In spite of the large developments in the economic sector the Brick-and-Mortar store are still at the top most level in the retail scenario. Retailers in the today’s world also seems to be in a big dilemma when it comes to the areas of managing the in store scenario. Retail analytics plays an important role in managing the various services of the retailers. The retailers need to analytically manage the in- store, that is they need to practice the retail analytics theory. Though the term e-commerce is gradually increasing in the field of economics but calculating or capturing the exact amount is quiet difficult to find in the real world. This also increases the demand of retail analytics in today’s world.
Problems faced by the Retailers:
The mistake that is common among the retailers is that they are unable to bridge the gap between their online stores and the brick and mortar stores. This is a mistake being common among the big multinationals companies also. In-store analytics can help the companies or the retailers regarding this matter.
Factors Determining the in-Store Analytics Process:
- Technologies being used by the surrounding market or finding how mature the technology is.
- Who are the competitors in the market?
- Who is the priority or the top concerns among the retailers and what are the technologies being used by them?
Understanding what is in- store Retail Analytics:
Finding the meaning of in-store retail analytics is very important. In-store retail analytics also deals with various things.
- The first thing that comes when we are talking about retail analytics is that finding out the people data or tracking the people data. This is an important step in managing the in-store retail analytics This process of tracking people data involves finding out the data or keeping a track on how many people are entering the shop every day, how many people are buying the products among these people. Thus maintaining the traffic data is very much needed for in-store retail analytics.
- The retailers in the in-store retail also need to keep a track on what is the consumer’s behavior. That means what are the promotional strategies that are attracting more customers, what are the products that are more common among the customers.
- Wi-Fi store, mobile payment, queue management practices also plays an important role in the in-store retail analytics techniques.
- Keeping a close eye to the inside scenario of the retail stores also play an important role in the in-store retail analytics process.
- There is also a risk in in-store retail analytics process if it is not being done by the knowledgeable person. The result of in-sight retail analytics can affect the retail business badly if it is not done properly. The in-store retail analytics must be such that it brings a profit for the business.
Future Trends of the in-Store Retail Analytics:
In the recent years more and more retailers’ are opting for getting a multi channel perspective of the consumer’s behavior. The retailers in their in-store retail analytics procedure is focusing mainly on more and more interaction with their customers by the help of mobile, e-commerce or through the social networks. This will help to fill the wide gap between their online mode of retailing with that of their bricks and mortar store.