The rapidly-growing, competitive retail landscape has increased the need for customer analysis across different business segments, especially e-commerce. This is the reason why the demand for in-store analytics has gone off the roof. Today conventional retail businesses have started implementing in-store analytics aggressively to retain their customers. Due to this factor, in-store analytics is now n integral part of conventional physical stores.
At Quantzig, we understand the importance of in-store analytics in the retail business. And to help companies in the retail sector to excel in the competitive landscape and stay ahead of the curve, our team of experts has curated a detailed guide to in-store analytics. This guide can assist companies to improve profitability and retain their customers significantly.
Are you finding it difficult to track all the cart and basket values in your store? In-store analytics may hold the key to success. Get in touch with our experts to know how our analytics solutions can help your retail business.
What is in-store analytics?
In-store analytics is the process of collection of customer data and applying them to operations of the retail store. This can offer actionable insights into their business on both macro and micro levels. Is it sounding too complex? But it is not, provided you have proper retail analytics solutions in place. A proper analytics dashboard offers data-driven insights that make all data easily understandable and quickly applicable. In-store analytics solutions provide pre-built reports that help retail business in identifying key metrics responsible for retail performance. Furthermore, this helps in decision making and devising an overall business strategy that is based on data-driven facts and not on assumptions.
Want to know more about why in-store analytics is important for retail business? Download our free supplement here.
Why is in-store analytics important for retailers?
#1: Facilitates Better Pricing Decisions
In-store analytics has the potential to analyze price sensitivity efficiently. It can offer better visibility to retailers into the factors responsible for fluctuations in price. Also, it helps in identifying the points that have a major impact on the volume of sales. Furthermore, this can help in generating additional revenue for the retail business and safeguard them from any future price fluctuations.
#2: Track Conversion Rates
In-store analytics plays a crucial role in helping retail businesses to make informed decisions by keeping track of factors leading to conversions which is the heart of retail analytics. Also, these insights assist in monitoring retail performance, understanding consumer behavior, and enhancing the shopping environment. Furthermore, advanced analysis combined with data obtained from all these sources enables retailers to improve marketing operations, drive sales and boost the productivity of retail staff.
#3: Understand Customer Behavior
In-store analytics helps in understanding the behavior of customers. This can further help businesses to send targeted offers and content depending on the response of a customer towards the brand. Marketing operations become more efficient if marketing is done through a targeted approach. This has high chances of inducing sales and thereby, converting a prospective buyer to a loyal customer.
Reliable data leads to smarter decisions. Based on our analytics solution businesses can obtain profound insights into the buying process of customers and their journey. The results, in turn, can help businesses to drive customer traffic, monitor customer journeys, and translate prospects into loyal customers. Request a FREE proposal to know more.
Benefits of In-Store Analytics
Benefit #1: Improves the Shopping Experience
Today customers are well informed, and they research a lot before making any purchase. A retail business if incorporate in-store analytics to their marketing operations, can identify buying patterns of customers and their buying preferences. Consequently, this can help in enhancing the marketing strategy and improving the shopping experience of customers.
Benefit #2: Enhances Customer Support Service
If you are into retail business and want to improve your customer service, the most important way to do that is gaining insights into customer’s response towards your brand. Conducting surveys help but it is not the proper solution because sometimes the customer’s response is not genuine. Therefore, tracking and analyzing customer data can help more in improving customer service and in-store analytics makes this very easy.
Our in-store analytics solutions can help you see how the customer flow translates into conversion. Request a FREE demo to gain better insights.
Benefit #3: Prevents Theft and Burglary
For retail stores, shoplifting is one of the most regular problems that they face. In-store analytics can come to the rescue here. By leveraging in-store analytics, retail stores can identify the spots that are highly vulnerable to shoplifting. Also, the data from the in-store analytics dashboard can help retail stores to strategize their marketing operations and take key decisions in improving security at the store. Consequently, this can help in dealing with theft and burglary.
Benefit #4: Optimizes Store Performance through Real-Time Dashboards
In-store analytics dashboards offer specific insights to examine the product placement in the store and the optimal floor layout. Also, it helps in identifying frequented and non-frequented areas in the store. The in-store analytics dashboard also offers actionable insights into conversion by section and traffic by section. Furthermore, it helps in identifying profit-maximizing patterns and paths.