Retail Intelligence is the process of compiling all information that can be captured through the POSs (Points Of Sale) using various tools and analysing the data to guarantee the organisation of all resources and unify these for successful management of the retail company. Retail Intelligence applications collect internal data on customers’ habits during their visit to the shop.
The collection and analysis of all the relevant data can be a huge task requiring the consideration of many aspects to avoid missing any important detail.
There’s nothing more important in a retail business than having a clear idea of the wishes and needs of customers to be able to adapt to these perfectly and for the whole team to work together in the same direction.
In order to support your retail business in this challenge, our team of Retail Management experts in all the necessary aspects are at your disposal to raise your business above the rest and reach your goals. So your retail business makes the difference!
Compiling of information to find out more about your customers’ tastes and needs
It’s no secret that for some time, we’ve been able to use the strategy of collecting information to find out more about the tastes and needs of customers in online sales. But as with the online methods, it’s also possible to record many important details inside physical shops. These can be obtained for example using cameras that record all customers’ movements in real time and the duration of their visits. Another tool to obtain internal information is sensors at entrances to measure traffic into the retail sales point and compare this with other indicators, such as the percentage of these customers who end up buying a product.
In this way we collect and analyse the data obtained and can take our next steps in the most appropriate direction.
Retail360 supports you in your decision-making in all these areas
Selection of an appropriate “location”
Location, location, location. Having the best service and the products with the best quality standards will not improve profit if your retail establishment is located in a side street or outside of the area of a specific target audience. For this reason, local positioning is very relevant and must be studied. In order to have a complete overview, we have to consider all important parameters such as the number of people who pass by the shop on a daily basis and ask ourselves if they are the strategy’s target group. This data can be the basis for benchmarking between a company’s different sales points, to see which has the most potential and where retail results can be improved.
Optimum design of the shop
One essential part of the sales concept is optimum design of the retail shop to reach targets. Here is where we catch users’ attention, the zero moment of truth, which is why it’s important for potential customers to feel comfortable. We need to pay attention to the window display, and make it as attractive as possible, precisely adapting the design of the sales point to the target group. So a shop for men, who tend to go straight to the product they are looking for, should be different from sales points aimed at women, who generally like to be able to look at lots of different items. Once you understand your customers’ tastes, you can start to optimise the design of your shop.
Decisions on products and stock
The amount of stock, demand planning, price determination, etc. All these decisions affect the core of your business. Using different analysis tools, we can discover which products are the most in demand to plan the amount of stock required or modify the portfolio, removing products of little demand. The success of one-off products is also determined by marketing campaigns or special actions, the data of which can be measured and analysed for the best possible positioning of the product.
Appropriate planning of Human Resources
The influence of Retail Intelligence also includes the Human Resources department. This sector has a lot of potential in terms of the improvement of results through optimum planning of the distribution of staff during the week and the hours required, analysed through user traffic statistics.