What Keeps Retailers Up at Night?

Well executed analytic solutions will help you sleep soundly

By Miller Zell

The nameless, faceless customers walk through your store. Some are unhappy, but you don’t know why. You don’t know them or what attracts their attention and loyalty. Or what they truly want.

This is a nightmare shared by many retailers.

In an incredibly competitive retail environment, you can’t afford to not know your customers at the most granular level possible. How else do you design an outstanding customer experience and then build upon it as tastes change?

Miller Zell gets it. We know what stresses out retailers. That’s why we’re obsessive about providing the most accurate and advanced analytics capabilities.

Just make sure your program takes a deep dive instead of a superficial one. It’s one thing to collect data. It’s another to analyze that data. But the true measure is turning data analysis into insights that provide actionable retail solutions.

For example, a sporting goods retailer with a small footprint, experiential venue wanted to know how its customers interacted with displays catering to golfers and runners. Our analytics team identified several opportunities to improve the store’s merchandizing strategy, which led to an 11 percent lift in golf club sales and a three percent improvement in sales of running shoes and apparel.

Analytics solutions should improve your store environment and increase revenue.

Consider these critical questions.

  • Who is your customer?
  • Can shoppers find what they are looking for?
  • What engages your customer and why?
  • How can you reduce friction along the path to purchase?
  • Are associates interacting properly with customers?
  • Are you driving customer loyalty?
  • Is overall sentiment positive?
  • Which areas are shoppers most attracted to?
  • How effective is your marketing?
  • Is customer queue managed properly?
A best-in-class analytic partner can offer:

Social listening for better data than surveys because it provides direct access to customer interests, reactions and impressions. This tells you what your brand image is and who’s influencing it.

Wi-fi beacons to both collect data and send marketing messages to customers. They provide path, dwell times, visit frequency and loyalty information. If customers opt-in, more profile information is collected.

Facial scanning technology for a non-invasive method to capture demographic data from large numbers of customers. You can collect data such as age, gender, sentiment, dwell times, level of engagement and relative distance. Further, you can localize where in the store these interactions occur, thereby enabling a more granular analysis of customer behavior.

Natural language processing and analysis can tell you how effective your associates’ engagement is with customers. How satisfied are your customers? What are their most common questions? And can automated navigation help?

Display sensors can be used to identify shopper interactions and engagement with your merchandising. Computer vision now measures where a customer’s eye is focused within an 18-inch square. This allows us to identify which elements on a shelf or in a display most attract the shopper’s attention. We can even identify the moment when the decision to purchase occurs.

Further, you’ll want a dynamic dashboard interface that provides transparency so you can see performance drivers, such as dwell time improvement and full-path analysis.

Of course, each retailer owns unique needs. It’s important to design an analytics program customized for specific tasks or a broad range of issues.

The ultimate goal is simple: Uncover valuable business insights and make visible otherwise hidden opportunities within your retail space.

That should ensure a good night’s sleep.

 

TAGS Retail Analytics Digital Customer Experience

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