Have you ever wondered if you are using the right strategies to improve your shop’s performance? Or what you need to do to improve the customer experience at the point of sale?
If so, it means you know the importance of analytics and insights to make impactful business decisions. It is natural to have doubts, especially if you don’t have the means to really quantify the benefits of your in-store strategies.
Data, a key asset for business
Data is a key enabler for business, as the difference between winning or losing a customer is the ability to collect, analyse and derive actionable information fast enough to respond to changing customer needs.
The only solution is to measure, but it’s not just about knowing the sales achieved at the end of each day, it’s about finding new ways to improve efficiency and personalise the customer experience. But what are the right metrics to measure efficiency in a shop? How can we know which customers are coming into our shops? What actions do I need to take?
Indoor insights for a complete funnel
The futuristic scenario introduced by Steven Spielberg in his 2002 film ‘Minority Report’, in which we saw Tom Cruise being greeted as he entered a shop and the advertising on the screens being personalised, is now a reality.
We can even get to know the profile of potential visitors to the area, how many come in and whether customers approach, look at and touch certain products. It sounds like science fiction, but having the complete sales funnel is possible thanks to indoor insights.
You can identify which factors are negatively affecting your revenue and be proactive with shop improvements, providing you with measurable targets and a favourable ROI on your new technology investment by providing more accurate data on shop activities and new insights into customer behaviour and preferences.
Extracting valuable information from data
However, the amount of data can be overwhelming and the data sources can be very varied, so it is key to look for a partner that is able to unify all the data to provide the complete business funnel in a simple way.
- Do you know the potential audience in the area where your shop is located? What are their web preferences, their tastes?
- What is the conversion rate to the shop? How many come into your business? Which segment converts better or worse?
- What is the actual conversion rate? Are they all customers? Or do they come in groups, families, couples?
- Which doors or areas of the shop have the highest conversion rate? How long do they stay inside, how do they move around your shop?
- What areas do they visit, where do they stay the longest? What products do they look at? Which ones do they touch?
These questions are important because knowing the answers gives you a real picture of how your business is performing, helps you solve problems, support new ideas or the creation of new products and services, and ultimately, actionability to improve revenue.
As we already mentioned in a previous article, the combination of data from outdoor location analytics tools with data generated inside the shop through video or wifi analytics solutions enables multiple use cases:
- Have end-to-end traceability of the sales funnel within the shop
- Personalise marketing content according to the profile of the public that is visiting them at any given time;
- Improve processes and manage resources by knowing dwell times in different areas, waiting times at checkout points, or conversion rates of previously analysed points of interest;
- Optimise staff schedules according to demand, peaks, location or other factors;
- Change product selection, assortment repositioning and even shop layout design based on audience type and conversion to specific products and areas.
- Integration with the Proximity Marketing App to send messages to customers to alert them to the location of the self-checkout area if there are queues at the checkout counters on the floor where the customer is located;
- Integration with the content management platform to change dynamic marketing screen advertising or music based on the profile of customers in shop.
In short, we can conclude that having better data allows us to make better decisions in order to obtain more profit from our business, which is what all companies seek.
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If you want to know more applications of the fusion of the Internet of Things and Artificial Intelligence, known to us as AIoThings, you can read other articles in the series: