London, United Kingdom Apr 18, 2021 (Issuewire.com) - In today’s increasingly competitive landscape, consumers are spoilt for choice, and coming up with new ways to get people walking through your doors is crucial. Improving you're in-store customer journey with various in-store analytics metrics & KPIs has become key to increasing customer attraction and visitor traffic in your stores. And the good news is that there’s an abundance of ideas to boost foot traffic by studying your in-store shopper behavior.
Why Track Your Retail KPIs?
Retail Key Performance Indicators (KPIs) can point you in the right direction to improve your business’s performance. These metrics are crucial for understanding your customers’ in-store shopping behavior. Each of them enables you to measure your store’s performance in a specific area.
There isn’t one definitive list of retail KPIs and metrics to track because every store selects different ones based on their goals. Developing retail KPIs and striving for them with the appropriate retail parameters can help take your retail business to the next level. It also provides insights that can enhance your financial analysis process and boost your profits.
Which Retail Metrics to Assess
There are dozens of retail metrics available, but tracking the ones that matter to your business’s retail performance is the way to go. Here are the top 3 retail KPIs and metrics that can help businesses in almost any industry.
- Customer Traffic
Customer traffic is the number of people walking into your location. This metric is particularly important for retail stores because more customers result in more sales. Foot traffic can be tracked with people counting sensors.
- Customer Conversion Rate
The customer conversion rate is one of the most critical factors to consider. This metric indicates the number of visitors that your business converts into customers. You can calculate your business’s conversion rate by dividing your number of visitors by your number of sales.
A store’s conversion rate allows you to measure the performance of your physical stores, as well as your employees’ ability to “make a sale.” Understanding how many of your customers are converting can help you identify areas of improvement.
- Draw in rate
Draw-in rate is another critical metric that helps you determine the success of your marketing campaigns across different stores. It helps you to understand traffic patterns better and gain insights to craft the ideal marketing campaigns accordingly.
Now with a clearer idea about retail metrics, it is up to your business to determine the best way to measure each applicable determinant consistently. Investing in a retail tracking solution that performs those functions has proven to be a smart approach for many businesses to achieve their desired goals and make the needed enhancements to take your store to the next level.
Discover how a people counting solution from V-Count can help you have a positive ROI based on your store’s data analytics.
How V Count Can Help
V-Count is the world’s leading provider of visitor analytics solutions. It offers global organizations the latest in people counting, heatmap, queue management, staff exclusion, and business intelligence platforms. The solutions are backed by a secure cloud-based business intelligence platform that leverages best-in-class AI and machine learning tools to analyze collected data. V-Count provides its clients with actionable reports and software-based recommendations on how customers behave in their physical locations and offers insights on how to optimize their business operations, boost conversion rates, and increase profits.
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