While in-store analytics are vital, many of the 124 global retailers surveyed by in-store analytics firm Brickstream also said they are focusing on multi-channel retail.
In the report released Wednesday, June 4, survey respondents reported a timeline of within a year to four years for becoming fully multi-channel, with supermarkets and department stores ranking as early adopters. More than 80 percent of retailers said stores and e-commerce are the most dominant sales channels, while 73 percent of those surveyed said mobile is the most important channel and 66 percent named social as the most vital channel.
"Consumers are increasingly engaging with multiple channels to research and purchase products, but the retail store still accounts for the largest percentage of sales," said Steve Jeffrey, CEO of Brickstream. "…There's no question that in-store analytics are a must for retailers who need to gain a complete, multi-channel view of the customer experience and insight for improving overall performance."
While retailers are interested in collecting a broad range of data in stores, they placed a premium on customer traffic data, citing metrics on how many customers enter a store and how many of those buy (sales conversions) as their top two most important measurements.
Retailers also want to know which promotions attract customers, where customers go in the store and which products they choose. Not surprisingly, 71 percent of the retailers surveyed said that they use or plan to use people counting technology in their stores, with in-store Wi-Fi and loyalty systems coming in at 68 percent, and mobile payment/wireless POS and queue management technologies of interest to at least 52 percent of respondents.
Even though retailers want more in-store analytics, they expressed concern about whether returns would justify the price and about potential disruptions involved in deployment and training employees on new systems.
Marketing was seen as the department most likely to instigate and lead in-store analytics initiatives, with other departments – including operations, merchandising and loss prevention – expected to follow suit as the value of technologies deployed are proven.
-See this Brickstream report
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