Why it pays you to count?
In retail management counting the footfall is a critical aspect of one's operations. The information gathered is crucial in putting various offers, staffing levels and arrangement of merchandise.
In our latest programme about retail management we considered a number of technical, statistical and social aspects of retail volume measurement in relation to the bottom line. The main outcomes where:
This varies and gives a number of indicators as to the propensity of footfall to transform into actual sales. Some shops are ideal for browsing on specific dates and others are 'convenience stores' even if they are selling expensive items as patrons are going there pre-determined and knowing what to buy.
Staff needs can be determined over a period of time and one can put more staff when needed. Staff costs are a significant red figure so using effectively is important. So knowing the approximate staff levels required on any specific day of the month and allowing for seasonality will be able to maximise the staff usage rate in terms of HR unit cost per sale.
These can be customised in relation to traffic patterns. There are patterns in passing by traffic (PBT) and adequate offers and merchandising can attract patrons in towards specific offers. These can be done during slow period during the day or days when footfall is below par.
The technologies are various and have different degrees of automation but what is important is to know in a scientific way what is your traffic and what % you may be missing in conversion into an effective sale.
"Don't find fault, find a remedy."
- Henry Ford, Founder of Ford Motor Co.
Managing Director and Chief Programmes Officer based in Malta and an avid entrepreneur who likes sharing his expertise in various fields with people from all walks of life.
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