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Customer Traffic Provides Keys to Conversion Analytics. @_iInside

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Information about Customer Traffic Provides Keys to Conversion Analytics. @_iInside
Technology

Published on March 10, 2014

Author: KelliePeterson

Source: slideshare.net

Description

Precise retail traffic data paints a path-to-purchase picture previously unavailable
to the retailer. Retailers now can learn exactly where people go in their stores, for
how long and in what order. iInside,
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I N D U S T R Y I N S I G H T S 50 word description udignimos conem volorehendit etus qui dit qui blatus. As que percipsam et quis sincto velluptatis autenit adi utestis modios volorum esedis ele- sequiae aspid quam aut ut eiciat. Fugit hit qui optis cum fuga. Parume voluptibus eium rehendusaes dicae rero mi, te plaboris abo. Catem et qui omnis doluptium qui dipictur renda solorit ad ulpa iInside, a WirelessWERX company, is a market-leading provider of highly detailed indoor shopper analytics and insights to brick-and- mortar retailers and high-traffic venues. Through patented, low- cost and easy-to-install technolo- gies, the company offers privacy- compliant statistical data and solutions that aggregate consumer traffic behavior in order to help cli- ents increase revenue and improve operational efficiency. With more than 24 global patents and over 30 years of unrivaled expertise, iInside is the best-in-class choice for consumer analytics and indoor positioning solutions. Q: What do in-store customer traffic solutions add to retailers’ analytics efforts? JON ROSEN: The ability to add traffic data to other performance measures addresses a very retail-specific challenge and opportunity. Precise retail traffic data paints a path- to-purchase picture previously unavailable to the retailer. Retailers now can learn exact- ly where people go in their stores, for how long and in what order. That data translates into the ability to manage the business: Operations, Merchandising and Marketing, in order to increase shopper time, increase visit frequency, sequentially-merchandise and decrease wait times at the registers. The effect of any action, from store layout changes to promotions, can be measured in traffic and at the register. Advanced solutions also include location-enabling mobile applications to communicate with shoppers in the store, based on location. We can also now connect online and offline purchase behavior. It’s a true sea-change in retail data resources, and as we grow, we’re focused on aggre- gated data and other privacy protections. Q: What kinds of questions does this allow a retailer to get answers to? ROSEN: There are at least two segments of unique, valuable data: performance re- porting and cause-and-effect. With performance reports, retailers can measure each de- partment’s performance across several factors including conversion, draw, dwell-time, repeat visits and more. Various individuals from store GMs to merchandisers and others can drill down across the chain to evaluate performance by store and by department. As a result, resources to increase departmental conversion and other performance metrics have never been more powerful. Q: How can retailers make the best use of this data? ROSEN: Retailers will want to look at which departments are doing better than oth- ers using key measures like conversion. Let’s take two different stores with TV depart- ments that have similar revenues. But with traffic data we learn that the TV department at store 61 converts at 4%, while store 62 converts at 9%. Armed with that data we are now aware of the need to find reasons for sub-optimal conversion and resolve them. Are the departments merchandised the same way? Is one location better within the store? Is the employee training better in one store versus another? The store manager can see how well they’re performing, by department, against regional and national averages, and these better performers can influence the retailer on what constitutes best practices. For staffing, because traffic solutions measure how many and how long shoppers are in each department, they can help establish correlations between staffing levels and their impact on merchandising and marketing. Are shoppers in the store for 15 minutes, or for an hour? That’s a big staffing question, especially in a store where associates are assigned to a particular department. A retailer dealing with showrooming might discover exactly which departments were being “showroomed,” i.e. where people were visiting but not buying and at which times throughout the day or week. Perhaps shoppers weren’t just looking for a lower price. Perhaps they couldn’t make a choice of product, or maybe there was no one avail- able to help. If traffic data tells us where and when the behavior is occurring we have another key resource to increase sales and enhance the customer experience. “Precise retail traffic data paints a path- to-purchase picture previously unavailable to the retailer. Retail- ers now can learn exactly where people go in their stores, for how long and in what order.” Jon Rosen, Executive Vice President, iInside, a WirelessWERX company Customer Traffic Provides Keys to Conversion Analytics

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