LONDON--(BUSINESS WIRE)--Customer analytics are invaluable for retailers looking to measure and improve performance. Knowing who your customers are and what they want is important in any business, but there is often greater focus on clicks and website conversion rates than on brick-and-mortar metrics.
Customer analytics has many uses outside the digital realm, however: it allows you to tailor your marketing, inventory, and store to best meet your customers’ needs. Global analytics and advisory firm Quantzig has announced its top 10 ways in-store customer analytics is helping retailers increase traffic, conversion rates, and customer satisfaction.
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Top 10 Ways Customer Analytics Can Optimize In-Store Operations
1. Tailoring stock levels to individual stores – Monitoring inventory management at a store level allows you to fine-tune your stock. By analyzing what products are most successful and at what specific location, it is possible to adjust inventory levels for each individual store, optimizing use of shelf space and minimizing costs from over- or understocking.
2. Evaluating marketing campaigns – Tracking conversion rates is much simpler to do online in comparison to in-store tracking, however, there are still tools that make the latter simple. Tracking the number of people who enter the store over a given period can provide considerable insight. For example, if there is a higher volume than usual after a marketing campaign is initiated, this is a sign that the campaign is having a positive impact.
3. Display effectiveness – Window and entrance displays draw customers’ attention and lead them into your store. Just like marketing campaigns, analyzing customer traffic and other factors can measure the success of your displays.
4. Store layout – Analyzing a customer’s path through the store provides very valuable information. In-store customer analytics provide data on how long people stay in the store and within each individual section. Using this information, it is possible to design store layout and signage which improves traffic flow and customer experience. A common occurrence is an area of a store which creates a bottleneck, making it difficult for customers to navigate through the store before turning around and leaving. This is a sign that store layout changes need to be made.
5. Shrinkage – Analytics not only help with sales but can also prevent losses. By identifying possible losses due to theft, as well as what items are most at risk, store managers have the tools to optimize store layout and security in order to reduce or eliminate problem areas. In-store analytics can also identify possible theft or lack of attention by employees, by noting if losses tend to happen during a certain person’s shift.
View the whole top 10 list of in-store customer analytics benefits from Quantzig.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of about 120+ clients, including 45 Fortune 500 companies.