In today’s retail world, the desire to collect and leverage data is stronger than ever before. However, quite often all these different data streams can be difficult to combine into something useful. At SenSource we believe the customer counting data we collect is extremely powerful on its own. But when it’s combined with some other data types, point-of-sale for example, it becomes even more useful.
Let’s take a look at three advanced insights you can gain by combining foot traffic and POS data.
When sales data is combined with foot traffic, you can create a highly accurate conversion rate by taking the number of people that walk in and divide it by the number of sales. This conversion rate makes an apples-to-apples comparison when comparing the performance across retail locations.
Dollar Per Head
While similar to conversion rate in that it compares sales to foot traffic, dollar per head is a little different in that it assigns a dollar value to each person that walks into your location. Taking the total sales and dividing it amongst every person who walks in provides insights into what a customer is worth it a business. Once you know this you can make educated decisions on staffing and customer experience to ensure you are putting your best foot forward in capturing that potential sale.
The combination of sales and foot traffic data can enhance forecasting activities. By tracking historical foot traffic patterns and comparing with sales data, businesses can make more accurate sales forecasts, optimize inventory levels, and schedule marketing campaigns more effectively.
Now let’s take a look at how blending these data streams is possible.
Our development team has created an easy method to pull your POS data via an SFTP connection and automatically feed into Vea, our cloud-based reporting platform. Dashboards and reports can then be setup to include critical data points like conversion rate, dollar per head, and more. If this is something you are interested in, contact our support team.
If sending us your POS data doesn’t work for your team, we do have a full REST API library setup that takes the foot traffic data we collect and imports into your data streams. At that point, your team can dive into blending our data with yours to create some of those impactful metrics we’ve already discussed.
Both ways are pretty simple to setup and get started, so don’t wait any longer! Contact us today to start the conversation on blending these critical data streams and start making better business decisions.