As you’ll likely know, customer spending patterns can seemingly change as frequently as the weather, leading to sales spikes and, of course, dips.
It’s easy for an online retail business to analyze the effectiveness of marketing campaigns and sales offers. Systems will differ, but by and large the process is the same: Managers simply log into the back-end sales system, and can instantly view the following:
- Length of time customers spend on different product web pages
- If certain pages receive more views than others
- If sales increase following marketing campaigns
- If a website redesign has had an effect on sales
These are valuable insights, but once again, they’ve been out of reach for retail businesses for some time. Now, with foot traffic analytics, it’s possible to access highly-relevant and useful customer data.
Smartphone growth: An opportunity
The number of smartphones in use now around the globe is substantial. According to research from International Data Corporation (IDC), last year saw a total of 1.44 billion smartphone shipments across the globe. This was growth of 10.4 per cent from 2014. Projections for this year show total shipments of 1.5 billion. Come 2019, IDC expect 1.92 billion shipments.
Accompanying this growth is a downturn in average selling price (ASP). IDC notes that now, volumes are shifting toward the low end. The average price in 2015 stood at US$295, but by 2020 it could be as low as $237. But what does smartphone growth have to do with traffic analytics in physical retail businesses?.
How would this work in practice?
Imagine being able to quickly analyze a marketing campaign and work out the impact on your sales. It’s possible thanks to widespread smartphone uptake and a capable solution from Foresense Technologies.