Brick and Mortar

retail technology solutions

2 Retail Technology Solutions That Improve ROI

What areas of your store are your customers drawn to? How long do customers spend in each area of your store? How does your store layout, product selection, and staffing affect sales revenue?

Do you know the answers to these questions? If your response is no, do you know how to get the answers?

Two of the potential retail technology solutions you need to investigate are heat map technology and full path analysis. 

A heat map will provide you with a detailed understanding of traffic throughout the store. Knowing how customers navigate the store, what products draw attention, which areas tend to be the most frequently visited, and which departments are cross-shopped, can reveal where to focus marketing efforts and design concepts.

When it comes to B2C advertising and marketing, the behavior of your customers is one of the most important factors to consider when your aim is to optimize and improve your sales. Ines Gregoria, Decibal Insight

Full path analysis helps retailers analyze the overall shopping trip by providing a detailed understanding of the customer’s entire experience. This helps determine how each store’s layout, staff interaction, product selection, and pricing affects overall sales.

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retail promotion analysis

5 Ways Retail Analytics Can Improve Store Performance

Do you offer consumer credit? Has your store recently lost customers after becoming the victim of fraud that caused a drop in consumer trust?

In today’s post you will learn 2 ways that retail analytics can minimize risks like fraud and 3 ways to use them to improve store performance. While many people focus on retail analytics as a tool to evaluate promotions, decide ideal pricing, determine product mix, and optimize store layout, it is also very useful for minimizing risk.

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retail analytics basics

How to Use Retail Analytics to Boost Store Performance

Have you taken the time recently to analyze your stores performance in a systematic way to see how well you are performing in different areas of operation? Are you failing to meet your retail revenue goals but Not sure where you need to focus your time and attention? 

With the help of retail analytics, you can fully understand how multiple variables are affecting your store revenue and make effective modifications that will give your store the performance boost it needs to stay competitive and thrive long-term.

Analyzing your store’s data can provide you with valuable insight as to how well your store is performing and what you can do to boost your bottom line and improve overall performance. Ready to get a basic primer on the most common retail analytics data and why you should gather and use it? Let’s go!

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8 High-Value Sources of Data for Retail Analytics

Is your company fully utilizing the capabilities of retail analytics tools to gather and report critical information?

Retail data analytics provides business owners with statistical facts and figures that allow you to investigate how well your business is doing and where it needs to focus its attention to improve performance. Smart business owners and managers base strategy decisions on facts and have embraced the capabilities of retail data analytics tools to improve their information gathering and reporting.

Using retail analytics, you can compile many different pieces of high-value data from multiple sources and bring it all together to form a comprehensive view of your business.

8 top sources of information for retail data analytics are:

  • POS systems
  • Video cameras
  • Mobile devices
  • Sensors
  • Weather reports
  • Time and attendance systems
  • Wi-Fi infrastructure
  • Promotional calendars

Let’s take a look into how these data sources can help your business gather data and compile retail analytics.

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Retail Survival! 5 Mysteries Analytics Can Solve

Have you ever taken a look at your business statistics? Do you know what areas you need to improve in your company?

Retail analytics is the process of capturing data and then analyzing it to determine what processes and strategies are working and which need to improve. Regardless of the size of your company, analytics can prove beneficial in many ways. Retail store analytics allows you to gather a diverse set of measurements from multiple stores to determine performance both at a store level and company-wide.

Retail store analytics can be simple and straightforward or extremely in-depth and involved. It depends on the types and amount of data measured, the measurement process, and the tools used to capture and analyze the data. Your retail analytics program will be most successful if it is tailored to fit the needs of your business.

If your company is ready to use analytics to go from surviving to thriving, then dig in and examine five questions that retail analytics can help answer for your business.

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Retail performance challenges

How to Overcome 2 Common Retail Performance Challenges

When you own a large chain of retail stores, you must ensure each store is meeting its individual revenue goals. Despite using similar processes at each store, not all stores will perform the same. While one store might be doing great, another one might barely be scraping by. Have you faced this challenge?

The key is being able to identify what is causing the stores to get different results. Below are two common retail performance challenges and tips to rise above them.

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retail customer experience drives profit

3 Ways to Squeeze More Profit Out of Your Retail Store

What is the mission of your retail store? Are you a value provider of fashion for all seasons and occasions? Or is your store mission to attract consumers who demand high-end designer goods regardless of price? It does not matter if you specialize in purses, childrens clothes, maternity, swimsuits or men’s suits – they are all designed to bring in sales and profits.

Regardless of whether you are a new business owner or someone who has owned or managed a retail store for years, your company wants to maximize revenue to drive profitability for the business and its stakeholders.

To help take your business to the next level and ensure your profits are at an all-time high, implement the following strategies to squeeze maximum earnings from your retail store.

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retail rfid technology

5 Things Retailers Need to Know About RFID Technology

What if you could decrease your online order cancelations by 60%? That’s exactly what one children’s clothing retailer was able to do using radio-frequency identification (RFID) technology to reduce online out-of-stocks.

However, RFID goes beyond reducing online out-of-stocks. It provides an all-encompassing improvement to inventory accuracy, sales, margins, and expedited returns, according to a research study at Auburn University.

It’s these kinds of RFID benefits that have retailers giving this technology a much closer look.

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retail market trends

How Retail Stores Can Compete in the Digital World

Brick and mortar retail is constantly challenged by the state of digital competition which has caused many physical retailers to fail. As more consumers turn to on-line shopping, traditional retail stores must find ways to integrate their offerings with the online experience to go beyond satisfying their customers basic needs. What can retail stores do to compete?

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