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.

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In-Store Retail Analytics: a Way to Increase the Footprint at the Stores

Companies are experimenting with various techniques to increase the footprint of the stores. The in-store retail analytics plays a major role in this matter. The digitally savvy customers are changing the retail environment every day with their various needs and demands. Thus assessing the customers in today’s world and increasing the footprint is quite a tough job being faced by the Retailers. This should be done quite analytically to get a profitable result. From retaining a Customer for a particular Brand or for launching a new Product that might attract Customers, need to be planned properly.

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Methods to Be Followed by In-store Retail Analytics to Increase the Footprint:

The dictionary meaning of Regression Analysis is to find a relationship between different variables. This process is widely used for forecasting or for predicting something. Path tracing is a model that uses this regression analytic model, these in-store retail analytics models can widely be used for knowing various aspect of human behavior.

The Human Behavior and its aspects can easily be Predicted or evaluated by joining the nodes of the graph or various points of the graph. This again demands the understanding of the topological structure of the human behavior. This model is used to enlighten various important part of a human behavior like this depicts what is the most shortest path that a human being opt for while looking at the entire graph starting from the source of the graph to its nodal point. There is always a path or a way that lies in between this two that is the shortest path which is being opted by the people or the human being at a much local level and the path that lies at global level or at a much wider level.

The job of this process is to predict the graphs or the path that are being widely used by the customers of different group or people of same status. Unlike this modern method, the earlier methods focused on the layout of the graph or in improving the visualization of the graph.

Graph readability is another technique being used by the company to know their customer’s behavior. In this process the companies pay attention to how their customers are behaving after reading or understanding the graph. This mainly depicts the graph reading behavior of a customer. This graph reading behavior of the customers varies with the tasks the in-store retail analytics deals with.

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Conclusion:

If the result of this methods are studied analytically it can be concluded why a customer is sticking to the previous graph or brand, or what is the reason for a changing the decision, these also depicts what are the common path being used by the customers, etc. These are all complexities of a human behavior and are hard to find. There must be various trial and error methods to be followed before concluding something. The modern day methods have somewhat made the job easy for the analyst to conclude something about the customer’s behavior and increasing the footprints at the retail stores. Thus the in-store retail analytics plays an important role to increase the footprint at the stores.

Heat map analytics and its impact on Retail

The dictionary meaning of Heat Map is the graphical representation of any individual value. The matrix of this representation is represented by colors. The different colors that are seen in this graphical representation have different meaning or depict different values for different data. However, in Retail the heat map help the Retailers in many ways like;

  • It helps in knowing the hot spots,
  • Dead areas
  • Bottlenecks

How the Heat Map Works?

The in-store heat map system takes the images being captured by the network cameras or the IP cameras which help the Retailers to have an idea about the customer’s traffic pattern in a particular time or during the real time. The information can be collected from anywhere in the network.  in-store heat map Benefits of in Store Heat Map:

The benefits of heat map system in Retailing are many folds. These are;

  • By having a clear view on the customer’s traffic pattern or by collecting information about this helps the retailers to improve the in store.
  • Help or improve the customer service techniques being used by them to satisfy the customers.
  • It also helps the retailers to improve or plan the promotional activities and the marketing techniques. This helps the retailers to meet the customer’s demand by using the customer’s traffic data containing customer’s buying habits, behavior.

By using the heat map system in the in-Store Retail Analytics process the Retailers can see positive changes in terms of the customer’s flow, items that are sold , average sale value and many more. Features of the cameras that make in store heat map a beneficial one; The network cameras that are used in the in store heat map are,

  1. Scalable
  2. Flexible
  3. Cost Effective

All these above three characteristics make heat map a powerful Retail Solution.

The Various Heat Map Analytics Tool That Can Be Used by the Retailers to Get a Better Result in the Retail Store:

    • Mouse flow: It is a live analytic tool. This helps to know the website visitors. This help the retailers to gather information about the customers by knowing where they click, where they browser or on which item they are giving extra attention. This system captures all the mouse clicks, keystrokes etc.
    • Lucky Orange: This is also a live analytics tool that helps the retailers by giving them information about how many customers are currently visiting their sites. This system compares the historical statistics to see what kind of customers are mainly visiting their sites, what keywords are being used more frequently and so on.
    • Crazy Eggs: It helps the retailers to analyze their customer’s engagement through heat maps. These give an information about which portion of their website attracts most of their customers.
    • Click Tale: By aggregating the total number of mouse clicks of the customers the click tale tool creates a visual representation of where the customers are viewing more or focusing more on the website. The tool calculates by seeing the mouse move, click, attention of the customers, etc.

Conclusion: This shows that the heat map system makes the in Store Retail much more smooth and fast. It also helps in making the in store retailing fruitful.

Location Based Analytics Makes Your In-store Analytics More Powerful

There are experiments going on at a regular interval in the world of marketing. There is new innovation in this field at daily basis. Through this the marketers want to gain the maximum profit out of the investment they have made. One such invention is the Location Based Analytics. Location based analytics is a step beyond to see and assess the result or the outcome of the mobile campaign being done by the Retailers. Tracking the views and clicks in the smart phones, laptops for knowing the customer’s choice and behavior is a process that was already in use among the retailers. But what is new is the use of smart phones location data. This allows the marketers to gather information about how many in-store visits are actually happening due to this mobile campaigning process. Thus in-store retail analytics become much more powerful with the use of location based analytics along with it. location based analytics  What Is the Main Objective of the Location Based Analytics Process?

  • The data collected from location based analytics gives information about the spatial behavior of the customers in relation to the previous exposed ad’s.
  • One of the main objectives of the location based analytics is to keep a track on how the mobile campaigning process or the already exposed mobile ad’s are effecting the buys of the customers in-store or inside the physical stores.

Why Location Analytics Process Can Be Used by the Retailers?

The location based analytics process helps the Retailers or the Marketers in many ways:

  • Place IQ: Place IQ or the Place visit rate is the process of finding out ROI of the mobile advertising, targeting and measuring tools. The retailers continuously send various product related advertisement to some existing customers or to some new customers of a particular location. The location based analytics data help to predict PVR rate or the place visit rate which in turn gives an aggregate of the number of messages being sent to the customers and the total number of customers are actually coming to their store physically. This in turn thus also depicts the in-store analytics

  • Location Conversation Index: this is a process of understanding how the mobile advertisement influences the in-store visit. Instead of tracking the number of people who had already viewed the ad or clicked the ad the LCI or the location conversation index track the number of people are visiting the geographical location or the physical store after seeing the advertisement. This also help the retailers to keep a track on their message or the advertisement that are being delivered and can also improve them if needed according to the customer’s response to them.
  • Placed Attribution: This is a process of linking the advertisement, messages of the retailers, marketers, etc with that of the in-store visit. This also not only depicts data about the in-store visit but it also helps the marketers or the retailers to assess the behavior of their customers very well.
  • Foot traffic Index: It helps to assume the foot traffic index of a particular retail shop at a particular geographic location.

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.

in-store retail

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.

Importance of Retail Analytics and Their Various Impacts on the Retailers of Today’s World

The Retail Analytical approaches or planning the Retail Strategies analytically help the Retailers to know their customers individually. It also helps in making the Retailers to save their money and limit bad expenditure.

Knowing the customer’s behavior is the key to success for the Retailers.

The Retailers who know their customers well are making much profit than the Retailers who are unknown to their customer’s needs and wants. When the customer’s behavior intersects with goals of the retailers or the suppliers then the profit rate is at the peak. This can only happens when the retailers know their customers very well. Thus Retail Analytics is very much necessary. It has been found that if the offers or the discounts arranged for the customers are being made maintaining various retail analytical strategies then the profit maximization rate for the retailers is also high.

Problems faced by the Retailers:

One of the very common problems being faced by the retailers is that they are unable to understand how to react and treat their individual customers. This is a common problem for in store retailing. The retailers also sometime face a problem in deciding what the offers should be or discount to be offered to their customers. Another mistake made by the retailers unknowingly is that, when a new customer enters the retail shop the retailers are unknown to the customer’s potential or the customer’s behavior so they treat every customer in the same way. To meet with this kind of situation various retail analytical strategies and plans should be designed. Coupons can be given at the entrance of the retail shop or discount offers can be sent as email to the existing customers. By seeing the response of various customers the customer’s behavior can be judged.
analytics1Retail Analytical Approaches made by the Retailers;

  • There are certain actions that the retailers plan and are then targeted to every customer might they be new or old. These types of actions are known as the collaborative filtering action. These types of offer or the discount are often being targeted to the customers of the online store or in-store.
  • The retailers also sometimes make their offers or discount by dividing their customers into small groups. These groups are made according to the customer’s choice, customer’s behavior.  This type of segmentation among the customers is most commonly being termed as the behavioral segmentation. This is a retail analytical process that can be done when the retailers know their customers very well. These types of retail analytical approaches also help the retailers to save some expenditure without spending on unnecessary offers or discount. The retailers also can spend the money on n house designing, preparing various new merchandising scheme or building up new promotional strategies. This segmentation among the customers also helps the retailers to serve their customers who are very important for their business.

The Retailers also sometimes plan the offers and discount by predicting the behavior of the customers individually. These retail analytical approaches are known as the propensity model. These retail analytical approaches can be used by the big retailers who deals with ten to twenty millions customers each of whom plays an important role individually for the business. These propensity models help the retailers to know the individual customers buying behavior. This also led the retailers to prepare various unique treatments towards their customers.