A Little-Big Data Retail Merchandising Strategy for Small Business
Some months back, I a new chat with a gentleman who owned a vitamin and supplement store about whether or not he should join the local chamber of commerce. He noted to me that he or she was barely paying the rent and he was working 10-hours per day, because he couldn’t hire a worker with the expensive of labor and healthcare, etc.
Yes, I too thought this was unfortunate but the unemployed of the small company owner in today’s economy has been extensively recorded — so I understood his situation completely. Let’s talk, because I have some ideas to reveal to you on the retailing front. In college, I had the chance take a retail merchandising class, I completely loved the course and haven’t forgot anything I learned while attending those lectures.
So, I asked the vitamin and supplement store owner if he’d considered the flow of traffic as his customer browse his store. He said he had analyzed that a tad bit and explained to my opinion he thought features similar to how people click and navigate the Amazon website. Yes, philosophically it is similar, but not only. I asked him how people usually walked through his store, and he told me they usually come down this isle first, however go that mode. «What do they look at on that isle,» Specialists.
He said he didn’t know, personal asked him if he ever reviewed the security camera footage, «very rarely» he replied, in the event that he thought someone may have shoplifted, otherwise it re-tapes over and over again. I told him he’d have a better clue to how best to prepare and merchandise his store if he reviewed those tapes more often, then he’d make more money, could hire another worker, and pay his rent and join the chamber of commerce.
There was a really good piece in the Wall Street Journal on August 19, 2013 «Lights. Camera. Data. Small Businesses Use Information from Security Cameras enhance Their Business,» by Amy Westervelt which told of how small business retailers are using their security cameras to watch their customer traffic flow in their locations. Well, there is software that shall do all that for you, as it watches people browse around the store, then tracks them observe what they buy where or these people don’t and go away from.
Okay so, involves technology now exists and this store owner doesn’t even have to sit and watch the tapes, he can simply run the software. Please consider all this and think on that it.
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