Asked to evaluate the importance of various metrics/insights, brick-and-mortar retail executives gave “How many people enter the store” the highest average score, followed by “How many customers who enter the store buy something.”
Other data points highly valued by retailers include which promotions attract customers; where customers go in a store; and when customers pick house brands over national products.
Below, additional key findings from the report, which was based on data from a survey of 124 retail executives from around the world, 54% of whom work for companies with with annual revenues of more than $ 1 billion.
Top Benefits of In-Store Analytics
Respondents say the top benefits of investing in-store analytics are understanding and anticipating customers’ needs better; improving store operations/staffing; and identifying new offerings for customers.
Who Benefits From Analytics
Respondents say Marketing is the department that benefits most from in-store retail analytics, although they cite several other functions that benefit as well, including Merchandising, Operations, and Loss Prevention.
71% of respondents have invested in counting technologies, or plan to by 2015; 68% plan to invest in in-store Wi-Fi; 68% in loyalty programs.
About the research: The report was based on data from a survey of 124 retail executives from four regions (North America, Europe, South America, and Asia), 54% of whom work for companies with with annual revenues of more than $ 1 billion.
Ayaz Nanji is a digital strategy and content consultant. He is also a research writer for MarketingProfs. His experience includes working as a strategist and producer of digital content for Google/YouTube, the Travel Channel, and AOL.
LinkedIn: Ayaz Nanji