Productivity has historically been measured using metrics like “sales per square foot” and “sales per employee,” and until now, it hasn’t posed much of a problem. With the eCommerce boom however, retail has become more competitive than ever. This has led industry experts to reevaluate the value of different performance indicators in order to relate to the new era.
Here are three indicators that we believe are worth a closer look:
The use of beacon technology by the industry’s top performers has spiked in recent years. Beacons provide valuable new ways to measure customer activities. Methods like heat mapping take people-counting to new heights and provide store owners with incredible insights into customer behavior and store layout.
With beacons, you are able to push customers toward the parts of the store that matter most to them and create custom deals based on their preferences. Being able to measure these various components in real-time can answer questions like, which inventory you should prioritize, and what type of messaging resonates most with customers?
Related article: Three Ways to Use Beacons in Retail
Mobile ID Tracking
A recent Nielson study found that 89% of consumers’ media time on smartphones is spent engaging with apps, which means it’s important for us as IT professionals to help the marketing and sales teams find ways to understand mobile behaviors. Leveraging your target audience’s mobile IDs through location tracking is an efficient way to get the most for your marketing dollars.
Tracking the data provides a chance to understand the consumer on a deeper level than ever before. Taking things a step further is the ability to use GPS locations to find and process different patterns in the day-to-day of your customers and identify ways to capitalize on them. Use it to gauge the store’s ability to draw shoppers, how often they visit your store, and how effective your advertising really is at closing the sale.
Experiences Per Square Foot
As eCommerce has made buying ever more convenient over the years, it’s pushed traditional retail to find ways it can create a competitive advantage. One of the categories with the most promise is an experience-based model. Thought of as an update to its predecessor, sales per square foot; experiences per square foot focuses on creating memorable interactions with each store patron that leave them wanting to come back in person over and over again.
It leverages customer service and entertainment – two areas that online sales haven’t quite figured out at the moment – to increase foot traffic and improve brand affinity. After all, wouldn’t you return if you had a great experience? As BikeBiz puts it, “Every shop has a very different space, and it’s never going to be a ‘one size fits all’ situation, but simply viewing your space by the story it tells may well be the key to stirring up new sales.
Related article: Flip the Script Experience Per Square Foot
Work with Worldlink
At Worldlink, we can help your store deploy technology solutions that make these new metrics a reality. Work with our team to create a faster, safer, and more reliable network that will help generate sales more efficiently than ever.
Contact us to learn more, or give us a call at (949) 861-2830.