In retail, men and women have different shopping preferences, this is also valid depending on the age of the consumer. Learning how to engage with different customers from different demographics profiles can be proven to be effectives in increasing business sales and customer loyalty. Footfall counting technology can significantly benefit retail stores and be a key into unlocking new benefits to managers and business owners.
Retail footfall counts have the ability to separate customers into groups based on age and gender, providing valuable data on customer demographic and customer behavior in order to personalize customer shopping experiences based on different demographics profiles. How will that be possible? First you would need to know more about demographic analysis.
What is Demographic Analysis?
Demographics are statistics and data that describe population characteristics such as age, gender and ethnicity. Knowing the customer demographic can play a role in product research and marketing the products and services, knowing how well they sell, and who is the intended audience for this specific product or service and if they are being targeted and attracted effectively.
By enabling demographic analysis through installing a footfall counter into the site, business owners and managers can understand why customers make certain choices and dive deep into their customers’ journey.
Many questions will be answered with the right valuable data, does customers make purchases depending on where they live? Does it depend on age or gender? This will allow general managers and marketing managers to plan their product portfolio and campaigns and measure how customers respond to it.
Uses of Demographic Data
The data obtained from the footfall counters can be used to:
- Group customers based on similar variables such as age, gender, and ethnicity. Consumer grouping through demographics allows marketers to understand what each target group is looking for. Which helps the business market and sell products differently based on the group of customers being targeted.
- Demographic data can determine the next step of the business development. By analyzing the data of customers’ demographics for a potential location, marketers can determine the products and services which will be offered in the new store. The data will serve managers and owners with a competitive advantage and help the business to thrive while avoiding costly mistakes.
- Customize products and services based on a specific customer type group. Since the customer base can be easily divided, demographics can be used to tailor the products based on customer behavior and preferences. Existing products can be modified to meet the interest and needs of a targeted customer group. The whole idea of customizing the offerings is to save time and money on a product portfolio that is not engaging and does not meet the customer expectations with one that does.
Value of Demographic Analysis
Leveraging with demographic analysis as part of the business retail footfall count can have many returning benefits to the business:
- Using demographic insights to shape customer journey
- Enhance customer satisfaction rate and customer service delivery
- Improve marketing campaigns by targeting customer segments based on demographics
- Boost conversion rates by targeting messages and discounts based on particular age and gender groups.
- Inform store layout and in-store design and product placement.
How Demographics Influences Consumer Behaviour
Consumer behavior is the science that studies why, when, where and how individual customers select, buy and use products and services to satisfy their wants and needs. Through multiple studies, it has been proven that gender and age can play a huge influential factor that affects consumer behavior.
As people grow older, their needs and wants change, so do their buying decisions. Younger adults or teenagers are more likely to spend more on lifestyle needs, from fun and movies to fashion, while older generations are more likely to spend on family. Different marketing segmentation based on age and gender of the consumer would need different strategies.
Conclusion
Identifying your customers’ groups based on age and gender and gaining valuable insights into different consumer behaviors which are relevant to their demographic groups can be the advantage the business needs to thrive. Retail store managers, marketing managers, and operations managers can better predict customers needs and tailor the customer journey to meet their needs.
Take advantage of demographic analysis and other retail analytics solutions by getting in touch with us or requesting a free demo for our retail analytics solution. Linkers is set to meet your expectations and needs with multiple cloud-based solutions that provide accurate, valuable insights.