Retail Analytics: understanding the customers journey
The rise in ecommerce and growth of low overhead online stores has changed the playing field for the traditional brick-and-mortar store forever, areas on which they compete, such as pricing, are very different and unequal.
The online store benefits from collected and analysed data sets such as visitor counting, abandonment from sale, customer retention and repeat visits, as well understanding what marketing activities drives sales.
We are now seeing the more successful bricks and mortar stores have followed their offline counterparts and integrated innovative analytics to enable them to provide a better and more focused shopping environment, allowing them to compete and excel in an area the online business falls short “fulfilling the immediate desire at point of sale".
Additional sales opportunities exist in most retail stores but often management lack the actionable insights to take advantage of them. Visitor counting provides not only the ability to monitor the opportunity, but also how well the individual store has met that opportunity, sales conversion being the most obvious. Additional benefits include the measuring the success of marketing and promotional activities and optimisation of staffing.