In today’s data-driven economy, existing business models are unreliable, and thus Analytics ensures that businesses gain access to up-to-date information. These advancements gather data from sources such as customer interactions, website visits and social media. As a result, firms can acquire new and retain current customers with ease and increase the overall revenue generated.
As store visitors reduce, the need to identify current trends is more important than ever to instill customer confidence. Industry experts believe that gathering, storing and processing footfall data allows retailers to launch measures to ensure long-term business continuity.
Usage of data analytics such as footfall, heatmapping and people counting has made it simpler for businesses to gain knowledge if the introduction of a marketing strategy has been successful or not, it also helps in simplifying staffing as well as promotion decisions.
From gaining information about dwell times and popular zones to people entering and exiting the premises, people counting sensors assist retailers to obtain accurate and real-time data to improve conversion rates.
Ai-based software enables online retailers to enhance performance metrics and generate opportunities to build upon employee skills. In addition, Artificial Intelligence also assists in promoting brand loyalty and reducing lost sales opportunities by over 35 percent.
Through the use of RFID solutions, retailers can accurately locate and monitor products in-store. As a result, firms can fulfill shopping orders and avoid lost sales opportunities due to out of stock or misplaced products.
People Counting Solutions enable companies to monitor traffic, popular zones in-store and overall time spent by visitors. As a result, retailers can gain valuable insights on which areas can be improved and launch strategies to gain an advantage over their competition.
Advancements such as the Internet of Things, Artificial Intelligence and Data Analytics help retailers to gain insight on industry trends as well as fulfill customer demands and preferences. Furthermore, these developments also increase productivity and reduce the overall cost incurred drastically. As a result, over 85 percent of the businesses are predicted to invest in these developments to stay relevant in the highly dynamic industry.
Virtual and Augmented Reality will enable retailers to provide unique and one-of-a-kind services and promote customer satisfaction and retention. As a result, more than 60 percent of the business executives expect Virtual and Augmented Reality to go mainstream within the next few years.
Customer relationship management systems promote operational efficiency throughout the organization. As a result, more than 40 percent of the business executives consider CRM as a vital tool in optimizing day to day business operations.
Artificial Intelligence enables firms in generating creative and innovative strategies to stay at the forefront of digital developments and incorporate futuristic features to the store layout. These features include popular industry trends such as digital mirrors, self-checkout counters and mobile wallets.