Lecture Note: Retail-101; Question NO. 1 :
How can you evaluate the effectiveness of your marketing campaigns
and your retail chain performance?
In real life, retail stores are hard to judge or predict the sales performance, compared with virtual online stores; Online marketing campaigns do have a lot of
KPIs whereas the physical ones do not.
Virtual online stores can be easily evaluated using indicators like no. of (new/old) visitor, staying duration, sales conversion rate, and something as simple as junior school Maths.
For physical retail shops, the effectiveness of any marketing campaign remains unclear, until after the sales of the month results poorly. Why?
The key difference is lacking REAL TIME visitor monitoring in physical retail shop.
It's very easy to do that with
Axper's Vision II and
Performance Plus!!!
Axper Vision II people traffic counter and retails analytic software Performance Plus can provide business intelligence by offering KPI just as timely & and easy as online shops.
How it works?
When we want to understand real sales
performance opportunities and additional sales
potential of a retail store, we will generally employ a equation as shown below:
|
Total sales
|
=
|
Traffic
|
X
|
% sold
|
X
|
Average sales
|
|
$500
|
=
|
100 people
|
X
|
10% or 10
transactions
|
X
|
$50
|
The web-base analytic software can integrate
Traffic Data (No. of Visitor) with
Sales Value from POS and
staff HR management (
STS-approach), bringing you the full picture for each of your shops. And with the user-friendly interface, you can set up various bar charts and pie charts to show the performance of your retail business around the globe 24/7.
The holistic
conversion rate is now online and most importantly, REAL TIME for multiple shops shown on one single Map, thanks to Axper and Performance Plus. After that, you can have a general idea of what gives rise to an unsatisfactory turnover and pin point the problems;
- Pricing strategy? Traffic high vs low sales?
- Lack of ads? Traffic low vs low sales?
- Lack of serving staff? Traffic high vs low staff ?
- ....etc.
The more the customer traffic, the more stimulating the sales. Together with application of Axper's Vision II, Performance Plus substantiate the relationship between sales performance and traffic level with high readability, from which you will yield an insight of what needs to be improved and how to provoke customer traffic, enhance sales conversion and formulate an array of retail planning strategies. These help further facilitates decision in Merchandising, Budgeting, Supply Chain Management, Human Resources Management, Customer Relationship Management, and so on. More importantly, you can get the
real-time visualized analysis at your convenience!
It truly streamlines and systematizes entire planning process for
Retail Operations Analysis, with LEAST EFFORT but GREATEST RESULT!
Don't forget the homework - Cross reading:
A Peek on 3D Vision Camera in-action!
Visual-Based Visitor Counter for Retail or Events
Contact us for more information!
www.hk-rfid.com | www.active-rfid.net
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