6 June 2018

In-store Analytics Are the New Norm

We’ve seen some horrific news last year and in the first quarter happening in the retail sector, where once renowned brands are shutting down their brick and mortar stores. For many of them, 2017 could be their last breath.

Due to the change in customer behavior and spending habits, the high street is being reshaped. In other words, retail has never been so uncertain.

Living in the age of a rapid technology advancement has a significant effect on our behavior. And this is happening on a scale. The challenging times should be embraced with challenging approaches and decision makers need to explore sophisticated ways on how to understand the nature of constantly evolving customer behavior and new habits.

Why do we pick up products and then don’t buy them? Why did the customer suddenly move to a big rack full of black garments? Why do we stumble upon the line of cereals? What was the last time you shopped for a toothpaste?

Uncovering and understanding those stories can be crucial for the future of your business.

The good news is, there is a solution on how to not only track, but understand and identify the patterns. Taking advantage of in-store analytics is the new norm.

In 2017, no one who wants to start an e-commerce business would do so without a stack of sophisticated analytics, marketing tools, and targeted ads.

Why shouldn’t be retail treated the same way?

In order to survive, so called ’traditional’ brick-and-mortar retail has to become data-driven. This means tracking, analyzing and adjusting your business according to the behavior of physical shoppers. If this digital revolution is not tackled correctly, you might have to start to consider the worst business scenarios.

Why should retailers consider hopping on this train asap?

  • The speed of tech is not going to slow down

The sooner you adapt, the bigger the competitive advantage. We’re not speaking about the long-term, the results could be seen in a few months. Think strategically and invest accordingly.

  • Real-time in-store marketing

How would you measure real-life feedback of the in-store marketing campaigns? Numbers of actual transactions? In the online world, we do A/B testing and iterate immediately.

In order to sell efficiently, optimization is a no-brainer. You need to know not only the product you sell but who you’re selling it to, for what price, the best time to do that and the right marketing approach. Close the circle with loyalty systems and, straight away, your omnichannel marketing game goes to the next level.

As we can do our weekly shopping from a couch now, what counts in offline retail, is in-store experience.

  • Optimized resources

Are you deploying your staff effectively? Can you predict, which hour is going to be a strong one? Are you aware that your customer seems to be lost in between the aisles full of TVs for the last 5 minutes?

Instead of deploying massive sales, why not to serve your potential customers first?

Preventing losses and the optimization of resources are the no.1 concern when sustaining and growing the business. Empowered with the right tools, we’ll help you to perform the best.

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