Despite the fact that it could hold the key to the future of retail, many firms are still cautious when it comes to the concept of Big Data. According to PWC research, 62% of companies think Big Data could provide a competitive advantage for their business, but 58% feel that the ability to draw insights from it is a challenge.
In today’s retail environment, where consumers are using data and technology to take control of their shopping experience, retailers should seize the opportunity to gather the vast array of data coming their way to connect with consumers in a meaningful way.
There are a multitude of reasons why retailers must build a strategy for managing their in store data, but here are our top three:
- Quite simply, the information holds the key to your customers
Extracting the right information from the data at your fingertips is an invaluable way for retailers to gain insight into both consumer behaviour and store performance. Identifying who is coming through the door, how long they browse for, which areas they linger in and whether they make a purchase is vital in today’s competitive retail environment. Operationally it enables retailers to plan staffing and measure customer service while for marketers it evaluates which campaigns work and where marketing spend needs to be focused.
- Technology analyses the data so you don’t have to
According to analyst firm IDC, the amount of digital data in the world will double every two years between now and 2020. Retailers need to invest money and resources into the latest shopper data capture tools, from social media to mobile analytics and foot traffic counting to better understand the customer journey throughout the store. Only by bringing all of these data sources together however can they deliver actionable insight back to staff.
- It’s only as complicated as you allow it to be
The key to getting the most out of your data is knowing exactly what it is that you want to achieve –If a shopper walks into a store and walks out again without making a purchase, retailers need to ask why. Is the merchandising the best it could be? Are there enough staff on duty? Marketing and operations teams do not need to understand how to interrogate trillions of bytes of data, they just need to know what makes a useful and a useless piece of information so they can adapt their strategies accordingly.
Big Data can significantly help the retail industry deliver what the customer wants, when they want it and via what channel. In-Store Traffic Intelligence companies can provide a number of pieces to the jigsaw, by providing the technologies that enable understanding of the brick and mortar customer journey, from the shop window to the final purchase. The key is to find the right technology partner to deliver the information retailers need in an accurate, consistent and reliable way to enable them to act on it to their advantage.
ShopperTrak is the leading global provider of shopper insights and analytics. Retailers rely on ShopperTrak for the most comprehensive and integrated solution for accurate retail store traffic counting, interior analytics and industry benchmarking to better understand in-store shopper behaviour. More than 750 world leading retail brands have ShopperTrak services deployed in over 60,000 locations across 90 countries and territories.
Click here to get to ShopperTrak's website: www.shoppertrak.co.uk.
