Poundworld partnered with LDC in order to develop a better understanding of whether the brand had a strong appeal with passers-by and to see if their stores converted well in certain formats – be it high street, shopping centres or retail parks.
By installing LDC’s Footfall sensors, in multiple locations, Poundworld were able to see how effective their conversion rates were and optimise store operations and performance. Furthermore, in the long term this data is going to support future sales forecasting and expansion plans.
Today, LocalDataOnline (LDO) and the Footfall Dashboard are used on a near daily basis from their head office, allowing them to understand what is happening ‘on the street’ at any hour, day, week and month.
Poundworld is one of Britain’s leading single price point store chains, with over 300 stores operating in high streets, retail parks and shopping centres across Great Britain.
In 2015, Poundworld’s revenue grew to £422.3 million and currently employs over 6000 people.
Across its nationwide network of stores, Poundworld serves over two million customers every week and continues to expand, with plans to double its store network in the next five years.
Poundworld were keen to understand how successful they are at converting passers-by into customers. As with any retailer, increasing the number of customers who enter the store and successfully promoting additional products will ultimately increase the average basket value of each customer (and revenue).
Poundworld, who employ over 6000 employees, were interested in discovering whether footfall data could help them to better manage their workforce across the entire store network,
Key questions that Poundworld wanted to address were:
• Are our shift patterns efficient?
• Do we have enough staff to cope with high demand?
• Do we have too many staff on shift when the store is quiet?
With plans to significantly expand their store presence over the next three years, Poundworld’s objective was to develop an accurate sales forecasting process for current stores as well as for future stores.
Through a combination of internal data, external demographics and LDC’s retail locations and footfall data Poundworld is building models for forecasting expected profitability as well as identifying suitable locations to deliver the required level of sales.