Understanding how shoppers interact in your store, which zones enjoy the most traffic, how well your queues are managed and how effectively shoppers are being served, are just a few of the benefits that interior analytics can offer retailers. The solution enables retailers to dig deeper to better understand how customers interact with them in a brick and mortar environment. Put simply, the level of analysis derived from shopper insights in-store allows retailers to work smarter in order to increase sales.
Interior analytics employs a combination of technologies, including radio frequency signals emitted from shoppers’ mobile devices as well as video analytics. Combining interior analytics with perimeter analytics data, retailers can ensure that they are enjoying a full understanding of their customers. They are then perfectly positioned to deliver an improved in-store shopping experience.
Here are five reasons why retailers should use interior analytics solutions to improve their overall performance:
1. Understand opportunities
Interior analytics delivers metrics that enable store managers to understand the ebb and flow of shoppers, looking at key data such as opportunity and draw rate - measuring the number of people walking past the store against the proportion of shoppers that enter. This enables retailers to understand how effective their window displays, merchandising changes and marketing campaigns are at bringing people into the store.
2. Measure abandonment rates
The data allows retailers to look at abandonment rates, the percentage of people who enter the store and leave almost immediately, or within a defined period of time. Diving deeper into the data can reveal why this is happening, for example are queues too long; is the shopper to assistant ratio (STAR) too high?
3. Tweak product placement for better performance
Once a retailer has established high traffic and high sales zones, they can then move higher-margin products to these areas. This lays the perfect groundwork for planning product layout around high traffic seasons or promotional campaigns.
4. Target marketing more effectively
Marketers can begin to narrow down their customer demographics to target their marketing activities more effectively. For example, are a higher percentage of your customers female? Are they more likely to arrive in a group or alone? Does this pattern change at particular times of the week? Knowing who is in your store and when is crucial for ensuring that your marketing delivers a return.
5. Drive more traffic to cold spots in store
Equally, it is essential to find ‘cold spots’ in store, i.e. those which are not attracting enough customers. Once these locations have been identified, retailers can improve marketing, signage and displays around these zones. It is then possible to monitor these spots to measure any improvements in shopper traffic, dwell time and conversion rates.
Shopper insights delivered through interior analytics enables retailers to make informed, data-driven plans in terms of merchandising, displays, stock replenishment and staffing. It is important to know exactly when higher staffing levels are needed, as well as examining what times and days require the best sales staff on the shop floor. Insights like these are essential in enabling retailers and store managers to make informed decisions rather than relying on guesswork. Retailers can now fine-tune their businesses to a more granular level – and, more importantly, see measurable increases in sales when they act upon it.
ShopperTrak is the leading global provider of shopper insights and analytics to improve retail profitability and effectiveness. Retailers rely on ShopperTrak for the most comprehensive and integrated solution for accurate retail store traffic counting, interior analytics and industry benchmarking to better understand in-store shopper behavior. More than 750 of the world’s leading retail brands have ShopperTrak services deployed in over 60,000 locations across 90 countries and territories. The Chicago-based company has more than 200 employees, with offices in San Francisco; High Wycombe, England; Dubai, United Arab Emirates; Shenzhen, China; and Helsinki, Finland. Find out more at http://www.shoppertrak.com.