What analytics and counting solutions for retail in 2023 ?

What analytics and counting solutions for retail in 2023 ? As a result of the lockdown, online stores have experienced an unprecedented boom to the detriment of retail, which has suffered deeply. The historical players of physical commerce have seen this new competition strengthen and disrupt the way they work. To survive, they have had to find new tools to face these difficulties. The democratization of artificial intelligence and predictive algorithms for consumer use has revolutionized the way we can collect data in real time, giving power back to brick and mortar stores in the face of online businesses.   One of the best technologies available to you, the retailer, to better manage your store is people counting and customer journey analysis. There is a multitude of solutions to collect and process this data, so how should you choose? What are the most appropriate solutions for your needs in 2023? This article aims to give you an overview of these solutions so that you can find the one that will be the most adapted to your needs. Counting with a connected sensor The first way to collect data is to use connected sensors or counting boxes. There are several types that we will present here. The infrared sensor The infrared sensor is the one that has been historically the most used. It allows to count in a very simple way the number of people entering or leaving a store thanks to a sensor placed at the entry points. The counting is done thanks to an infrared laser beam that counts an entry when it is cut off when a customer passes. This solution has several advantages: They can run on batteries and therefore do not require electrical connections. Their format is relatively compact and therefore allows a discreet installation These boxes are inexpensive since they are relatively basic They do not require advanced skills to use The metering is anonymous However, it has some disadvantages: The sensors can only count entries and exits since they count with a beam and therefore give you relatively limited data It does not give you access to more advanced features like other sensors. Counting is not accurate and not suitable for multiple entries: when groups or multiple people pass through simultaneously,  The sensor is overwhelmed and cannot accurately count the number of entries. The size of the entrance that can be covered is relatively small The thermal sensor One of the evolutions of infrared sensors is the thermal sensor. It will allow you to count at the entry points of your stores but this time in a much more precise way. You will be able to count the number of group entries in your stores and the number of individual entries, in a very precise way this time, since the sensor is placed above the entry and is thus not affected by the simultaneous entry of customers. The advantages of this solution: The data collected is accurate The counting is done in an anonymous way The installation can be less expensive than installing cameras and if it is battery operated, the sensor does not require electrical installation. These sensors can cover larger entrances   Disadvantages of this solution: These boxes can be relatively expensive The boxes are quite imposing and not very discreet The data collected is limited, you can only know the number of entries and exits, they do not allow you to better know your prospects Counting with a camera Cameras are already very often present in stores, especially for surveillance in a security purpose for a boutique. However, they can now be used for a new purpose: to better know your customers and follow the performance of your point of sale. There is a multitude of solutions on the market giving you different levels of knowledge on your data. Surveillance camera feed analysis. The first and simplest solution is to analyze the flow of your surveillance cameras. If your store is already equipped with this kind of system, you can use software that allows you to analyze these video streams to get information about your business. The installation of this solution does not require any expensive investment since you have already invested in your cameras. However, you will have to make sure that your cameras have a sufficient image quality and that they cover your entire point of sale. Finally, you will have to subscribe to the analysis software which can be relatively expensive and not very accurate if your installation is not perfect. This solution, covering the whole store, will allow you to follow the path of your customers in your store and thus to be able to draw information helping you to make better commercial decisions. The advantages of this solution : The accuracy of the data: if your installation is well done, you will be able to accurately count the entrances and exits of your store but also, follow the path of your customers The accessible data is much more numerous and the processing can allow you to extract more complex information than a simple count You don’t have to pay for the installation of cameras if you are already equipped with them The disadvantages of this solution: The cost of subscriptions is often high The data processing is done online on servers that you do not own, which causes a data management problem.  The installation of cameras is very expensive if you do not have a sufficient or well configured surveillance system. The Big Brother aspect, (surveillance with cameras) can negatively impact the user experience. Video analysis boxes Video analytics boxes are an all-in-one solution that will allow you to access rich data with a simple, discreet and compact tool. All-in-one solutions such as the IVStore represent a real revolution for the retail world since they give back the control to retailers, whatever their size, thanks to artificial intelligence and machine learning. Their wide-angle camera allows them to be placed on the ceiling of your store and cover a

How to improve brick and mortar stores’ ux with customer tracking ?

How to improve brick and mortar stores’ ux with customer tracking ? User experience (UX) is the term used to describe how a person feels overall when using a product, system, or service. It comprises the product’s practical, functional, and aesthetic features as well as the user’s views, attitudes, and emotions toward it. In the 1980s, when businesses started looking more closely at the requirements and preferences of their customers, user experience was legally acknowledged as a discipline in its own right. User experience has changed as technology has advanced over time. User experience has grown in significance with the advent of the digital age, particularly in the area of information and communication technology. Whether it’s a website, smartphone app, piece of software, or physical object, user experience is now seen as a crucial design component for any product or service. To increase client loyalty and differentiate themselves from the competition, businesses are aiming to develop unique user experiences. How can user experience and performance be enhanced by retail tracking? Monitoring the customer experience To achieve the desired performance improvement, no aspect of the customer journey should be overlooked. That’s why it’s important to implement an approach that focuses on monitoring and analyzing the customer’s in-store experience. Monitoring KPIs In the search for the best user experience for your customers, there are several key performance indicators (KPIs) that can be tracked to evaluate the effectiveness of a physical store: Conversion rate or transformation rate: this is the percentage of customers who make a purchase when they visit the store. Turnover: this is the total amount of sales made in the store during a given period. Time spent in store: This is the average time customers spend in the store. Bounce rate: the percentage of customers who leave the store without making a purchase. Number of visits: the total number of customers who visit the store during a given period. Customer Satisfaction Rate: The percentage of customers who are satisfied with their experience in the store. Average Shopping Cart: The average amount of money customers spend in the store. Window attractiveness rate: It measures the number of people attracted by the window (an attractive window can encourage prospects to enter and thus cause additional sales). It is important to monitor these KPIs on a regular basis to evaluate the effectiveness of the store and make the necessary changes to improve the customer experience. The importance of analyzing the customer journey In-store customer journey analysis consists in tracking and studying the different stages of a customer’s visit to a physical store. It helps to understand how customers interact with the products and services offered and to determine the strengths and weaknesses of the in-store shopping experience. Customer journey analysis can help boost a physical store’s revenue in several ways: Improving the shopping experience: by understanding customer expectations and needs, a smoother and more enjoyable shopping journey can be designed. This can increase the conversion rate and encourage customers to buy more. Optimize product layout: by analyzing the customer’s journey through the store, it is possible to determine where to place products so that they are more visible and easily accessible. This can promote cross-selling by getting customers to buy more products. Identify upsell opportunities: By tracking the customer journey, it is possible to identify times when they might be interested in purchasing additional products. This allows you to implement up-selling strategies to increase the average basket. Reduction of bounce rates: by analyzing the customer journey, it is possible to identify the friction points that may encourage them to leave the store without buying. This allows you to implement actions to reduce bounce rates and encourage customers to buy. A/B testing In order to improve a store’s performance, it is important to test and measure the impact of a change with methods such as A/B testing before making it final. A/B testing (also called split testing) is a method used to compare two versions of a product or strategy to determine which one performs better. For example, a company might use A/B testing to compare two versions of a website to see which one generates more conversions or two versions of an ad campaign to see which one generates more clicks. To perform A/B testing, a company divides its target audience into two groups, called group A and group B. Group A receives version A of the product or strategy, while group B receives version B. The results of the test are then compared to determine which version is more effective.  In stores, retailers can also use this method to test elements such as store layout, placement of featured products, or sales offers. For example, they can test two different versions of the store layout to see which one encourages customers to buy more products. They can also test different sales offers to see which one will encourage customers to spend more money.  By using A/B testing, retail stores can identify which elements work best and thus improve their performance.  This testing method will also allow for testing on a pilot store to find the optimal solution before rolling it out to the entire store base. Retail tracking solutions As discussed in the article “What analysis and counting solutions for retail in 2023 ?” there are many options to analyze what happens in your store, but you need to find the one that best suits your needs.  If you want to be able to follow the behavior of your customers from the entrance to the exit of your store by being able to trace their journey, it will be important to choose a complete solution allowing you to better understand what are the strong points and the points to be improved of your point of sale. The most suitable solution for this kind of problem is the video analytics solution like IVSteps. The IVSteps solution Our IVSteps product allows you to analyze your customers’ in-store behavior and their journeys in real time. The data

How AI is helping retail professionals on a daily basis

How does AI help professionals in all aspects of retail on a daily basis? The rise of online commerce has had a significant impact on retail. Online merchants, like Amazon and Cdiscount, who frequently provide lower pricing and a larger assortment of products, have forced shops to adjust to their growing competition. Many shops have started to offer online sales choices, enhance customer service, and provide distinctive shopping experiences to draw customers in-store in order to remain competitive. Several shops have also embraced the use of technology like augmented reality, artificial intelligence, and robotics to improve the in-store shopping experience and set themselves apart from online rivals. AI in the corporate world What is an AI ? Artificial intelligence (AI) is a field of technology that aims to create machines capable of performing tasks that normally require human intelligence, such as speech recognition, translation or decision making. There are several types of AI depending on the type of learning they use such as: supervised learning, where the ia follows specific rules to accomplish tasks, unsupervised learning or deep learning, whose algorithms will become more refined each time they process data and improve their performance over time. AI tends to be democratized and becomes more accessible to any type of company, regardless of its size. Uses in the business world AI has many applications in business, including demand forecasting, product recommendations, fraud detection and supply chain management. It can also be used to improve customer experience by offering personalized products or providing online messaging via AI chatbots. More broadly, AI can be used to optimize and automate internal business processes, reducing costs and increasing efficiency. AI in the retail sector Point of sale management tools Retail tracking tools are used to track the performance of retail businesses on a global scale and help improve sales and marketing strategy. There are many types of retail tracking tools, including point-of-sale (POS) management systems. These are software programs used by retail companies to record in-store sales transactions. They allow employees to capture items purchased by customers and process payments, usually using a cash register or electronic payment terminal. POS systems also offer a variety of tracking capabilities, such as inventory management and sales analysis. They can be used to track sales at the store, store group, or enterprise level overall, which can help companies better understand their performance and make strategic decisions accordingly. For supply management, these software applications help companies track the end-to-end movement of products from supplier to store and can be used to improve overall chain efficiency. Human resources management also benefits from automation technologies thanks to AI: employee file management, leave management or absence management, the applications are numerous and tend to evolve to integrate into the daily life of companies. Demand forecasting tools In addition to enabling continuous observation and management of the day-to-day operations of a retail outlet, the technological advances in these software products allow companies to collect and analyze data on sales, consumer trends and customer behavior in real time. Globally, customer relationship management (CRM) tools are the most widely used, helping companies to track and manage customer interactions, from prospecting to after-sales service. They allow traceability and relieve sales departments, freeing up more time for sales prospecting and performance improvement.   With the development of artificial intelligence and advances in data analysis, retail tracking tools are becoming increasingly sophisticated and help companies make strategic decisions in real time. Retail professionals can now analyze large amounts of data, such as sales or customer behavior data. This can help them identify trends and growth opportunities, as well as optimize their marketing and sales strategy. When it comes to stores and their layout, AI can be used to analyze customer behavior in stores and optimize product layouts accordingly. This can help retailers draw customers’ attention to the most relevant products and drive purchases. In short, AI can be used to improve the efficiency of retail operations, meet customer needs more quickly and efficiently, and optimize company sales and marketing strategies. A tracking solution made for retail Customer journey analysis and people counting solutions There are many point-of-sale management tools and it is necessary to understand the ins and outs of their uses. You may be interested in the article “What analytics and counting solutions for retail in 2023 ?” to learn more about the solutions available to you. If you want to learn more about your customers’ behavior from the front door to the back door by being able to trace their journeys, you will need to use a comprehensive customer journey capture and analytic tool as well as a complete counting solution. With the information available, you can make changes to your merchandising and customer journey to boost store performance and customer loyalty. The IVSteps customer journey analysis tool We have developed a tool that will allow you to anonimously analyze the path and behavior of your customers in store in real time. We collect data thanks to sensors that anonymously analyze the trajectories and behavior of your customers. You can then: Visualize heat maps, walkthroughs and stops; Measure the audience, attractiveness and transformation rate of each department or zone; Understand the routes and directions of traffic; Highlight malfunctions (waiting at checkout, fitting rooms, etc.). Discover the areas of interest, the direction of travel and the fluidity of your points of sale.  Find and compare all the data concerning your points of sale in a few clicks, directly in your space, on your dashboard on computer or in your mobile application. IVSteps Discover how the analyzing your curstomers’ journey can boost your sales Click here The IVScount people counting solution We have developed a counting solution that allows you to measure and analyze the incoming traffic streams in your stores in real time. The data is created by sensors that anonymously analyze the entries in the store as well as the passages in front of your shop window.  This allows you to : Measure the impact of marketing