Discover 3 ways foot traffic analysis can help you to set the perfect operating hours

In short, foot traffic analysis is helping brick-and-mortar stores to gather detailed customer and operational insights. Setting profitable operating hours is key to achieving organisational excellence in retail. In this article, we’ll be going into a few of the things retailers should be taking into account when setting operating hours that maximise profits and boost conversions along with some of the innovative solutions available that can help streamline the process.

In retail, it’s important to consider the external factors that impact how many customers come in and when. By implementing systems that allow you to track and compare external foot traffic around your locations, retailers can arm themselves with data that facilitates smart operating hour strategies.

Intelligent retail support, smart retail – Alertiee

When setting operating hours in retail it’s important to consider things that are happening outside your store that impact traffic. Imagine a retail location that closes at 6 PM on weekdays. If the train station across the street starts filling up with people commuting home at 6:30 PM, it’s worth staying open until 7 PM (at least).

Every location is different and implementing a visual detection system like Alertiee Sense is a great way to align operating hours with external trends – even ones that are far less obvious than commuting schedules! They continuously track external foot traffic and allow retailers to get an in-depth view of activity levels outside a location at any given time. Based on this information, retailers can make more informed decisions about the optimal operating hours for a specific location.

Be responsive to location-based data

In the pursuit of optimal operating times, retailers can benefit from adopting more fluid strategies. For example, Fridays and Saturday evenings might be incredibly busy at one location and quiet at another. Instead of adopting a one-size-fits-all approach to operating hours, retailers should rely on data. What is profitable in one location may not be profitable in another.

The key here is adopting systems that make acquiring and analysing traffic data simple. Luckily, there are plenty of solutions available. Alertiee Sense and Pulse both offer retailers in-depth and location-specific traffic analysis that will allow them to implement operating hours that maximise profits at each location they operate.

Keep data updated and organised by using intelligent retail support

Operating hours should never be seen as set-in-stone. The areas and communities retailers operate in are constantly changing, and while not all the changes will impact revenue, some will. That’s why it’s incredibly important to make sure analysing foot traffic data is not a one-time endeavour. An up-to-date retail analytics system will allow retail executives to make decisions based on daily, weekly, or monthly traffic data.

Foot traffic. Set smart retail operating hours by using foot traffic analysis Alertiee
Set smart retail operating hours by using foot traffic analysis Alertiee

For this strategy to work, however, retailers need to be able to access all their retail operation data in one place. That’s where retail analysis platforms come into play. By putting all a retailer’s retail operations data in one place and making that information easy to digest via software dashboards and reporting tools, they can quickly identify patterns and take actionable steps toward increasing revenue

Further Reading

If you enjoyed this post: How to set the perfect retail operating hours, be sure to check out our recent IoT and AI pilot with Adnams here: AI and IoT for retailers how physical stores can enhance customer experience

Proven benefits of Alertiee technology

Alertiee will help you realise missing sales opportunities, stores’ performance based on conversion rate, and stores’ sales hotspots areas.

We support and guide you through how you best convert both inside and outside traffic opportunities by supplying you with options around service risks and how to serve your existing and potential new customers best.

Alertiee will help you to provide a harmonious customer experience across your omnichannel business. Our technology enables customer experience, marketing and retail teams to close the gap between customers’ digital experience and their physical experience.

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Sahand Malek