A retailer can benefit greatly from using store traffic analysis to predict sales.
Making the most of your inventory is possible based on this information. By obtaining information about shoppers' in-store behavior, you can also better understand their behavior. Identifying your most loyal customers' favorite products and services can boost sales.
American store traffic during Christmas
Compared to the year before, store traffic in the United States was lower during the week before Christmas in 2012. The amount of foot traffic decreased by 6.5% according to ShopperTrak. There was a 28 percent increase in sales on Thanksgiving Day. The millennial generation doesn't celebrate Christmas as religiously, which hurts profit margins. The blizzard last year didn't help either, with people staying home to watch American football. Profit margins were also impacted by unplanned markdowns.
One of the most important indicators of the health of a retail store is foot traffic. A heavy traffic volume increases the chances of customers making purchases. In order to increase sales and revenue, department and retail stores closely monitor foot traffic. The number of visitors to malls and stores continues to decline, however, which makes it difficult for store owners to increase foot traffic. There are several factors contributing to the decline in foot traffic, including the Covid-19 pandemic and e-commerce. The good news is that there are solutions available. By creating a strong online presence, you can increase foot traffic. In addition to helping improve sales, the Internet is one of the most popular ways to locate a store.
Businesses can make advertising and marketing decisions based on foot traffic data collected in retail stores. Data on foot traffic can also be used to benchmark against competitors and understand how they attract and retain customers. Additionally, this data can be used to identify growth-oriented locations with high foot traffic rates.
Foot traffic measurement
Your store layout, marketing campaign, and inventory can be influenced by foot traffic statistics. In addition to preventing stockouts and overstocks, they can help you predict peak traffic times. You can also plan special promotions and sales based on your foot traffic, which will help you reach more customers and sell more items.
The collection of retail traffic data has never been easier. With this data, you can determine how many shoppers are in your store, where they spend time, and with whom they spend money. Furthermore, you can get a better idea of who your ideal customers are based on this data. Consumers usually arrive at your store ready to make a purchase when they arrive.
To gauge foot traffic and gain valuable customer insight, you can use social media. You can, for instance, hold events where customers must RSVP or fill out questionnaires during in-store demonstrations. You can also make your store a Foursquare or social media check-in location.
Traffic trends at retail stores
A few things are common to the latest trends in retail foot traffic. Foot traffic at brick-and-mortar retailers is down compared to a year ago, but improving. In the U.S., the number of visits to coffee shops and bakeries is on the rise, and full-service restaurants are also on the rise. It is still important to note that gas prices continue to rise despite these trends.
Brick-and-mortar retail remains popular despite the growth of eCommerce. It has been shown that consumers spend more in stores than online, and that they make impulse purchases more often in stores. Additionally, only 15% of consumers were satisfied with their online shopping experience according to a recent global study. Pop-up advertisements and website crashes are among the most common causes of dissatisfaction. Foot traffic data can help retailers determine whether customers are returning to stores or making purchases online.
Forecasting sales using foot traffic data
Sales forecasting can benefit from foot traffic data, which gives you an idea of how many customers are likely to visit your store each week. You can use this information to adjust your staffing levels and predict the week ahead. A demand forecast for moisturizers can also be created using this data.
The fourth of July holiday positively affected consumer activity, according to a Blis Interactive report. Total traffic increased by 3% over the three-day weekend. During the ten days leading up to the holiday, shopper volumes increased by 11%. After the spring shopping season, these predictions were significantly improved.
Foot traffic can be measured using infrared systems
A store's foot traffic can be measured using infrared systems to provide valuable insights into how customers spend their time. Despite providing accurate and real-time data on foot traffic, these systems do not capture the likenesses of shoppers or provide contextual information.
A retailer's foot traffic is a vital statistic that can be used to improve operations. The use of a people counter is a reliable method of measuring foot traffic. It is possible to implement these systems in any physical location, such as a mall, a bank, or a store. Retailers can use such data to improve store operations and comply with social distancing regulations.
In addition to surveillance cameras, foot traffic can also be monitored. A footfall counting camera can identify popular times of day, identify common routes customers take, and estimate demographics. Despite their advantages, these methods don't provide 100% accurate data.