusting a customised toolbox
2-4 weeks
Implementation and achieving KPIs
4-6 weeks
Monitoring and maintaining the new standard
periodical
Experience and Expertise
Retail Sensing combines 50 years of engineering expertise, with cutting-edge AI software, to deliver precise people and vehicle counting solutions. Over 15000 video counting systems installed across 40 countries, all GDPR compliant. Contact us for advice on your project.