You're Limiting Your Profits if you Don't Track These 5 Shop Floor Analytics
By on 5th Feb 2020
Obviously, you have analytics installed on your website - it’s a no-brainer right? How else would you be able to track your website’s performance?
Having information about customer spending is superficial if you don’t have any reasoning behind it, a lack of data leaves no room for improvement.
Analytics help businesses to make better, more informed decisions. The smallest things can affect customer behaviour, what might seem like an insignificant tweak might lead to an instant increase in sales. Analytics can also help you identify the small problems that you might have overlooked, as when you add up these oversights they can account for large losses in profitability for your business.
Data is king, but for most bricks and mortar retailers the only data they collect is a visitor count. Technology has reached a point where it is more than sufficient in ability to collect a thorough and rich amount of data from your shop floor, using bluetooth, wi-fi and cameras.
Our retail analytics partner, Skyfii, is leading the way with this technology. If you want to track visitor experience, visitor behaviour, conversions and more, Skyfii enables this and allows you to make custom dashboards with the data that’s relevant to your business.
Here are 5 analytics stats we believe all retailers need to start tracking in their stores.
Dwell Time / Store Heat Map
Heat maps are commonly used on websites to identify areas of activity density; the same method can be applied to the shop floor. Heatmaps can be created using the data from customer smartphones pinging for a wifi signal, bluetooth beacons, or by cameras.
Heatmaps are key if you wish to develop your store; most retail workers understand how a display or shelf set up can change buying behaviour, but many retailers still operate with a similar overall store layout to how the store was initially set up when it launched. They don’t often experiment to see if the floorplan can be optimised.
You do sometimes see supermarkets have a radical floor plan change, but the influence behind it can be more hopeful than logical. Many retailers operate on a system of making a change then measuring the results afterwards, but a heat map can produce actions that are backed up by data, making them less risky.
Customers are constantly changing. Buyer behaviour is highly influenced by trends and changing attitudes. By using a customer analytics platform such as Skyfii, you can optimise your store layout so that your highest converting products are placed in high-traffic areas.
It also allows you to quickly identify pain points on the customer journey; if you notice there are high traffic areas that are too heavily congested by shelves and displays, you can quickly create a more pleasant flow to your store.
Many stores already count customers who enter and leave a store, Skyfii however, offers a much more detailed and exact customer footfall count. With customer analytics software you can track numbers of visitors to certain promotions or displays, and you can see exactly how many customers ping certain beacons.
This can help you track data such as how many customers explore the back or the store, or go on to visit the second floor. It also helps to see how many people enter promotional areas you might wish for customers to interact with.
If you are a larger store and you operate concessions, Skyfii can help retail managers track the performance of individual concessions and map this data against their turnover. This helps retailers to place top performing and popular vendors in the prime store positions to maximise on profits.
Many stores already track a customer entering a store, but few understand the journey they take after that. It’s important that retailers understand the behaviour of customers once they’ve decided to visit; customers who have a motive may immediately head to a certain display, whereas those who are just browsing may simply walk up and down aisles in a more methodical way.
Understanding the behaviour of your specific store’s customers is important as it can vary significantly between locations. The greater understanding store managers have of this data, the better they can optimise the customer journey. For example, if most customers are starting their browsing to the left of the entrance, it makes sense to put new season stock there, or best sellers.
Retail analytics don’t just optimise the customer experience, they can help to reduce operating costs too. Using an analytics dashboard, managers can plan staff rotas in the most efficient and cost effective way.
Managers can also be more dynamic with their staffing, even if they are working remotely. A Skyfii dashboard will stay updated with real-time visitor data, meaning if a store is having an unusually quiet day, staff can be sent home to save money, whereas if they notice a peak in customers, they can call in extra staff.
Customer Online Activity
Software like Skyfii isn’t just a fancy traffic counter, it fully integrates with your in-store wi-fi solution to provide fascinating marketing insights about your customers.
When a customer logs into your wi-fi, they allow you to access insights that can display how they are using their devices in-store. You might find your customers are using social media a lot, so it would be wise to adapt some of your in-store marketing and displays to encourage social shopping.
You may even find customers are comparing the products you offer online to see if you offer the best price, so you can take action from this data by highlighting a deal or offer that makes your product more lucrative.
Industry leaders are already investing heavily in retail analytics, understanding that it is one of the most transformational technologies available to traditional retail businesses right now.
Don’t be left behind, fuel your business with data that can be actioned into growth.
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