Squirrel Spotting: Not Head-Counting Is a Head Scratcher
Peter Smith can’t understand why retailers don’t want to know when people are coming into their store and if they are buying.
There’s rarely a day that passes when I don’t find myself contemplating the greatest wonders of the world, like retail.
I wonder about the practice of trying to be all things to all people, or about the ninth wonder of the world, otherwise known as hiring salespeople.
I wonder why any retailer on any planet, known or unknown, would ever not reorder their bestsellers. Yes, I mean the very products that bring us to our own little promised land of sales and profitability.
And since I first arrived in this complex and wonderous world many decades ago, I’ve wondered why any retailer, again on any planet, would not install visitor traffic counters in their stores.
What could retailers not like about having the data on how many people visit their stores on a given day?
What’s not to love about knowing the time patterns of store traffic to better manage staff schedules and to hire appropriately?
Or, are you still hiring everyone to work every hour you are open? Hmm …
Where is the lack of appeal in knowing what your conversion rate is, meaning the number of sales you convert from your total visitors on a daily, weekly, monthly, and annual basis?
Is there simply no value in knowing how your conversion rates compared to the same period the previous year?
Perhaps you’ve concluded that knowing such information is not relevant because your staff, the UPS driver, and the FedEx guy all use the front door and skew the visitor counts. Did they use a different door last year?
Perhaps it’s just prohibitively expensive, and having that crazy good information just isn’t worth the cost?
I called my friend, Mark Ryski, CEO of HeadCount, and you just might be surprised at how very affordable the camera and installation costs are.
And the monthly costs to operate thereafter? It wouldn’t keep you in Starbucks for two weeks.
In “Remarkable Retail,” Steven Dennis wrote, “Historically, many retailers have been intuition-rich and data-poor. Or even if a decent amount of data was compiled, it was hard to work with or was ignored. For the merchant princes, more times than not, their mantra was ‘In gut we trust.’”
So, why is it that retailers aren’t rushing to install visitor traffic counters immediately?
Dang if I know. I’m not young enough!
Happy retailing, and always great to hear from you at TheRetailSmiths@gmail.com.
The Latest
Members of the founding family have partnered with Mexican retail company El Puerto de Liverpool to acquire Nordstrom.
The brand has opened its second U.S. location in the Fontainebleau resort and casino.
Associate Editor Lauren McLemore highlights pieces from the AGTA Spectrum & Cutting Edge Awards she’d be thrilled to unwrap on Christmas.
A Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
The move is one of several cost-cutting measures outlined by the company as it faces a weaker luxury market and other challenges.
The retailer’s “On the Clock” campaign celebrates how time, precision, and purpose come together.
Associate Editor Natalie Francisco chose her 12 favorite Piece of the Week picks from the year gone by.
‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
Lab clients have the option to request this addition on their emerald reports.
Jamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
In the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
Co-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Along with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
The man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
The average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
The nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
The videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
Feldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
The luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
The nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
Gearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
The diamond cut grade is now available for marquise- and pear-shaped diamonds.