In addition to providing powerful solutions for Retail Security Tagging, the Tagmax team can also assist businesses understand in-store analytics. After all, knowing the ins and outs of your store and how customers interact and navigate within your premises is valuable information, both in terms of marketing and retail security.
The ability to understand what a customer wants and does while inside a physical store has always been something that business owners dreamed about. In previous years, some retail businesses had to rely upon archaic methods such as people counting, whilst other businesses used loyalty cards to track their customer's purchases; however, both of these methods failed to convert what was happening inside a store and turn it into actionable data. But now, with StoreTech's new in-store analytics software, retailers can understand what their customers want and do in whole new ways.
'Having the data in a live and actionable format not only means that teams are able to take corrective action as the trading day unfolds, it also provides a fun and motivational way of keeping all members of the team engaged with store performance.' - River Island
StoreTech analytics uses data obtained by studying customer traffic in order to create information which can be used to drive operational improvements within brick-and-mortar retail stores. Thanks to the use of cameras and in-store Wi-Fi, a range of insights are now easily available; many of which were previously unachievable using older methods such as customer counting or loyalty card schemes. The data available by using StoreTech includes conversion rates, dwell times (by zone), and information regarding window conversion and repeat visits.
The software works using the cloud, this means that there are no demands on the individual retail store, allowing the data to be collected and analysed for other function. Additionally, due to cloud-based nature of StoreTech, it's both cost and time-effective to roll out in stores as it can be accessed by any smart device via the web portal. Additionally, the service is also available on a software-as-a-service model, providing even further cost efficiency for retailers using the StoreTech software. It also offers a comprehensive staff scheduling option and target-based dashboard performance management that can lead to a sales uplift of between 3-5%.
'The product has enough science and automation behind it to ensure its effectiveness from a customer-facing perspective, but it also requires a degree of manual input, which means our managers are allowed to 'manage', which is also important to the business.' - Clarks
The aim of the StoreTech software is to create something that is easy to use, visually clear and real-time in its data; it achieves this using several different tools.
Gone are the days of paying someone to stand in a doorway, mentally counting the number of people entering a store; one of the big features that the software provides is the ability to automate the process of people counting. Thanks to a combination of Wi-Fi hotspots and CCTV camera information, the software is fully capable of compiling data regarding in-store traffic and customer patterns, similar to how online stores collect information about how their visitors navigate their digital retail space.
Wi-Fi is used to measure and monitor shopper's behaviour while they are inside your store, it can also log repeat visits allowing you to track data regarding products and items that inspire repeat purchases. However, this software doesn't just provide you with information regarding what customers are doing inside your store, using this powerful retail analytics software, you can also look at the number of people who gaze in the shop window but don't enter the store.
Such powerful features allow for the creation of performance analytics in real-time so managers can see exactly what is happening in the store at any moment.
Additionally, as well as collecting data on customers, the software also allows for the scientific, data-driven scheduling of staff; in a way that simply isn't possible when done manually. While tracking your store's customers, the analytics software can also track employees, monitoring their activities ensuring that staff are deployed in the most effective manner available. The data regarding the overlap of customer traffic patterns with employee traffic patterns provides retailers with a significant advantage, as this data can be used to determine whether their staff are in the right place at the right time, in order to provide the best possible customer service. The staff deployment platform also provides retail businesses with a highly visual, dynamic performance management option. This option covers the whole of the business environment, including a number of important customer service metrics and conversion rates. Additionally, it can also be used to help with checkout and with queue management, alongside in-store marketing efforts.
If you would like more information on how we can help your business, then please don't hesitate to get in touch with us today. Our professional security team will be on hand to answer any questions or concerns that you may have regarding your store's security.
“Tagmax have added an new dimension to our retail loss prevention strategy. We can now connect to all of our stores remotely via an App on our phones and view live incidents or look back at recorded events from anywhere. The loss prevention team can now truly do this on the move. Investigations have been dealt with in record time and the new CCTV systems have helped to drive down losses within each store.”
- Head of Security - Chanel -