Tag: in-store personalization

in-store analytics

In-store Analytics: 5 Major Challenges Retail Companies Face

Today companies in the retail sector have started implementing in-store analytics to understand customer behavior and retain existing customers. Consequently, in-store analytics has become an integral part of a conventional retail store. In-store analytics can help retail businesses to make informed decisions and gauge their performance in real-time. Also, it can help them in offering better and personalized customer experience.

In-store analytics is the key to bolster customer experience and deepen consumer privacy in the retail sector,” says a retail analytics expert from Quantzig.

However, due to the immense scope of in-store analytics, there are significant challenges that retail and CPG companies have to deal with to derive desired business outcomes. In this article, our team of analytics experts have highlighted a few challenges to assist retail companies to stay ahead of the curve.

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IN-STORE ANALYTICS CHALLENGESIn-store Analytics Challenges

Collecting data from disparate sources

Data is generally generated in different format from various sources within an organization. . For retail companies, it is quite challenging to collect data from disparate sources and unify these data into a single platform. As a result, companies face hurdles in analyzing the pool of data they collect.

Accuracy of the data collected

Accuracy of data is one of the major factors responsible for accurate analysis. To make in-store analytics solutions work exactly according to the business requirement, companies need to ensure that the right quality of the data is collected. This can help them maximize category growth and with the help of in-store analytics. Also, without accurate data, analyzing heat map is difficult for companies making them unable to gauge the impact of their store layout on return on sales (ROS).

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Ensuring data security and compliance

With the constant rise in data breaches, retail companies need to ensure the security and compliance of the data collected. For successful implementation of in-store analytics solutions, companies need to carry out penetration tests and internal security audits to secure the data.

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Extracting the valuable insights from the data

In-store analytics solutions can help companies in the retail sector to extract, transform and load the data efficiently to reveal customer buying patterns and market trends. But for this to work successfully, companies need to ensure that they can extract valuable insights from the data collected. Also, companies in the retail sector need to assemble specific data insights and look for correlations to derive the best business outcomes.

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The Power of Data to Drive Successful Product Personalization in the Food and Beverage Industry

In a world where there are more food & beverage brands than the kind of food itself, competitors are fighting against each other to gain consumer attention. Many brands have come up with innovative products, packaging, and marketing to grab more eyeballs from the customers.. But the truth be told, there is no better way to garner more customers than to make them feel that the product has been customized to suit their needs. Product personalization has been an effective tool which has been leveraged by the brands in order to gain customer attention, increase consumer loyalty, and thereby drive revenues. Owing to product personalization’s crucial  success, even small players are looking for economical ways to implement it to increase customer loyalty and satisfaction. However, manyFree demo brands have struggled to practice this in an efficient way, as with customization the cost also significantly increases.

Successful product personalization

The story of Share a Coke campaign needs no mention, as it was able to win hearts of consumers creating a big hype across the world. The primary objective of the company was to engage with the customers by talking to them, and what better way than to put their name across the label on the bottles. The beverage giant started with 150 names at the start of the campaign in Australia which would reach 42% of the population. The company compiled a list of most common Australian name and leveraged digital channels to effectively reach the masses. The second wave had names voted by the customers and analyzing both first and last name, Coke carefully chose the name which would reach most number of consumers. Pepsi also did similar personalization exercise by creating unique emoji designs for their bottles.

Big Data Driving Mass Personalization

Collecting a multitude of data of each individual customer and environment including customers, products, locations, events, and topics companies can create a social metadata. Such data offers the complete overview of the customers and segregates them into certain types who exhibit similar behaviour. With that information in hand, companies can provide a mass personalized products to the customers. The customization can be in terms of products, price, or packaging. For instance, such data can enable Amazon to employ dynamic pricing. Companies can modify products that are mass produced, to meet specific customer preferences based on existing data.

Leveraging social technologies to crowdsource ideas

There can be no better way to truly personalize a product than to create it using what customers suggest. Consumers are firing their suggestions on social media channels to brands hoping that someday they would listen and personalize the product as per their suggestion. Although, it is difficult to track thousands of comments flowing through the digital channel in the past, text crawling, natural language processing and social media listening has made it possible to aggregate the consumer voices to find out what they really want. Starbucks pioneered the crowdsourcing idea with frappuccino.com which lets user build their own virtual frappuccino with ingredients such as protien powder and raspberry flavouring. The customers then rate each others frappuccino based on which Starbucks gauges the popularity and feasibiilty of the product before actually processing them. It also allows the company to discover popular combinations such as caramel and whipped cream which can help increase its sales.

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In-store Personalization: Route to Enhanced Customer Engagement

As online stores disrupt the retail market, not only regarding pricing but also customer engagement, retailers are looking for solutions which will enhance their bond with the customers and boost their overall sales figures. Unlike the e-commerce platforms, retailers lack the personalized records and shopping preferences of the customers, and it is in this context that in-store personalization has gained importance.

In store personalization – Key to customer engagement?

Each customer is different, so are their needs and budgets. For a fruitful customer engagement, it is essential to identify the specific needs of the individual client. In store personalization, by keeping track of all the past shopping experience, enables retailers to come up with the most relevant and personalized suggestions for the customers. Instead of recognizing the customer only at the PoS, in-store personalization allows retailers to impact the purchase decision and capitalize on cross-selling opportunities.

Customer engagement is the end-result of several factors. Providing personal recommendations and understanding their contextual needs is vital to creating a lasting impact. This is exactly what is gained from in-store personalization.

How are retailers building customer engagement model through in-store personalization?

i. Better personalization of showrooms

Traditional retailers were not quite in favor of showrooming their products. Showrooming is the process wherein customers can just browse through the physical stores as they do it in the online medium. By using technologies like beacons, retailers can easily enhance the entire shopping experience of the customers through personalized messages.

ii. Personalized in store ads

Smart shelves, something which is already being used by Mondelez, is one of the best ways in which you can even personalize the ads in your store. These shelves pick up demographic information of the shoppers and tracks the items picked up by the customers. This information is used to display personalized ads on displays near the checkout points.

iii. Innovative marketing

Rather than sticking to the traditional and mundane marketing tactics, retailers should turn to enhancing the time spent by the customers in the store. This can be done by placing the customer in the midst of the personalization process. This can be done in the form of a loyalty program and personalized messages could be sent to intimate about new product launches.

Personalization is the key to enhancing customer engagement. Amid the competition, it’s high time that retailers switch to this strategy using in-store personalization tools.

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