Using data driven insights, Kepler Analytics aims to transform retail store results across Australia by strategically installed sensors in over 60 retail brands within 1,700 locations around the country.
The Kelper sensors collect and measures foot traffic, sales, conversion, consumer behavior and other related KPIs focused on understanding the driver of better retail result.
Every 6 - 8 weeks, Kepler Analytics releases a newsletter, the Kepler Retail Radar to provide insightful analysis to help retailers understand their performance and highlight learnings that can be implemented to increase sales in the future.
Below are the key learnings from October 2018 to the End of February 2019, calculated on a Year on Year, Like for Like Basis.
- There is a sustained drop in foot traffic into shopping centres in general.
- Those consumers visiting the centres are doing so with a greater propensity to purchase – there is less of a browsing element than in the past.
- Retailers are converting a higher percentage of inside traffic (in store traffic) into sales – due to the more serious nature of the ‘buying trip’ and the greater ability of store staff to satisfy their needs – either there is a lower ratio of staff:customer giving more time to focus on each sale opportunity or better abilities to convert (as these stores have been using the Kepler Conversion Programme for some time).
- The reduction in dwell time and repeat visits and the increase in ATV reaffirm the premise that customers come into stores better equipped to make the purchasing decision than before – it takes less time and less visits to get to the buying decision point.
- Retailers should consider tweaking their sales approach – it might not be a case of ‘how can I help you?’ but rather ‘what can I help you with?’ – subtle change of focus acknowledging the customer can done their homework and are prepared to buy.
Awareness and willingness to respond to changes are crucial. Defining the underlying factors that boosts sales capability and potential of stores both simple and complex is a good starting point. By utilising data driven results, retailers can modify and align their strategies to convert higher values and profit in the long run.
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