Experian claims new retail analytics tool will improve performance

FacebooktwitterredditpinterestlinkedinmailFacebooktwitterredditpinterestlinkedinmail

Shopper analytics firm, Experian FootFall, has launched cloud-based software for retailers and shopping centres, which it says will allow businesses to analyse store insights to improve performance.

According to Experian, its Site Analytics has been developed to give store managers the ability to analyse metrics including footfall, sales figures, staff rotas, queue counting and costs to provide a focus on priorities for profit maximisation. 

The software alerts managers when data (such as footfall or sales figures) falls outside of pre-defined levels and enables analysis at local, regional and national levels.

It is being introduced at a time when retailers are stepping up their game, said Experian.

Retailers using Site Analytics will be able to discover:

  • How the staff-to-visitor ratio is affecting sales for a particular floor?
  • As costs rise for a particular department, is the same happening for sales and average transaction values?
  • Is this sales performance typical for a floor, department or retail cluster in their business, if not what is the financial implication and how can a retailer rectify it?
  • How does the average transaction value fluctuate as site traffic rises and, at what point does the cost of adding more labour outweigh the financial gain?
  • What is the pattern of queue waiting times throughout the day and how does this impact conversion rates?

Key to Site Analytics is the ability for retailers to forecast performance in their stores, said Experian.  

By using historical data to predict what could happen tomorrow, next week or next month, retailers can more accurately plan operational aspects of the store such as staffing, sales and promotions, inventory levels and even store design, it said. 

Steve Richardson, regional director for Experian FootFall, said: “Retailers today are constantly searching for actionable intelligence to optimise performance, replicate success and eliminate pain points. Site Analytics gives store and shopping centre managers more information than ever, all with the clear goal of driving profits, and can investigate any site space to discover hidden potential.

“At a micro-level, this means a retailer can determine the conversion rate of a particular floor or department, if needed as well as cluster entire stores by category, comparing performance to a similar cluster of stores elsewhere in the chain.”