How to drive retail performance with data-driven insights

Retailing has undergone enormous transformation in recent years. While e-commerce was already increasing, the pandemic greatly accelerated shoppers’ reliance on digital channels. One click delivers virtually anything delivered to your doorstep.

However, in-store purchases still account for most retail sales. The Census Bureau of the Department of Commerce found that in Q3 2024, e-commerce sales account for only 15.6% of total retail sales. Customers still value shopping in-store, whether it’s the opportunity to try on clothes before they buy, seeing their options in person, window shopping, or valuing the overall shopping experience. That’s why it’s crucial that your locations live up to high customer expectations.

So, where do you start? Foot traffic data (also known as footfall data) measures the number of customers moving through a location, giving you firsthand knowledge of their behavior. We recently discussed five key elements to using footfall analytics for a variety of businesses, but let’s focus on the benefits for commercial retail owners and operators.

Understand the real performance of your retail spaces

Foot traffic analytics software lets you track retailer and customer demographics, optimize space utilization, and adapt staffing levels with real-time insights. These data-driven actions help you create the great experiences that your retailers – and their customers – demand. Foot traffic analytics also gives you data about how your customers interact with your locations. Understanding this customer data helps you more effectively increase occupancy rates, inform lease negotiations, and improve your property’s overall performance.

But that’s not all. Deeply understanding the way customers move through your property helps you:

• Create quality tenant experiences

  Set your space apart by providing valuable traffic and demographic insights to retailers. Use those insights to place retailers in the best location for their business.

• Future-proof your business

  Ensure long-term financial success by identifying high-performing locations, evaluating their data, and duplicating those results across your entire portfolio.

• Maximize the value of your locations

  Evaluate property performance with live data and insights to attract and keep high- performing tenants.

Ready to learn more ideas to enhance your retail property? Watch this short video or on-demand webinar to see how MRI OnLocation for Footfall Analytics helps you drive higher location performance.