3 WAYS SENSOR TECHNOLOGY TRAFFIC COUNT DATA IMPACTS RETAIL STORE SUCCESS
Posted by Daniel Malak
Of the many factors to consider when measuring the success of your retail store, its incoming traffic count data should be at the top of your list. The right location greatly influences business potential, but is more often than not overlooked by planners and brokers alike. This is where pedestrian and vehicle counts comes into play. Clear analytics on what your competitors miss effectively removes ambiguity and improves your chances of long-term success.
Let’s go over a few applications on how the right data can help you:
#1. IF YOU’RE A PROPERTY OWNER
Finding a good mix of tenants is important; however, maintaining long-term occupancy is a whole other challenge. After all, tenant success is tied to the business opportunity factor your space provides. Sensor traffic count data can help a tenant understand the value of a location, as well as their profit potential, based on quantifiable metrics. Keeping this information on hand allows you to engage in more authentic conversations that can result in your property leasing faster– and at a higher dollar amount, too.
#2. IF YOU’RE A PROSPECTIVE TENANT
Think about your marketing campaigns and visual display messages. They may be influential in driving shoppers to your location, but are you converting them when they walk in? It’s important to know how and when to staff employees accordingly. Comparing vehicle counts and pedestrian traffic, from inside and outside of one or multiple locations, can help you to determine why people walk in at the times they do and to run promotions when customers are most likely to see them.
#3. IF YOU’RE AN ANALYST
You’ve heard the phrase “time is money“. So, how much are you spending on spotting and evaluating your business trends? If you’re focused on maximizing revenue, connecting the dots has never been easier. Sensor technology with computer vision helps you to not only forecast day-to-day patterns, but also to leverage them by making quick adjustments on predictions as needed. Set the best business hours to yield the greatest opportunity for sales.
Want to know more applications specific to your business, reach out to us and schedule a live demo.
ABOUT: DANIEL MALAK
Daniel Malak works on the Sales and Marketing team at Motionloft. When he’s not busy finding solutions for retail industry leaders or commercial real estate brokers, he can usually be found cooking something fancy or researching the next biggest IoT trends for smart cities.