New WhitePaper: The Complete Guide to Retail In-store Analytics Technologies Download Now
The latest figures from the (ONS) state that shoppers have started shifting back towards shopping in-store, even though online spending remains high.
For eCommerce platforms, customer data is easy to track, monitor, and use. However, for brick-and-mortar stores, there are fewer options when it comes to data collection. This doesn't mean that collecting and analysing data is impossible. Here are some ways retailers could collect data in-store.
Video-edged CCTV, beacons & sensors, and other solutions can support you in better understanding your stores by collecting customer data. AuraVision is an example of an all in one, cost effective in-store analytics that help retailers increase conversions using their existing CCTV cameras.
Undergoing market research from time to time will assist you in locating new trends and how your customers and staff hope for new changes. Additionally, you will unlock the impact of those new trends on your business.
A POS system provides valuable data regarding the metrics like profit margins, sales trends and customer footfalls. This helps you in predicting purchases and supervising inventory. This also will help you learn about the most engaging corner or product segment of your retail store.
Surveys and feedback forms are the best ways to receive insightful quantitative information.
Customers will be able to answer your questionnaires directly, helping you figure out and determine what changes and improvements best fit their needs.
The Importance Of Retail Data Analytics
At this rapid pace of technology integration, here are some reasons why you must employ analytics keys for your retail business:
Even the best management teams will struggle to provide comprehensive answers without accurate data to crucial questions like this:
Answering these questions could mean the difference between growth and stagnation because convenience and customer experience are now just as critical as price, if not more so.
Footfall analysis using computer vision technology also makes it possible to spot places where there could be considerable operational opetimisation and savings.
To answer the ever-changing customer needs, you have to pursue new and untested ways, like trying Augmented reality store fronts or placing product categories in the store, to prioritise hot-selling products or newly launched product lines based on customer and market analysis.
Retail analytics dashboards are helping retailers predict the success of an experiment, a marketing campaign, or even a new product category.
Retail data analysis will help you converge various data streams from:
Getting a holistic stream of data and insights regularly is essential to continue offering value to them and driving business growth.
There are zillion things to do and connect with, to curb those falling growth curves and keep offering value to your customers. But there are always limited budgets, resources and the idea of the right mix of tactics to get you ahead. Use this as a guide to understand the importance of retail analysis, and see how they work in your domain. There are definite chances that most or all will contribute to surpassing your goals, and that your analytics strategy will be uniquely designed by you, and for you.
