4 Technology for Effective In-store Proximity Marketing

Mobile Apps notifying users when something new and interesting is nearby are now enjoying a big influx of excitement. Why is the technology so, trending right now? This is not a new innovation. User Experience, bandwidth availability Timing, smartphone ubiquity and also the explosion of Android devices – more than 70% of people have smartphones that can really leverage the tech. Or is it the acceptable level that changed drastically?

The retail industry is going wireless by adapting new technology of proximity device, Smartphone, Bluetooth promotion – Bluetooth proximity sensor, Beacon and much more. The in-stores are thus taking the privileges of opportunities and earning high revenue on investment.

Shopping Apps: Shopping is an in-store feature. A large number of stores offer in-store apps that enable the buyer to use digital coupons, find out whether the store carries the particular product, and enable the store to manage their products in the store. It also comes with easy to swipe and share options for the shoppers.

Some of the retailers also offer reward points, which can cut down the expense while making payment. In addition to time and energy saving, the shopping apps maximize the retailer’s checkout range, thus enabling a customer to buy more products with fewer employees. With the delivering coupons of the customers, the retailers can get the consumer data and analyze that for any future use. mega-stores like Walmart launched several features that allow customer profile creation, browsing weekly in-store ads, the creation of shopping lists, in-store pick up, etc. Members of the app can also earn additional gift points that they can redeem later at the store outlets. This encourages shoppers in coming back again and again into the store.

Personalization and Affinity Marketing:

With so many buyers moving toward online purchases, in-store retailers must put an extra effort to put relevant products (that can be predicted by predictive analysis) in front of their users to escalate the store sales.

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Affinity marketing creates customers tailored to brands. Suppose you have a Company selling “Running Shoes” and your target is the sports fans for a good sale. But that is not something suggested by Marketing Strategies. You need to target avid marathon athletes instead to enjoy a good sale.

With tracking process and personalization, customers can track, analyze and understand the buying behavior of the customers studying their past purchase record. By curated system, a retailer can also recommend merchandise that was related or compatible with the ones already purchased by the customer to enhance sales and build customer satisfaction.

Predictive Analytics and Retail Insights:

Retailers are utilizing predictive analysis tools to understand retail insight and thus personalize the shopping experience of the users and thereby improve in-store sales. Customer data is pretty essential to influence the business decision of any in-store that includes staffing, inventory management, plan reward program and redesign their in-store.

In-Store Wi-Fi:

According to the latest report, more than 28% of participating in-store of all types and all sizes, experienced increased customer loyalty after launching in-store consumer Wi-Fi, which came along with more than 2% increase in overall sales. Nearly 21% of retailers also reinforced the fact that their shoppers spent more time in the brick-and-mortar, and so… Big Thanks to the In-Store Wi-Fi.

In-store Wi-Fi empowers both customers and in-store sales representatives to gain more information about stocks while in the store.

Online Retailing is growing by the day with the breadth of utility and customer appreciation. If brick-and-mortar wants to stay competitive, adoption of these tech newbies can be the key to sustaining a cutting edge in the era.

In-Store Analytics: Why Retailers Should Utilize It

Brick-and-Mortar stores are struggling with both rival in-stores and online platforms for a better market position. The introduction of Predictive Analytics has raised the level of competition and made the race more troublesome for any industry. And hence, a trivial blunder can cost the closure of any retail business.

The Retail stores must have a fair idea of its objectives before considering in-store analytics. Big data can be confusing, but a clear Business Intelligence strategy enables any organization to get through easily.

We will discuss Retail Analytics Solutions and objectives selection for retailers to explore further.

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Conversion Rate and Footfall Data:

Knowing the exact footfall information of any vital store is very crucial. Retail insight will allow the retailer to react and adapt according to the available data in real-time. The analytics thus enable the retailer to understand and predict in-store customer behavior and so can enhance the store performance and widen shopping environment. Retail insight underpins the store for better sales, staff optimization and increased productivity.

Customer Service:

The retailers need to identify the busiest sales hour in their stores to ensure enough staffing to meet the customer demand. This cuts cost, drive high conversion rate and improve the buying experience for the customers.

It is important for the store manager to keep accounts for the peak periods of Break time and after work hours service to boost the conversion rate. Moreover, the staff should undertake operational tasks during their free times.

It is needless to mention a hassle free and interactive shopping journey will bring back your customer over and over in your store.

Category and Space Productivity:

Retail Analytics will provide the retailers with the information of the shop zone, promotion message, seasonal effects, display units in the retail store enjoying the highest sales irrespective of the products. This also includes predictive analytics. Such strategy will easily pinpoint the optimal location inside the store allowing the retailer to push the high margin products over there to enjoy a high ROI.

For example, in a retail store, during the summer holidays, the retailer noticed a high sale in the organic juice. The retailer placed some outdoor games, summer clothes in the dwell time area, and put a promotional offer on summer product. And in few days, the sale rose by 30%. This is how Predictive Analytics work in retail outlets.

Customer Response:

The behavioral insight of retail technology solutions is immensely beneficial for the retailers. Learning the customer journey in the shop highlights product exposure, in-store engagement and navigation route throughout the retail. This can lead to an improved result for the retail owners that drives the shoppers deep into the retail for best exposure and long visits time.

The retail landscape in on a constant change. If the retailers can use the Big Data with Business Intelligence Strategy the store can easily know the customer demographics on the real-time and aim at increasing cash flow ROI.

in-Store Shopping – Fun Package with Retail Analytics

India is now on a growth ride. In 2012, GDP was 5.1 which raised up to 7.3 in 2014. This growth is inevitable in the retail sectors in India. Retail sectors are becoming well organized and attaining maturity day by day. For the right marketing and procurement decision, you can entrust your business with the retail analytics. Retail Analytics provides the analytical data on inventory level, demand – supply chain, etc. Retailers in today’s world are maintaining transparency in the shopping experience.

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Price Transparency in Retail Analytics Companies in India :

There was a time when we had to depend upon the shopkeeper to show us their products and we were to choose just from within their displayed products. But now with the retail shops, we can enjoy the benefit of thorough browsing and choose any item of their desire. There was a time when the price of a definite product was not unique for all. In some cases, shopkeeper used to set price depending upon the attire of the customers. Hence, price comparison was also not possible, and an individual had to depend upon mere bargaining strategy.

But with the introduction of fixed price shops in India, shopping experience became better. Almost all leading branded stores and shopping malls of India are equipped with gadgets like Tickto that allow receiving offline mobile offers (through Bluetooth). They are so designed that you will receive the orders that are meant for your needs only. The artificial intelligence will identify your product choice from your previous shopping details from your mobile.

However, with the introduction of the auto detector machine, there is a risk from people to start gaming in the business system.

Transparency in information:

As soon as you enter the mall, you will be informed of the product detailed information. Thus, the users know how much he should be charged for a specific product. Also with the better information technology, the customers can know how well they should be treated by the seller. Today the seller are more eager to know more about the buyer’s shopping experience than the sale of their product and ask for a review for their products and services. This is just to maintain a healthy relation that will bring future customers into their business.

If a customer is not satisfied with the product, the result can be worst on local forums, blogs, discussion etc. However, this can also be well tackled with the comments and responses made by the seller. The sellers can appoint web community to participate in the forums, blogs and give updated feedback to their customers. This helps in building a strong community, which helps in the long run in product promotion.

Thus, if you are a new customer, before buying any product you can be well informed about the product, and services by the seller in just a few clicks.

Easy Product Detection:

After entering the mall, you have to switch ON your mobile Bluetooth and you will automatically receive the promotional offers, discounts and revised price list of the shops you are visiting. You can compare the product price and choose the shop from where you want to buy your desired product. You will also be guided to the location of your product. The only thing you need to do is to PAY. Now you can truly state – “Shopping was never so easy before.”

Analytics Companies in India is growing every day. It has become a strong platform for building loyalty and turning unhappy browsers to regular customers. It is the analytics firm that is grabbing the regular shoppers and making a business from them and is a win – win market condition for both the buyer and the seller.

It’s Time for the Brick-and-Mortar Stores to Analytically Plan Their Strategies

The Brick-and-Mortar stores are experimenting with various things like from changing their in-store design to changing the position of the products inside the stores. All are being done mainly to attract customers. These brick-and-mortar stores lack behind in this matter. They have insufficient or inadequate numbers of customer’s data than those of the online Retailers. This increases the need for a Brick-and-Mortar Store Analytics.
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Changing Scenario:

The Advancement of Technology has made the situation to change a lot. Now a day the brick-and-mortar store retailers need to access the same data as the online retailers. The advent of smart phones has made the job much easier.

In today’s world there are two types of customers that is one who rely on the online marketing site and the others who still date have faith on the physical marketing or on the retail stores.

Dealing with the online customers is much easier than those of who come to the retail shop. The online retailers with various smart tools and technologies keep and maintain a regular assessment of their customers. They keep on changing their rules and regulation, their business plans to attract more and more customers or to retain the old ones. The major problem is being faced by the brick-and-mortar stores. They have lack of data to have a proper understanding about their customers.

How the Processes Work?

There are various ways through which this Brick-and-Mortar Analytics can be done. As soon as a person sign up for a website the web cookies start tracking each and every buying detail of customers. These details can be further used for Retail Analytics to plan their strategies accordingly. By looking at this they can design individual customer plans. The retailers can plan for the discounts to given, the place where the products must be kept to attract most the customer’s attraction.

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Steps That the Brick-and-Mortar Stores Can Follow:

  • The brick-and-mortar stores or the physical stores can opt for video marketing facilities at their shops. This will help them to have close observation on their customers as well as their employees.
  • All the brick-and-mortar stores must follow the test and learn marketing procedure to get a better result.
  • Reviews can be another way to judge the customer’s behavior. Reading the customer’s review the retailers can get a better picture about what are the things customers are liking, what are the things they need to have a change.
  • Wi-Fi in store kiosks is an excellent way to keep a close eye on the customers who are inside the stores.
  • Personalization of the products, offers or discount can be done knowing the individual customer’s behavior.
  • Brick-and-mortar stores can have an online catalog of their products. This way they can attract all the technologically savvy customers.
  • Most of the customers are getting more and more inclined towards the online trends, so online payment mode,
    e-banking, PayPal are the other things the Retailers can keep in mind.

Conclusion:

Merging the two marketing arena like the online as well as the brick-and-mortar retail stores can give a much better result.

In Store Retail Analytics : Its Potential and Impact on Managing the Customer’s Behavior

The world of Retail is changing at a fast pace. The retailers today are experimenting with lot of things to attract new customers as well as to retain the old ones. Thus retail analytics plays an important role among the Retailers to succeed in their business. Customers are a most essential part of business. Both for online and brick and mortar stores customers are an integral part of the business.

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Scenario of In-Store Retailing:

The online Stores are experimenting with their styles, designs, placement of their products to attract the customers and so that their products catch the eyes of the people.

Although the brick and mortar stores are dominant among most of the customers but these stores lack behind due to improper technologies to conduct and judge their customers behavior. However, now most of the physical pay stresses to know their customers behavior. The retailers of these stores now have a close eye on the buying habits of the customers, movement of the customers inside the shop. In-store retailing is emerging at a fast pace in today’s retail shop. The retail shops now have security cameras inside the shops to keep a watch on their customers.

The use of multiple cameras can track the behavior of the individual customers as they roam about in the shop.

Benefits of knowing the Customer’s Behavior:

In-store Retail Analytics also help the Retailers by providing data about the Customer’s Behavior outside the shop. They provide data about where the customers are going, where the customers roam about, whether they are shopping alone or with friends. These data help the retailers to plan accordingly and project their products in front of their customers to get most of the output out of it.

On the other hand the brick and mortar stores those are lacking behind these sophisticated technologies also conduct these surveys on assessing the customers’ behavior. They instead of using all these technologies they walk around the shop to look at the customers to assess their behavior whether their plans and programs are working well on their customers.

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Trends of In-Store Retailing:

The data collected from in-store retail analytics processes help the retailers by providing data of POS (point of Sale) as well as data related to the cash register of the store.

Another part of in-store retailing involves displaying the products and offers in a right manner so that it can attract and catch the eyes of the customers. Placing the products in front of the window or the glass door can catch the eyes of the passersby also.

Customer traffic information plays an important role among the retailers. The data revealing the number of customers regularly entering the shop is very much an integral part of a good retailing. The data obtained from in-store retail analytics process also helps the retailers to know whether the promotions and the offers they designed for their customers are working well or not.

Conclusion:

On the Retailers point of view in-Store Retail Analytics is a process of anticipating and understanding the customer’s needs and wants in a better way. Improving the staffing, identifying new offerings and planning valuable promotions for the customers are all a part of the in-store retailing process.

Manage Your In-store Scenario Analytically to Meet the Market Competition

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?

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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.