Inflation and economic uncertainty will likely continue to affect businesses during 2023. But they say efficiency and new ways of doing things get premiered when things get tougher, both for individuals and organizations.
Here we go through why and how footfall data is a key instrument for retailers and organizations entering 2023. The potential is great and for the open-minded organization, exciting times are ahead.
In this article:
How footfall data can kick-start business in a recession
The common denominator for businesses using footfall data today
The stakes are higher in 2023
It doesn’t matter if there is a boom or recession in the economy, our message to the market and potential users is the same: information will help you make better decisions.
The difference is that the stakes are higher during a recession since there is less buying power, therefore one could argue that the need for good and reliable information is even higher entering 2023 compared to last year.
Footfall data will give you a better position
How do you succeed in a recession? Perhaps the first idea that comes to mind is to lower your cost, at the same time you don’t want to lose out on potential sales, it could also be that you need to attract more potential customers, or you need to increase the sales on your customer base.
Our key point is that footfall and sales data are the most important tools when deciding your way forward.
Know your customer base and know your traffic and sales. The ones using data will have a stronger position in the market.
Understanding the current situation
If you are a retailer you need to know if you are doing the right thing when it comes to product placement and staff resources being used in the stores at the right time and day, all retailer wants to optimize their conversion rate.
If you run a city center or a shopping mall you need to know if you are doing the right thing to attract visitors, you also want to know where the visitors move about and their demographics to be able to increase their experience.
Buildings and office spaces need to optimize the level of rent based on traffic. There is also a huge potential for optimizing energy consumption in buildings and shopping malls when combining footfall data and data from air quality sensors.
Benefits footfall data 2023
The common denominator for all businesses and organizations is the need of understanding the current situation to make a fact-based decision. Information from footfall sensors and cash registers will give businesses a head start entering the new year.
Increased competition and less buying power increase the need of finding more efficient ways
With footfall data, you can identify deviations and ask what caused them
Trial and error, find out what works and what doesn’t work. This mindset has always proved to be the way forward.
We believe data from people counting systems and POS are necessary tools needed to succeed entering 2023.
With footfall and sales data, we can use statistically collected information and make better decisions. If you for example want to increase the number of visitors and be able to repeat it, you need to understand what caused the changes to happen and this is the big advantages business get when using and analyzing footfall data.
If you find this interesting
Read more in our guide “how to convert visitors into customers”
Read more about how cities can use footfall data to make better decisions
Read more about how stores can use footfall data to increase sales and decrease costs
Learn how buildings can optimize the level of rent
Contact us with your questions. We are ready to provide you with the right information entering 2023!