{"id":672,"date":"2023-05-15T10:00:14","date_gmt":"2023-05-15T10:00:14","guid":{"rendered":"https:\/\/beta.softweb.co.in\/?p=672"},"modified":"2024-09-24T06:07:45","modified_gmt":"2024-09-24T06:07:45","slug":"metrics-every-retailer-should-be-measuring-how-facial-recognition-in-retail-helps-you-measure-it-smoothly","status":"publish","type":"post","link":"https:\/\/softweb.co.in\/blog\/metrics-every-retailer-should-be-measuring-how-facial-recognition-in-retail-helps-you-measure-it-smoothly\/","title":{"rendered":"METRICS every RETAILER should be Measuring: How Facial Recognition in Retail helps you measure it smoothly"},"content":{"rendered":"
\nEvery retailer must be tracking some measurable metrics to understand the performance of their business. In this highly competitive business environment, until a measurable KPI is set and strived to achieve. Facial recognition in retail helps in measuring these metrics more smoothly with accurate data.<\/span><\/p>\n The Retail Sector is primarily tracking three parameters to evaluate their business<\/span><\/p>\n These metrics help in understanding the customer journey behavior, overall store experience, star products any sort of gap analysis and create strategies to accelerate sales, and a lot more.<\/span><\/p>\n Let\u2019s jump in to see why they are important to track.<\/span><\/p>\n KPIs<\/strong><\/span><\/p>\n The key performance indicators, or KPIs, are the most crucial measures for any business. The KPIs help you to understand the health of the business as well as adjudge whether the business is growing towards the right direction. Identification of the right KPI is crucial for all stores, but the method of one-size-fits-all cannot be Implemented as every store needs a separate base of KPIs.<\/span><\/p>\n Modern-day retailers with the help of technology, and artificial intelligence have better-analysed insights about metrics. Moreover, implementing applications like TORK-facial recognition in retail can also garner major insights regarding customer satisfaction, specific demographics of stores to plan merchandise and many more.<\/span><\/p>\n Measuring Retail Metrics<\/strong><\/span><\/p>\n Close monitoring of metrics helps retail stores on multiple levels. A pre-defined metric can monitor, staff performance, Inventory Management, or customer buying pattern.<\/span><\/p>\n A well-designed metric analysis helps you find the gaps in metric numbers and helps you make strategies for covering up the gaps for better business performance.<\/span><\/p>\n Track performance<\/i><\/span><\/p>\n Tracking performance is the most important part of any business unit, be it retail or any other. How exactly the pre-set parameters are helping in achieving the goals of retail stores should be thoroughly monitored and checked. In case there is any gap between the planned results and actual, immediate remedial steps should be implemented to bring the business back on track. Efficient and regular tracking of business helps in consistent business growth.<\/span><\/p>\n Improve Forecasting<\/strong><\/i><\/span><\/p>\n Business forecasting and predictive analysis are vital components of the business. But business forecast does not rely on mere guesswork. Rather, a detailed study of historical sales and trends along with present supply chain management can help stores plan sales and inventory accordingly. Overstocking with contemplation of sales will end up eroding margins and block investments whereas low inventory will lead to loss of sales and customer dissatisfaction. Well-calculated forecasting always results in higher returns.<\/span><\/p>\n TORK- the facial recognition-based solution for retail, keeps you well prepared for this analysis. TORK dashboards equipped with historical data help you envisage data-backed future scenarios and take buying or merchandising decisions accurately<\/span><\/p>\n Retail Metrics and KPIs<\/strong><\/span><\/p>\n More sales mean more growth with the expansion of business. But apart from sales metrics, it is also important to measure the processes involved in achieving so. Streamlining the store operations along with KPIs creates a healthy business environment in the long run.<\/span><\/p>\n The \u2018MUST\u2019 KPIs every retail store and professional must have a detailed idea about.<\/span><\/p>\n Conversion rate<\/i><\/span><\/p>\n The primary bottom line of business, is how many converted?\u00a0 That is, of all the visitors or footfall you received throughout the day, how many of them purchased from the store? The higher the rate of conversion, the better your business performance.<\/span><\/p>\n The conversion rate is the ratio of customers who visited the store to those who made a purchase.<\/span><\/p>\n For example, if 100 people walked inside a retail store, and 40 people purchased items then conversion rate for the store is 40%<\/span><\/strong><\/p>\n<\/blockquote>\n The Formula tracking Conversion is :<\/span><\/p>\n \u00a0(Total Number of Invoices) \/ (Total Number of Footfalls) * 100<\/strong><\/span><\/p>\n Customer Metrics<\/strong><\/i><\/span><\/p>\n Footfall Traffic<\/i><\/span><\/p>\n It\u2019s essential for every retailer to diligently monitor a fundamental metric known as \u201cvisitor count.\u201d This data provides insights into what\u2019s effective and what needs improvement, whether it\u2019s during the holiday shopping season, after opening a new store location, implementing a new display window design, or launching a loyalty program. Understanding foot traffic is crucial, as it helps retailers determine if these efforts are translating into revenue generation for the company.<\/span><\/p>\n With the help of TORK- facial recognition in retail technology, you can track footfall data quite easily without any manual intervention.<\/span><\/p>\n Loyal Customer Visits<\/strong><\/i><\/span><\/p>\n It is an old proven fact that 80% of the business comes from 20% of the customers. \u00a0Customer retention shows how much of repeat customers or rather loyal customers you have been receiving within the store for a regular purchase. This in other way implies customers are indeed loving your collections and store and making an effort to come back to you for purchase. In general practice, track of loyal customers is kept through their phone numbers, taken during billing.<\/span><\/p>\n\n
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