June 11, 2020
Online shopping by its very nature allows for the analysis of the shopper journey. Conversion rate, click-through rate, average order value, unique visits, and repeat visits are metrics that help e-commerce perfect their customer experience and drive sales. This level of data prompts action and leads to increased productivity.
Naturally, eCommerce has a significant advantage when it comes to analytics, a digital channel is always going to produce more data. At least that is the assumption that many retailers make, in reality, most retailers have access to a wealth of data captured by their security cameras. By leveraging existing security cameras, retailers learn more about their stores and their customers and do so in a way that protects shopper privacy.
This metric relates to the start of the sales process and is very important in calculating sales conversion and service intensity. Aura Vision not only counts the number of people entering a store but also provides an in-depth demographic analysis of arrivals, giving you further insight into your understanding of store demand.
Occupancy tells you how many shoppers are in your store during a specific period of time. By studying trends in occupancy you can accurately measure customer and staff activities in-store and ensure that staff are in the best position to convert shoppers into customers. Again, Aura Vision allows for deeper analysis through demographic analysis and customer/staff segmentation.
Dwell time is the length of time that a visitor spends in the store. This is an essential performance indicator for every retailer: it could help analyze the behaviour of your customers during their purchases and can help increase average spending. Understanding the relevance of dwell time in your business is necessary to know the habits of your target market, measure this average stop time and act to increase revenues of our business.
Product engagement is a metric that reports how customers engage with your product offering. It can focus on categories, brands and at the most granular level SKU. By keeping track of product impressions in-store we can begin to answer the following questions. Brick-and-mortar retail needs support and an update to the toolbox when it comes to retail analytics. Not only does the sales personnel benefit from intelligent recommendations for action, but the management team also gains efficient control mechanisms across the entire store network.
If you would like to learn more about what KPIs you should track in your retail stores please get in touch via firstname.lastname@example.org.