This type of analytics has become an indispensable part of the operational strategy of brick & mortar retail stores. Its benefits can also be reflected in other areas, such as marketing, merchandising, and fraud
prevention.How does it work?
In-store analytics is the process of finding meaningful information from customer behavioral data
. Retailers use spatial data and footfall analytics
, to see how many consumers visited the store, how they moved through the store, and what key areas they visited. This process can even provide basic demographic data, such as gender, age group, and relative wealth index status, connecting the dots between the consumer, the retail store, and the shopper’s decisions.
In order to compete with online stores, retailers
need as much information as possible about their customers, and we’re not just talking about their preferences, but their behavior patterns at different times of the day, which can range from hours to years, and thereby understand and reduce the phenomenon of showrooming, i.e. when someone enters the store to see something they want to buy elsewhere or by another means.
At PREDIK Data-Driven
, we help our clients generate in-store analytics to understand customer behavior in detail, improve marketing ROI, optimize costs and operations, prevent merchandise theft and increase customer loyalty.
, which improve strategic decision making by helping to increase the time consumers spend inside stores, and increasing the sales conversion rate as well.