Shoptrak Challenges

786 Words2 Pages

Increasing in-store traffic is something every retail manager grapples with daily. There is a tendency to breathe a sigh of relief as the numbers steadily climb. In reality, higher traffic counts mean nothing, if conversion rates remain lackluster. Driving consumers to a brick-and-mortar location is only the first step, albeit a crucial step, on the road to financial success. Converting location visitors yields revenue. With this key concept in mind, here are five competitive advantages of retail traffic counting every retail executive who wants to capture higher conversion rates should leverage, starting today.

1. Align staffing with traffic patterns. Retail traffic counting enables managers to identify brand power hours, those times when …show more content…

Recognize year-over-year YoY trends

ShopperTrak's comprehensive retail tracking technology allows retailers to forecast future traffic levels with confidence. A deeper dive into the data exposes critical factors that trigger increases and decreases in traffic patterns, too.

4. Determine marketing effectiveness. One the most beneficial advantages of retail traffic counting, is the ability to measure marketing campaign performance. Higher traffic counts reflect effective marketing campaigns in action. Monitoring the number of people entering a retail store immediately after a mobile coupon release or a timed social media post announcing a flash sale, provides insight into how effectively targeted campaigns work. This strategy works equally well with seasonal promotions, email reward statements and other multichannel efforts. Better management comes with better measurements. When traffic counts climb, yet sales remain unchanged, the problem likely resides in an area other than marketing failure. If this happens, look for customer experience issues. Three possible pain-points are: (1) low inventory on the shelves, (2) poorly trained staff members, and (3) long register …show more content…

Benchmarking includes both internal and external performance.

Internal performance defines long-term revenue potential. Understanding each location's true opportunity hinges on data-driven understanding of the characteristics and attributes unique to each individual store. For a brand with multiple locations, peer grouping similar operations allows retail executives to capture a broader view when establishing realistic company goals.

Measure conversion performance by comparing sales transactions to actually traffic count. Then, dig deeper to explore individual associate's conversion rates, sales by product or department, inventory turn and replenishment schedules, to see if strategic changes could produce positive effects.

Measure marketing performance by comparing average monthly spend to monthly revenue generated by each campaign. Watching the ROI helps managers project future earnings and expenses based on historical data.

Measure merchandising performance by closely tracking in-store placement, display height, inventory turn, and variety. Comparing in-store performance to industry standards opens the door for improving merchandising plans for increased

Open Document