How In Store Analytics Are The Critical Link To Omnichannel Metrics

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Information about How In Store Analytics Are The Critical Link To Omnichannel Metrics
Business-Finance

Published on March 11, 2014

Author: RetailNext

Source: authorstream.com

PowerPoint Presentation: How In Store Analytics Are The Critical Link To Omnichannel Metrics Retail is undergoing major changes and one of the most recognized advancements is omnichannel, which has begun to progress significantly since last year. It is predicted that the rise of omnichannel will take place this year and its implementation will soon be key in the retail industry. The use of store analytics can improve sales of around 5- 7%, while implementing in store analytics can help retailers save up to 8%. Measure Physical & Digital Metrics Store analytics are an important aspect for any retailer, meaning that it’s important to devise a retail marketing strategy . In the past, there have been issues with measuring the performance of shoppers in both the physical and online world. Omnichannel metrics offer retailers a way to keep up with the advancements being made by consumers. It allows retailers to have insight into the view of the consumer by combining shopping and customer information in order to create better results. The unique framework of a retailer correlates with the success of omnichannel metrics since its success largely depends on the product and customer type. The main consideration for omnichannel metrics is to consider and focus on what the client wants. Know What Your Customers Want In order to better understand the behavior of customers, retailers have had to find ways to measure the factors of an online shopping experience. Some of the factors that retailers are required to find out include capture rate and website traffic. It is difficult to monitor and enhance the company if retailers are unaware of the details that contribute to online purchases. Retail analytics are also required to delve deeper and find out as much information as possible about the route that a customer takes whilst making a purchase. Discovering details through in store analytics can open many prospects for retailers. It is necessary to monitor and measure many different aspects in order to find out the details that take place throughout a customer’s purchasing experience. Some of these aspects include publicity, department interaction frequencies, locations, and events. Factual granular data helps depict transactions and metrics for areas of the store. It also helps represent the concepts and strategies for marketing. Personalize the Customer Experience Due to advancements in technology, retailers are now able to provide much more personalized experiences for their customers. Accurate and detailed recommendations for shoppers are just one of many strategies that could be employed through analytics. In store analytics can also incorporate the use of in-store stations to make it easy for customers to relate to the retailers products. Customers can have a unique in store experience that allows them to view products, figure out sizing, and other issues. It is beneficial for the retailer since it allows the store to gather detailed information on the customer, which can include sizing, PowerPoint Presentation: preferences, and shopping history. This makes it much more effective when retailers offer a guide for suggested products, and makes the experience much more customized. The customer will notice the personalized product guides, with plenty of details that are unique to them, and have an enhanced shopping experience.

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