In the retail world, there are three dimensions of store performance:
This could result in potentially leaving a lot of money on the table. Why? Because the ‘black box’ actually contains 5 distinct stages that retailers can influence to increase in-store revenue:
Note that the 5 minute mark of "considering to buy" may vary on your store and shoppers' behaviour. The 5 stages reflect the purchase journey of a shopper and different methods can be used to increase the in-store performance of individual stages. In fact, a powerful way to use the data is to compare the different shopper stages of multiple store locations to discover under performing stores.
And just because a particular store is already generating a large revenue for a retailer, does not mean the store can't be further improved to make even more money.
You can follow us on twitter at @KeplerAnalytics, call us: 1800 300 892 or email us at: firstname.lastname@example.org. At Kepler we believe that privacy is most important. Kepler sensors do not capture any personal information from shoppers. Secondly, understanding your foot traffic and visual merchandising is the start to bridging the gap between the physical and digital. Understanding your customer behaviour can help you understand what types of marketing and communications are working. Linking your foot traffic to digital and traditional marketing campaigns will allow you to see how your marketing efforts actually affect sales. As always, do your research and use a solution that helps you achieve the goals of each new project.
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