What are the benefits of retail intelligence?
Essentially, business intelligence turns customer nurturing from an art to a science. Through the latest technologies, you can understand where shoppers are going and what they’re purchasing – even whether they’re regular visitors or first time buyers.
Insights stem way deeper than simply peaks and dips in consumer footfall. This is because the most sophisticated solutions on the market combine people counting information with other data streams, to analyse the customer in granular detail.
This additional data can include figures generated by your business – such as marketing spend and point of sale transactions – and third party data, including the weather, to answer critical questions such as:
- Where are sales being lost due to poor staff-to-customer ratios?
- What percentage of visitors are leaving stores and shopping centres empty handed?
- How many visitors are first timers, and how many are repeat business?
- Which marketing activities are returning on investment?