Retailers around the globe are challenged with reducing expenses and increasing revenue by improving the effectiveness of their store operations. As the economy fluctuates, these businesses have become even more conscious of measuring store performance and lowering operational costs.
Is the store busier on Monday evenings than it is on Friday afternoons? If there are multiple locations or departments, does one attract more customers than another? Does a store have "hot spots", areas where customers tend to be drawn? How many people who enter the store actually end up making purchases?
These are all questions that can be answered with Verint's Nextiva Retail Traffic Analytics. Major retailers around the world leverage the software using their existing video surveillance systems to monitor shopper traffic patterns and deliver information about where, why, and how customers shop. The solution can provide retailers with real-world information to help increase sales, optimise operations, improve the customer experience, and enhance customer value.
Nextiva Retail Traffic Analytics is designed to help retailers make operational decisions based on hard data and validate assumptions for key in-store marketing, product placement, and advertising decisions. The business intelligence the solution provides helps them more accurately gauge the success of merchandising and advertising initiatives, with point of sale data to verify results.
With Nextiva Retail Traffic Analytics, retailers can easily answer key questions about such in-store shopper behaviours as:
- How many customers are in a store or department at specific points in time?
- How many customers show interest in a specific product, and what is the conversion rate?
- How do customers "cross buy" among products and departments?
- Which promotions and marketing campaigns attract customers into the store?
- How do store layouts promote or discourage shopper interest?
- How can staff be more effectively deployed across stores and within departments?
- What is the real estate value of each location, and how can space productivity be improved?
Best Buy® has been impressed by the value Nextiva Retail Traffic Analytics has shown in the areas of product placement and the effectiveness of displays and promotional positioning.
To find out more about Retail Traffic Analytics, download the White Paper.
