Omni-Channel: In-Store Analytics Provide Critical Link to Consumer Insight International Data Corporation recently released its top predictions for 2014, and an increased focus on omni-channel customer experience topped the list. Robert Parker, IDC Retail, Energy and Manufacturing Group Vice President and General Manager, explained, “In the next three years, retail will reinvent itself as omni-channel leaders reach for customer relationship, relevancy, and reciprocity . . . Quick-to-market leaders will improve same-shopper sales -- fast becoming the most significant leading indicator of future performance." One key way to achieve omni-channel success is by drawing consumer insight from detailed in-store analytics. Omni-Channel: A Pinnacle in Business Intelligence and Analytics Just a few years ago, retailers primarily pulled data from their point-of-service systems each day, crafting them into sales reports that they hoped provided valuable consumer insight. Today’s business intelligence and analytics have grown far beyond those simple daily totals to encompass a range of assessments that allow retailers to offer a seamless customer experience whether customers are shopping in the store, online or via a mobile device. Omni-channel compares data gathered throughout the retail chain, painting a detailed picture of a customer’s purchase patterns, the most effective forms of targeted marketing to entice the customer, relevant customer loyalty programs, and how well instore inventory and staff align with that customer’s best shopping experience. Seamless analysis of data from disparate sources is what makes omni-channel business intelligence tools so effective today. In-Store Analytics Exceed Simple Traffic Counter Functionality Omni-channel data becomes actionable when paired with quality in-store analytics. Instead of the limited POS-based reporting of the past, new technology provides retail analytics and merchandising services that comprehensively measures traffic and conversion. This consumer insight enables retailers to: ● ●
Better measure the success of marketing and promotions Boost productivity by identifying trends and norms within the retail chain, which enables retailers to single out poorly performing stores for training or support ● Improve service and lower staffing costs by identifying traffic cycles that can be used to refine staffing levels during the day, week, or season ● Combine with other omni-channel data to detect new and repeat customers, analyze time between visits, and so forth In-store analytics will definitely play a critical role in fulfilling another of IDC’s predictions: “We expect renewed investment in the narrower but transformative capabilities of PLM and sourcing, marketing and advertising, and big data and analytics.” As retailers are increasingly able to determine traffic flow and sales conversion, and to tap into mobile device activity using guest Wi-Fi channels, they will be better able to learn when customers are “showrooming” (looking at merchandise in the store but purchasing it from another retailer online), and to make changes to entice in-store customers to buy. New business intelligence tools will link in-store and omni-channel data, providing a comprehensive picture of the retail chain’s consumers, their online and in-store shopping habits, and the sales, marketing, and customer loyalty options that boost retailers’ bottom lines. Bio: Founded by engineers who realized that brick-and-mortar retailers needed comprehensive business intelligence tools to remain competitive with e-commerce providers, RetailNext offers a robust and scalable analytics platform designed to address the needs of retailers around the globe. The patented RetailNext platform’s best-in-class video analytics, Wi-Fi detection of mobile devices, data from point-of-
sale systems and other sources all create a robust, scalable, and highly versatile solution that easily integrates with other store systems so that retailers can identify opportunities for growth, execute change and measure success.