An Inside Look At In-Store Analytics
By Aptaris / August 2016Insights
To lure shoppers away from their smartphones and tablets, retailers are turning to In-Store Analytics.
With data about foot traffic, conversion rates, sales per shopper and more, these analytics are powerful tools for making decisions about marketing, inventory, staffing and loss prevention.
Using location beacons, smart carts and pin-sized cameras near store shelves, retailers are gaining insights from customer behavior. Retailers can also use their Wi-Fi network to see how many shoppers came in the store, how they navigated up and down aisles and which departments they visited. This process can also reveal basic demographic data, such as gender and age group.
In-Store Analytics Insights
In-store analytics reveals the connection between consumers, retail stores and the all-important buying decision.
Depending on the technologies installed at stores, retailers have access to a wealth of data through in-store analytics. Big Data analytics and consulting firm, Absolutdata, describes the questions in-store analytics can answer for retailers and how the data can help.
Browsing or buying? Some shoppers are simply looking while others are on a mission to buy now. In-store analytics can help retailers uncover who went to the store without purchasing anything? What did they look at and where did they go when they entered and left the store? The old techniques of door counting and sales conversion can’t answer those questions nor provide insights on the buyer’s motivation. Meanwhile, in-store analytics reveals the path to purchase, demonstrating how customers behaved while in the store.
What’s Missing from the Shopping Cart? In addition to what shoppers bought in the store, retailers need to know what customers didn’t buy. The answer could be ho-hum store displays, poorly trained employees or not enough floor staff. This data can inform store operations decisions that impact bottom line results.
Decisions from the Data? Interpreting the data into meaningful insights that convert to ROI is a challenge for most retailers. The information available can be overwhelming and needs to be organized to drive positive action. In-store analytics allows store performance to be measured in real time to speed decision making. The technology can compute complex data sets quickly to empower quick response to opportunities.
Latest in Loss Prevention. In-store analytics can spot shoplifters and show the areas in the store that are theft-prone. In-store analytics reveal shopper behavior and buying motivation that have significant impact on retail operations. The data assists in understanding consumer needs, improve employee efficiency, boost sales, and better appeal to customers. In the battle for consumers’ hearts and wallet, it’s an essential technology solution.