How can retail analytics help my business to improve?

Making use of data help to improve any aspect of life is becoming more in vogue in this digital age that we're living in. Thanks to advances in technology, retailers are able to put in place simple and effective solutions to gain them the numbers that will help them to be able to progress their business.

Aside from being able to provide ample security coverage, CCTV cameras, along with key software,is able to be implemented as a powerful tool to gather intelligence. When gathered, retail analytics give businessan overview of what they will need to be able to achieve their targets. Withthe focus of most aspects of life shifting to statistics and numbers to measure success, it's never been as crucial for retailers to make sure that they'reup-to-date with current trends and developments.s

Why does analytics help retailers?

With analytics, you are able to better understand a consumer's trip through your store and be able to look at their behaviour and relate it to how you can better improve their interaction with your business.

Here we'll look closely at what benefits retail analytics can bring to your store;

1. Optimises your store – With analytics you can see when your store is busiest – this gives you an opportunity for example, to organise sufficient staffing levels in key areas of the store or when they need to be doing other jobs. This will only improve the customer experience, as when they're in a queue, they'll be able to see that the store is at least running at its maximum in order to serve its customers and the queue itself is moving at a steady rate.

2. A smarter store – You will be able to see which of your products sell the most – giving you a good idea of what your stock rotation must consist of. You can make it easier for your customers to be able to find what they're looking for too and perhaps concentrate on products that sell well, rather than those that don't. You are also able to employ the system to the exterior of your store – which will give you an insight into how many people walk-by or how many stop and look at any window display you may have etc.

3. Auditing your stock – With the system able to be watched from any desktop or laptop computer, you are able to keep an eye on your stock and know when you will need to replenish your supplies. This will save time and effort in doing it manually, not to mention causing less disruption on the shop floor at a potentially busy time.

4. Easy management – With the easy-to-use software, you are able to get real-time, minute-by-minute clips of everyone and everything in your store by using just a single interface. This gives you the opportunity to watch and analyse your footage much easier, saving you time to undertake something else during your normally-busy day.

5. Loss prevention – Our Prism Skylabs camera has a detailed lens feature that is able to present a more-detailed picture of your store, which can be used to detect any criminal activity. This information can be vital, as many businesses lose profit through incidents like theft or damage and with sufficient help, your security team will be able to attend incidents and limit any damage to your business.

6. Better use of marketing – With more detailed information at hand, you are able to precisely identify if a marketing campaign that you may have been running was a success or not. You are able to analyse areas that need improving and which products sold best during any sales' events etc. Being able to measure these engagements will identify where your business can improve in the future.

Tagmax – Providers of high-quality CCTV systems and retail analytics software.

We are able to provide your store with the very latest in cutting-edge retail analytics technology and software that will help you to understand the numbers that come through your store. This will only help you to devise a plan of action on how to improve your conversions. For more information on our analytic and security systems, please don't hesitate to call us on 0800 044 3160 or e-mail us at sales@tagmax.co.uk