On Tuesday, June 24th, we broadcasted our live webinar, “Boosting Retail Performance: Leveraging Technologies to Increase Sales and Improve the In-Store Experience.” In it, retail expert Shelley E. Kohan explained how the data-driven insights gained from today’s enabling technology can allow you to better understand your retail operations, ultimately driving company sales and improving the customer experience. She also discussed five key strategies that impact the top line revenue growth and overall performance of physical retail stores, and which can be directly addressed using analytics technology:
- Drive traffic into your stores. By measuring traffic variances and understanding the impact of CVR, ATV, and AUR metrics, you can understand which marketing initiatives drive profitable traffic into your store.
- Maximize opportunities for conversion by improving the capture rate of pass-by traffic and measuring the shopper yield of each store. Using the RetailNext Performance Quadrant, you can drive company performance with benchmarking, goals, and strategic plans.
- Align your staffing with traffic demand and understanding customer-to-staff ratios—by store, by day of the week, and by hour of the day. Exporting traffic data into workforce management systems enable you to better and more easily schedule staff hours.
- Deliver an in-store experience that resonates with your customer. By understanding which merchandising and display techniques best engage your customer, you can optimize store designs and layouts to turn shoppers into repeat visitors.
- Personalize the shopping experience. Using opt-in Wi-Fi to communicate with shoppers, you can not only personalize messaging and customize product offers, but also gather specific purchasing information about individual customers.
For more details on how you can better understand your retail operations through data-driven insights, view the full webinar recording, “Boosting Retail Performance: Leveraging Technologies to Increase Sales and Improve the In-Store Experience.”