Discover 3 simple steps to becoming a data-centric retail shop

The term data-centric need not be foreign or for the young generations. It’s simply a term for measuring and calculating what venues of growth provide the best return, where any potential low hanging fruit is located, and many other golden nuggets of information that enable businesses to act with confidence and great results.

Today we’ll discuss how you can turn any retail store into a modern and well-performing data-centric store.

Gather the correct data

It can be a challenge knowing exactly what data to capture, and how to do so in a GDPR compliant manner that does not disturb the retail experience for the customer but collects data that lets the business measure growth and find areas for improvement.

A simple example would be a retail store counting every visitor entering through the doors. By having this basic number, it is then possible to calculate the conversion rate, a number that indicates how large a percentage of potential customers actually purchase anything. 

While this is a simple example, the concept can be built upon, providing unique insights for a relatively low cost and effort. At Alertiee, we are experts at mining the correct data, setting up analytics platforms and interpreting and transforming the results into actionable and concrete tactics and strategies.

By using small IoT sensors, connected cameras and other electronic gadgets to measure and track the activity of your customers, you can let shoppers browse the store in comfort and anonymity. Alertiee offers a range of plug-and-play devices with a subtle design.

Data-driven decision making for modern retail business
Data driven decision making for modern retail business s

Use prediction models to analyse the data

Now that we have the data, another question might present itself. What exactly are you supposed to do with data? 

Well, one good example could be a prediction model that helps interpret exactly how your customers interact with the products for sale, and the retail store itself. From measuring conversion rates to assessing which areas of the store are most frequented.

Using our methods of prediction on top of the gathered data allows businesses to understand why a store might perform poorly in certain scenarios, and it will provide insight to help fix the issues at hand.

Provide real-time feedback and insights to improve the experience

Once the target areas have been predicted, it is time to put everything into action. It can be difficult getting everyone on board, and it might also be a challenge interpreting the data once it has been analysed.

But luckily there are some good options to solve this hurdle, a real-time portal, for instance, can be the perfect hub for employees to get the data they need to improve the customer experience and increase their productivity, while also empowering them with more knowledge.

A real-time portal, like the ones Alertiee offers, provides insight into the key metrics important for your business. Easy to learn and use, this tool can seamlessly bridge the gap between planning and execution.

Conclusion

The market is constantly evolving, and we can sometimes find it difficult to stay on the right track. By looking at specific data and analysis to provide answers and solutions to the challenges, it is possible to identify new growth opportunities as well as explore new ways to improve the core business and grow customer satisfaction.

Further Reading

If you enjoyed this post: How to become a data-centric retail store, 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