Transforming Retail With In-Store Customer Engagement Analytics

Retailers can no longer be left in the dark about consumer shopping habits in the store. In an increasingly omnichannel world, just as in the case of digital shoppers, retailers need to be aware of what customers do inside of their stores’ four walls before, during and after the shopping experience. The most successful retailers will be the ones that have intimate relationships with their customers, especially those that are typically harder to track in-store throughout the purchase cycle. As a result, retailers are learning to correlate point-of-sale (POS) results with other forms of in-store analytics such as Wi-Fi, a move that can optimize store layouts, improve in-store customer engagement, labor allocation and promotional effectiveness — factors that can then help companies improve number of customer visits, employee-customer interactions, assortment and sales. The infographic below explains how to transform the store with in-store customer engagement analytics so as to meet the desired objectives. To read more about the topic, follow the point of view report...

3rd Annual Analytics in Retail

Now in its 3rd year, EKN’s annual Analytics in Retail industry benchmark is based on a survey of 200+ retailers. Consistent with findings of past studies, retailers continue to view analytics as extremely strategic, yet struggle to derive commensurate value from their analytics investments. 80% state they lag behind Amazon in terms of the strategic use of analytics. Business analytics will only evolve further into a strategic capability that sits at the intersection of customer preferences, business strategy and business processes. Insights will be deeply embedded across a retailer’s functional value chain, affording it both the ability to be investigative and predictive (strategic), as well as the adeptness to be efficient and agile (operational). A smarter, integrated brand of retail cannot be delivered without the ability to improve decision-making across the board via deeper customer insights. In 2014 retailers will focus on delivering existing insights to the right person at the right time with the relevant context (investments in Mobile Business Intelligence and Digital Dashboards will rise) and on ensuring insights are easily consumed and acted upon by business users (Data Visualization). In-store customer location tracking will be one of 2014’s analytics buzzworthy use cases, whereas investments in Big Data will continue to be byte sized. However, to build sustainable competitive differentiation through business analytics, retailers will need to go one step further than just focusing on data, tools and resources. Those that are able to overlay their analytics capabilities with a strategy and organizational capability tightly linked with their business model will lead the way. Therein lies the future of retail analytics. In this report: The hindsight > insight...