How retailers can do more with their security data
In many ways, retailers in e-commerce have it easy. While traditional brick and mortar stores work to gain insight into buying trends, customers’ habits, and growth opportunities, e-commerce often has these capabilities baked into their systems. But, fortunately for mom and pop shops and big box stores alike, things are changing. Increasingly, those brick and mortar retailers can use the data already collected by their physical security systems to gain valuable insights into their business.
Most retailers are already collecting and storing vast quantities of surveillance data in their systems. How can you tap into that information to increase profit and improve operations?
Use analytics tools to increase profit
Profit in retail is directly linked to the ability to provide consumers with a positive shopping experience. A recent article by McKinsey shows that companies that inject big data and analytics into their operations outperform their peers by 5% in productivity and 6% in profitability.
Using data analysis tools specifically designed to help with visitor counting, conversation rates, queue management, heat maps, directional analysis, and face capture can provide operational insights that can be used to improve the customer experience.
For example, a multi-directional visitor counting tool can provide you with the information necessary to optimize floor staff to meet peaks in visitor influx and to determine which promotions and displays actually drive traffic. This allows you to know what makes your guest dwell over a promotion by seeing how long they remain idle, and ultimately plan for the promotions that increase profit.
Make better decisions
One of the keys to improving your customer's experience is knowing who is in your stores and why. Designed as a decision aid, heat maps employ your cameras to capture the navigational and interactional behavior of your customers to help you make more informed decisions regarding store layout and product placement. This also allows you to uncover trends in cross-shopping habits by analyzing flow throughout the store. When you have concrete data on customer footfall patterns, and the most popular products in your store, you can improve merchandising and store layout, and expand customer service efforts.
With the right analytics tools, you can use the data you’re already collecting to better understand your customer's shopping habits.
Click here to learn more about using your security infrastructure to engage your shoppers.