Online shopping platforms have increased due to the COVID-19 pandemic in recent years, and this poses a threat to physical shops. However, customers have proved to be interested in physical shopping because they still find it fun. This is a great opportunity to attract more customers in the competitive environment of stores. The stores that make more accurate analyses are more successful.
You can make an effective analysis when you realize what you know about your customers and what you don’t know.
How can retails make maximum use of customer data?
Customer relationship management (CRM) says “try to know your customers better than you know yourself.” What does CRM provide about customers?
- Shopping cart analysis: what products are purchased
- Maximum and minimum sales times: when sales are minimized and maximized
- Loyal customer identification: this identifies loyal customers who have a shop’s cart
What do we know?
Having talked about what we know, let’s check what we don’t know.
- When does the store experience the most and fewest visitors, without checking the sales data?
- How long do visitors stay in the store? (That is, how much time do we have?)
- Is the ratio of employees to customers optimal?
- What marketing scheme maximizes customers?
- What fraction of visitors made purchases and when did they do it?
- Why didn’t a fraction of visitors make a purchase?
What don't we know?
Managers or senior advisors of stores have long been seeking to count customers. They have used a variety of techniques, from employees who count customers to sophisticated technologies. Whatever system you choose, you have to believe in it because that will change your understanding of your business forever. A more accurate system leads to more reasonable decision-making. The people counting system provides significant data through which you can answer the above questions.
If you own a chain of stores, apart from an accurate people counting system, you need a specialized, reliable dashboard so you can monitor the entire data of the stores at the same time. To be useful for the analysis and growth of the entire business, data should be comprehensive, accurate, real-time, and readily available.
The WaveCount is based on state-of-the-art technologies (mmWave 60 GHz) to count people. It has an accuracy of over 93% for three people per unit area and over 99% for a single person per unit area. Therefore, its data are reliable. The specialized experts of the WaveCount Team have developed a data dashboard using which you can observe statistical reports and analyses of all your stores.
How do we answer these questions?
Where WaveCount can be used
Scheduling the staff
For example: A store is open 84 hours a week, with 330 hours of paid working time. This means seven full-time employees and a part-time one. Analyzing the store to schedule the employees, the manager chooses to replace a full-time position with a part-time one. This reduces the labor cost by 7% and increases the flexibility of working hours with no adverse impact on turnover.
monitoring of advertising
For example: You are the marketing manager at a retail company and want to compare the advertising activities that you have implemented. In the first activity, you spend $400,000 and gain 79000 visitors. In the second one, you spend $200,000 USD and gain 99000 visitors, but in a longer time. This means an advertising cost of $5 and $2 for each visitor in the first and second advertising activities, respectively. This example shows how a people counting system changes qualitative phenomena into quantitative, measurable ones and helps you make better decisions.
Peaks and troughs for more accurate analysis
Many managers see the overall change trend to be enough for the analysis of their businesses because the analysis of raw data is often complex and time-consuming. It is good to know the overall business status, but it won’t be enough. You need to find the peaks and troughs and realize why they happened. Then, you can do the peaks again and avoid the troughs in the future.
It is impossible to understand all of a successful store’s criteria because they are too many. To have big achievements, you need to take small steps. The WaveCount is the simplest, most affordable, and most intelligent step. This system helps you identify exactly what your business needs the most and monitor gradual changes.
Small steps leads to big change
Customer staying time
For example: Making customers wait to get what they want is the best way to lose them! You should make customers willing to spend a longer time in your store. People count data have shown that a 5% rise in the stay time of customers would increase the purchases by 7%. This is the case with both garment and food stores.
Employee motivation is a vital to increase sales. A reasonable criterion to build a rewarding system has a strong effect on employee performance. Customer surveys are a common technique in this respect. They, however, are not an accurate measure of employee performance. Not all those who walk into the store are surveyed; only those who make a purchase are surveyed, and often 30% of the purchasers participate in the survey. Besides, some people complain about the store and products/services and reflect their complaints in the survey.
To develop an efficient measure of employee performance and raise employee motivation, it is required to view the rewarding system from a different perspective. When employees are rewarded based on the conversion rate, they will do their best to increase sales because they are sure that the managers will judge their performance using a reliable measure.
Conversion rate: A motive for the employees
WaveCount provides the accurate number of people entering your business space and gets a deep understanding on customer traffic and visitors activities.
Increase your profitability and sales!
Learn More From Our Blog
Recent Blogs
If you need more information regarding people counting deceives, you may find the following articles fruitful.
Why Count?
Fierce competition, expensive operations costs, and logistical demands are continuously evolving and make the business conditions more and more complicated.. In this way, businesses are required to make accurately informed decisions to guarantee their success.
The Evolution of people counting device
People counting systems have been welcomed in the world for about two decades. Over the years, according to the needs of the businesses, the people counting technology has gradually become more complete, updated and highly accurate.
