People Counting Camera Helps In Retail Growth

1. People Counting Camera Helps In Retail Growth When retailers talk about retail growth proper analytics of in-store insights are very important to gather those metrics people counting camera and software helps a lot. In the modern market, low revenue growth is experienced in almost every industry, the chaos is faced particularly by the retail industry. With internal and external factors constantly influencing sales, retailers need to re-think their growth strategy as long-term and maintainable. For their help, people counting solution are the best retail tech tools to take care of in-store insights. According to the researches that were conducted by Harvard Business Review earlier this year and proper study, the results show us that retailers who are getting less revenue continue their struggle to enhance growth by opening new outlets far past the point of fading returns. By contrast, successful retailers had relied on operational improvements in their existing stores to drive additional sales. The study also enlightened the facts regarding retail chain such as an aggressive growth without a practical understanding of growth. Precisely referring to retailers not being able to strategically shift between the high growths to maturity phases of the business lifecycle. The high revenue generating retailers as the study conducted shows that they grew their store count only 2% annually, they posted 3.4% similar store sales increases. This is a huge difference to underperformers with 4.4% in store count and equal sales increases of only 1.9%. Progressive retailers should look at these key metrics to understand growth properly. Return on Invested Capital ROIC Return on Invested Capital is actually the ratio of adjusted operating income to average invested capital. Total of the operating income mentions the operating income plus rental expenditure for the new store outlet. Revenue Per Store

2. Revenue per Store shows retailers the total revenue generated annually divided by the total store count. Revenue Added Per Store Revenue Added per Store gives us the actual difference between the total revenues generated and the estimated revenues from existing stores that would have been attained if no new stores are opened, separated by the count of new stores. This metric tracks the cannibalization effect among different products. Retailers Need To Look Within Many retailers realize the overgrowth when it is too late and it often leads to a situation where the retailer generates less revenue from many of his products due to a variety of products offered by him. So the situation raises a question, how do retailers make earnings out of season or when the business is down? Answer to this question is pretty simple, with the constant improvements in their store operations and keep on optimizing the customer experience. This will result in an increase in revenues faster than other expenses. Retailers should look for growth essentially, they should focus on current store instead of expanding branches or franchises. This will keep a smooth flow of revenue and a strong base that will give benefits to the company in long term planning. Customers see retail business as a part of their overall dwell journey in a store. They expect the store to be a touch point where they can find products with justifiable prices and an opportunity to interact with knowledgeable sales staff. Most importantly, it is a chance for them to build a personal story connected with the brand. Retail analytics, specifically people counting solution places a key role here, as it interprets traffic, customer behavior and optimizes the store efficiency. The Value of Retail Analytics Developing an optimized operational strategy and using key metrics to measure internal and external influences are the two most critical prerequisites when viewing at maintainable long- term growth. Retail analytics can fulfill both of the above prerequisites to a great extent, enabling the Management to take more informed operational and strategic decisions based on actionable data. By adopting people counting camera and counting software technology, retailers can examine in-store performance, measure the efficiency of their marketing campaigns, improve the store layout and efficiently assign their staff to maximize customer satisfaction.