The Benefits of Retail Analytics During the Christmas Season

Christmas has always been big business, but with the recent trend in 'Black Friday' sales, spending during November and December has rocketed to all-time high levels. Billions of pounds will be spent online and in stores this year – the leading marketing intelligence agency, Mintel, have released figures that suggest a 2.5% rise in sales during the upcoming festive period. With increasing numbers of consumers doing their spending online, this makes retail competition as fierce as ever - so it's never been as important for stores to be organised, in order to stay ahead of their rivals in order to gain those all-important sales. With the amount of money spent during the season, it could even prove to be make-or-break for some businesses. If you run a retail operation, being able to measure all aspects of your store will prove to be a useful tool to have, giving you the edge over your competitors when the busy season begins.

At Tagmax, we provide the very best systems that can improve the security as well as the general running of your store. We implement the very latest in Prism Skylabs software that is designed to accurately measure, record and organise into statistics, the amount of visitors in your store. This will make it somewhat easier to understand a customers' journey through your store - what they do, how they interact with certain products and displays and what actions they take. Ultimately, retail analytics gives you the opportunity to truly understand how your customers behave whilst they are in your store and how you can further optimise your layout and products in order to appeal to their needs.

The Benefits of Retail Analytics.

In the past, many physical stores have been hampered by a number of aspects, relating to analytics. These include;

• High operating costs.
• Poor visibility across the store, due its physical location.
• A lack of understanding of a customer's progression and in-store experiences.
• Low returns from scheduled analysis (including secret shoppers, audits and official site visits).

However, these problems are now a thing of the past thanks to the very-latest in retail analytics software – which make it easier than ever to view your customers in more detail.

Prism Skylabs is cloud-based software that takes the information from your stores' CCTV cameras and presents the information in an easy-to-understand package. Giving you visual data (rather than complicated statistics and charts) of how certain elements of your store are performing, the collected data can be accessed from anywhere you may be and presented in a number of formats, over any given period of time – allowing you to analyse how your store is performing, even at the busiest times of the day.

Here is a more in-depth look at how the benefits of implementing a retail analytics system can help your store to run at its most optimum during the busy season ahead;

• A smart store . Being able to see which of your products sell the most, will give you a good idea of how and when you should undertake your stock rotation. You can make it easier for your customers to be able to find what they're looking for too and you can perhaps place more emphasis on products that sell well, rather than those that don't. You can also measure data from the front of your store – giving you an insight into how many people walk-by or how many stop and look at any window display that you may have.
• Optimising staff levels . By utilising analytics, you can see when your store is busiest, which gives you an opportunity to organise sufficient staffing levels in key areas of the store. 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.
• 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 giving you the ability to plan how to replenish supplies at a less-busy time of day, which would otherwise cause disruption on your shop floor.
• Loss prevention . Our Prism Skylabs-enabled camera has a detailed lens feature that is able to present a more-detailed picture of your store, giving you the ability to sense any criminal activity. This information can be vital, as many businesses lose profit through incidents like theft or damage and with sufficient help, you will be able to attend incidents and limit any damage to your business.
• Ease of management . With easy-to-use software, you are able to get real-time, minute-by-minute clips of 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 and giving you the opportunity to participate in something else during your normally-busy day.
• Better 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 special sales events that you may have been running. Being able to measure these engagements will identify where your business is and how it can improve in the future.

Improve your Business - with Our Retail Analytics Software.

At Tagmax, we understand just how important it is that your retail operation is designed with your customers in mind. If you want your store to take advantage of the increase in consumer spending during the Christmas season, offering them something that they won't find online – retail analytics is the only way that you are able to achieve this.

For more information on this or any of our other security products, don't hesitate to get in touch with us today on 0844 544 3955 or alternatively, you can e-mail us at sales@Tagmax.com and we'll get back to you as soon as we can.