5 Benefits of In-store Analytics That Lead to Optimal Performance

Juha Mattsson

The old saying "You can't manage what you can't measure" applies to the decision-making capabilities of bricks-and-mortar retailers. With the help of in-store analytics, the performance of campaigns and other marketing activities can these days be measured and analysed real-time, which allows marketers to make better decisions and to optimise their performance.

The benefits of in-store analytics depend heavily on the environment where it is deployed. However, the possibilities are countless in any environment from shopping malls to individual stores. Furthermore, according to our experience, the benefits of in-store analytics accumulate over time. A typical scenario roughly follows these steps:

1. Measure store performance real-time

In-store analytics provides the tools to gain real-time actionable insight on customer behaviour. As in-store performance becomes measurable, bricks-and-mortar retailers finally get answers to questions that have remained unanswered for a long time. For example, how did a local campaign improve a store’s conversion from all visitors to engaged customers. Or how did a change in window marketing affect the capture rate from passersby to store visitors.

2. Improve the shopping experience

In online environments, the rapid A/B testing has for a good time been the best practice for improving operations to better match customers' buying patterns. In-store analytics allows physical stores, similar to online, to rapidly learn from their actions and to perfect their operations over time to achieve an optimal customer experience.

3. Optimise bricks-and-mortar layouts and categories

In-store analytics provides deep insight into customer behaviour within the store. The tracking of shopping patterns and dwell times opens up countless possibilities for both shopping malls as well as individual stores for optimising in-store operations, such as store locations and store layout.

4. Manage by exception

The simple truth is that if you can't measure performance, benchmarking and best practice sharing are not possible. In-store analytics enables benchmarking across stores on a much deeper level, detecting both positive and negative deviations from the standard performance and revealing the reasons for these differences.

5. Improve marketing ROI

Accurate analysis of in-store impacts allows marketers to focus on effective campaigns. By utilising for example the in-store sales funnel, marketers can focus on the best opportunities that bring the highest marketing ROI.

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WALKBASE BRIEFLY

Walkbase provides a retail analytics solution for improving the impact of marketing on physical stores and personalising in-store shopping experience.

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