Retail is expanding and with the help of latest technology retailers are improving their retail businesses moreover, catching the customer behavior insights.
We can relate retail with time and time is money actually. More specifically, the amount of time people spend or do not spend in your shop has a direct impact on your retail store’s performance. While dwell time is not the only factor that determines how much profit you generate, it is an important aspect but still ignored usually.
Retailers are using people counters to examine the bounce rate and in-store analytics. If you are also related to a business with heavy footfall traffic, then visit Xcentric Services to get the best business management solutions and people counting camera price.
Calculating your bounce rate according to the total percentage of your customers who leave a store too quickly to transact or buy can shed light on a number of things that are either helping or slowing down your retail business performance.
The rule of thumb is that a high bounce rate equals to lower retail store performance.
It is an obvious deduction to make if 75% of your customers walk out after spending less than five minutes in your store, there is an underlying problem that needs to be addressed. If you own a corner store that sells the daily essentials like milk, bread, and cigarettes, your bounce rate will be much lower, due to the fact that people do not need to spend a significant amount of time in your store to grab a six-pack and lotto ticket on their way home from work. If your store performance is less than great, however, the issue probably lies in other areas. For all other retail venues although a high bounce rate shows that something is wrong.
Several equally important factors influence your bounce rate.
If too many people are leaving your store too quickly, the problem may be due to either lack of stock, pushy or inept staff, long queues or all-around unpleasant shopping experience. But before you can pinpoint the root cause of too many walk-outs, you will need to establish the relationship between your bounce rate and your store revenue. If you notice that a high bounce rate is directly correlated to sub-par retail store performance, you will want to focus your efforts on keeping people in your store for longer.
There are a number of ways to do this: updating staff training, tweaking your store layout, making the in-store experience more engaging via interactive displays, introducing mobile content or special offers, integrating self-service kiosks and POS. If your revenue is down one month, and your bounce rate remains the same, however, there are other issues at hand.
Establishing the correlation between your bounce rate and other customer behavior metrics is crucial.
In order to get an in-depth understanding of how your bounce rate is affecting your retail performance, you have to take other metrics into account. These include your average foot traffic over a certain period whether a day, a week, or by the hour; the average duration of a customer’s visit; the average amount of money a customer spends in your store; as well as trends that emerged when these metrics are compared with each other. For example, identifying the times of day that are busiest, as well as the times when foot traffic slows to a crawl, can shed light on your bounce rate.
If you have a high bounce rate and high volumes of foot traffic during a certain time period, insufficient staff or slow check-out lines could be to blame. After reviewing all of the metrics mentioned above, you will be able to determine the optimal time a customer has to spend in store in order for you to enjoy high revenue or at least have a good idea of what the number would be.
People counting analytics gives you precious insights into the way your customers are interacting with your store. Easy to implement and even easier to use, our in-store analytics software gathers metrics, such as bounce rate, dwell time, walk-bys and customer navigation patterns.
Xcentric Services is providing solutions to professionals of every industry, partners with world’s biggest people counter manufacturer V-Count, Xcentric Services is selling people counting cameras in Pakistan now. If you are looking for some smart tools for your retail business, you have to visit the Xcentric Services website to get the latest people counting camera price.