The biggest challenge currently facing brick and mortar retailers is to provide an engaging, personalised and exciting in-store customer experience (ICX). In this day and age of Internet shopping and online retailers, creating an experience provides the key point of difference for physical stores and remains the driving force behind getting consumers into stores.
In order to combat this challenge and create a unique experience that ensures your customers want to keep coming back, you need insights on a range of consumer behaviours – What times and how often are they shopping? What are they buying? How crowded is your store at what times?
This is where retail analytics comes in.
What is Retail Analytics?
Broadly defined, retail analytics is the process of capturing data about a specific business activity and then collating it into readable information.
In this age of “big data”, being able to capture information about your customers through the use of retail analytics has never been easier or cheaper.
The challenge, and key to gaining a competitive advantage over your competitors, is implementing a Retail Analytic system and then knowing what data is relevant and what is not.
Collecting thousands of pages of data on your customer’s behaviour is fantastic, but if it has no relevance to your business, or more specifically your business objectives, then this data is essentially just numbers on a page.
Being able to identify what data is relevant to your business and customers allows you to not only make informed decisions about how to create a unique and memorable customer experience (CX), but also provides insights on how to improve a range of other business challenges.
Bits and Pieces
Unlike digital signage, there are less “standard items” required for a retail analytic solution. Every site needs sensors to capture data and connectivity to transfer that to a central database and then to a business intelligence tool (executive dashboard). Of course, these will vary depending on your stores needs and resource constraints.
By far the most popular solution is the people counter. Funnily enough, a people counter counts people and is frequently used to provide data on how many customers enter and exit a store over a given time period (foot traffic).
While this data can be useful for issues such as staff rostering, on its own a people counter is considered a “low end” solution. However, it is easily and often integrated to other data sources, such as POS or staffing data that adds significant business value.
Integrating your people counter with other sources provides crucial data that can helps enhance the customer experience and a range of other business KPI’s, such as conversion rates, wait times and average transaction values to name a few. This data ensures you are able to make informed, data driven decisions to improve efficiency in all aspects of your business.
How can we help you?
With over 10 years of experience in the retail industry working with some of Australia’s biggest brands, RetailMotion have been able to refine our retail shopper marketing offer to ensure we can create you a custom, end-to-end analytics solution that is right for your business.
We work with you from start to finish, meaning you won’t have to engage in the usual guesswork about what hardware and connectivity is required, how to develop an easy to use dashboard so all stakeholders have the relevant information at their fingertips.
This will ensure you not only get the correct retail analytic solution for your specific needs, but that you will have the tools to improve the CX, increase business efficiency and ultimately maximise your ROI.