Case Study: How fashion retailer GOOD uses the HoxtonAi Retail Report to improve accountability and increase conversion across their stores.
“The retail report has been a game-changer. Each week, we discuss the footfall and conversion figures with management. It allows us to stay on top of what’s happening in-store and share best practices across our portfolio.”
Background to GOOD
During his time as Head of Retail at a charity retailer, David managed 32 stores in central and south-west London. After driving substantial growth in the store P&L, he changed course. Setting his sights on a new venture and, armed with his experiences in commercial retail and working with vintage and second-hand clothing, he co-founded GOOD.
GOOD is a premium, sustainable fashion retailer, built to be the next evolution of the vintage high street store. David saw an opportunity to elevate the standards of brick-and-mortar vintage stores in terms of customer service, quality of stock and overall in-store experience. Ultimately, their mission is to open people's eyes who, in the past, would have never bought second-hand.
Giving more people the opportunity to reduce waste and garment production while they shop.
“What we’re looking to achieve is a high-quality retail experience in the setting of a vintage and secondhand store - We’re seriously focused on product and service and that is what gives us the edge on our competitors.”
David, having had experience with people count and conversion data in the past, was already aware of the benefits. But as a smaller enterprise, he was aware that system deployment and procurement could be challenging, so he put it off until he opened up GOOD’s Seven Dials store. Here, the landlord requested he provide footfall data as part of the lease agreement; which is where HoxtonAi came in with a trial. The data proved to be just what David needed, and he rolled it out across the GOOD estate.
Leveraging footfall and conversion data as an SME retailer
There are a few challenges specific to SME’s that often hold back leaders, like David, from collecting and utilising conversion rate data. Typically these include hurdles in:
- Getting started;
- Maintaining trustworthy, accurate data;
- but most importantly, finding time to understand and action the data.
David, came to us expecting problems with all of the above but, was pleasantly surprised by the leap forward HoxtonAi represents compared with systems of the past.
The Retail Report, a game-changer.
The single biggest issue SME retailers encounter in leveraging conversion rate data is finding time to understand and action the data.
“Whenever I had time to dig into the data it was great - but finding the time was a problem, that’s why the Retail Report was such a game changer. Now, not having it would feel a bit like flying blind.”
For David and many other SME retail leaders, time is a precious commodity. One he’d rather not spend logging into dashboards, downloading data and fiddling with spreadsheets.
By integrating POS data, not only does David get the full benefits of HoxtonAi’s real-time reporting and live dashboard, he also weekly HoxtonAi Retail Reports. Now, each week, we send David all-killer-no-filler reports directly to his inbox. So he’s able to see, at a glance, exactly what's happening across his portfolio with respect to footfall, conversion, average basket size and more.
“The report tells a story. By discussing it with management, we’re able to easily stay on top of the numbers that matter, and focus our efforts on driving in-store success; rather than on processing data”
Getting started and trusting the data
Advances in AI and connectivity now mean that fully anonymised data can be processed in real-time offsite. Allowing hardware to be simple, light and built for ease of deployment. We’ve seen many of our clients get a people counter up and running in under 30 minutes. This has led to some data providers, us included, having no hardware fees at all. These advancements also mean that, through regular remote auditing, we’re able to guarantee each camera to a minimum of 95% accuracy.
The clear benefits for GOOD
Now with full conversion rate reporting across his stores, David uses this data as a key component of his management. He is able to measure and respond to changes in conversion rate - for example, inspecting improvement before and after staff training or when optimising staffing schedules. The data has encouraged further collaboration between store and upper management, who are now better able to identify and discuss trends in traffic, sales and conversion.
It has also driven a better understanding of differences between stores: not every store has the same dynamics, in terms of footfall, conversion and sales. By comparing stores, it is clear that customers in different areas respond differently to various discounts and marketing initiatives. This enables David to examine operational practices alongside the data, prompting a deeper understanding of the best practices for each specific store.
“At GOOD, customer service is at the heart of our offering: we care about every customer. I can say that from my experience, HoxtonAi is the same. With excellent service across their team, they are responsive, collaborative and a pleasure to work with.”
A free trial revolution
We’re able, and more than happy to, put our money where our mouth is and set customers up on a free trial basis. This is the best way to quickly understand the real value the data brings, and get a feel for what it’s like working with us, at little to no cost. 75% of our trialists go on to become customers but if, at the end of your trial, you find it’s not for you, there’s no commitment and the devices can be returned freely.
What’s next?
With possible expansion on the horizon, we’re excited to be a part of GOOD’s growth and ever-happy to help David and the team keep pushing the envelope of what it means to be premium vintage on the high street.
If you’re interested in a free trial or just fancy discussing what HoxtonAi could do for you, please do not hesitate to get in touch - we’d love to hear from you.
