What are the focus areas in retail analytics?
The concept of customer analytics has become an everyday area with the rise of E-Commerce businesses. With the ease of digitization, online businesses can track easily their customer‘s behavior and journey.
But in physical stores customers do perform no. of actions but retailers are unable to capture what exactly customers are looking for. If the actions performed by consumers are trackable, it will help enterprises to make their business strategies accordingly to capture and retain more customers.
Hence, retail analytics solution becomes a need of an hour for retailers. Retail analytics focuses on providing insights related to conversions, customer experience and productivity.
Here are 3 areas that retailers can focus on using an analytics solution, to offer an enhanced shopping experience to shoppers:
Retailers these days are looking to leverage various techniques to increase store footfalls. While traditional footfall counters just monitor consumers who walk past them, using beacons or wi-fi allows retailers to gain deep insights into consumer behavior.
For example, you can use beacons to measure how many hours a particular customer spent at the women’s section in your store. Further, when it comes to malls, these metrics can even help monitor the number of people who were sitting on the seats right outside the McDonald’s outlet within the mall and for how long.
Carrying out footfall analysis of all such data points will allow you to make informed operational and strategic decisions that will, in turn, drive better conversion rates, optimize staff, and improve merchandising and store displays.
One of the factors that plays a critical role in enhancing your store layout is having a sound understanding of customer flow. This is where heat maps, another beacon-enabled feature comes into the picture. These storewide heat maps can help retailers identify customer movements within the store, take note of the hotspots and bottlenecks in store and use that data to make informed product placement decisions.
For example, once retailers analyze the heat map data to identify the parts of the store that are most trafficked, they can drive sales by placing undersold items at these parts. You can also rearrange the shelves to pull desirable items into less busy zones and thus help revive low-performing areas within the store. You can also use this data to promote cross-selling among suitable products.
For example, say Michael Kors skirts at a store are quite popular among customers while Louis Vuitton bags are sold in comparatively lesser numbers. Retailers can place the bags next to the skirts in their efforts to cross sell the products.
Today, consumer’s decision to buy and interact with a brand is often based on the ability of the brand to reward them for the time and money spent. Moreover, customer loyalty programs work best when they are intertwined with everyday preferences and needs of your customers. This is where beacons come into the picture.
According to the earlier mentioned survey, 22% of retailers are looking to adopt beacons to take their loyalty programs to the next level. This can be done through a number of ways – right from delivering time-sensitive geo-targeted offers with greater precision to sending customized notifications on offers to patrons when they are closeby.
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