The use of retail analytics in the world of brick and mortar retail is intensifying and constantly finding new ways to innovate as retailers use big data and qualitative data to maximize their engagement with customers, learn more about consumer behavior and increase transactional value. As retail analytics technology evolves, and mobility and analytics collide, retailers and customers are moving towards a much more mobilized, interactive and engaging shopping experience.
According to Scott Matthews, New Business Developer at Moving Tactics Retail Analytics, “As the retail analytics industry and technologies evolve and mature, there are certain fundamentals that brick and mortar retailers and marketers can capitalize on to keep up-to-date with so that they create a better shopping experience for their customers by gaining and applying usable data.”
1. Selecting the Right Technology
With the year-on-year advancement and innovation in technology, solutions are becoming more affordable for retailers; and not only is price a factor but the range of technological sophistication when it comes to retail analytics solutions and applications is continuously advancing. “From the simple footfall counter for entrances and areas of interest in your store, to qualitative data gathering solutions such as survey questions via in-store Wi-Fi, or the more advanced technologies such as in-store apps and iBeacons, any of these technologies can be tailored specifically to a retailers’ requirements and can be implemented in phases as needed,” said Matthews.
2. Ease of Deployment
The latest ‘plug and play’ technology means that capitalizing on already-existing infrastructure doesn’t have to be a long drawn-out process. Strategic deployment of new or additional technologies can easily enhance the impact of current operations in-store.
3. User-Friendly Online Management & Reporting Tools
Managing the influx of data might seem daunting to an already-stretched marketing or operations department, but the advancements in technology have resulted in the development of more user-friendly online reporting dashboards. “Key performance indicators can easily be measured at a glance, red flags can be sent via email in real-time and weekly reports sent the day before a status meeting. You can also deploy a new set of survey questions to your store network via your online dashboard immediately,” explained Matthews.
4. Stress-Free Maintenance
The days of endless maintenance call-outs are a thing of the past. With advancements in technology, the development of more innovative management dashboards and with hardware being even more robust, issues can now be identified quickly and resolved remotely in many cases.
5. Enhancing Synergies across the Business
One of the main advantages in implementing a retail analytics solution in a brick and mortar retail environment is the benefit it has across the entire business. Not only are various business units able to share the costs, but the data gathered is strategically beneficial for cross-departmental collaboration, whether it be to assist the marketing department to measure the success of their campaigns, or forecast staffing requirements or even enhance store layouts according to customer movements in-store.
The advancements in technology have not only lowered the barriers to entry but have also made the systems more accessible and easy to use and apply. As the industry matures and additional features serve a wider range of needs, there is a compelling case for retailers to take retail analytics seriously.
Moving Tactics is a leading South African digital signage solutions company that develops customized digital signage technologies and is constantly creating innovative communication solutions.