Next Generation Store Analytics Offer Most Opportunity to Enhance In-Store Flow
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Next Generation Store Analytics Offer Most Opportunity to Enhance In-Store Flow
- 1. SERIES ConsumerConnected Session sponsored by #CCS14 Tapping Into The Benefits Of Next Generation Store Analytics
- 2. SERIES ConsumerConnected #CCS14 Welcome Webinar Attendees
- 3. SERIES ConsumerConnected #CCS14 Follow this Webinar on Twitter #CCS14
- 4. SERIES ConsumerConnected #CCS14 About Retail TouchPoints ü Launched in 2007 ü Over 28,000 subscribers ü To provide executives with relevant, insightful content across a variety of digital medium Free subscription to our weekly newsletter: WWW.RETAILTOUCHPOINTS.COM/SIGNUP
- 5. SERIES ConsumerConnected #CCS14 Panelists MODERATOR Russell Evans VP of Marketing ShopperTrak Debbie Hauss Editor-in-Chief Retail TouchPoints
- 6. Next Generation In-Store Analytics
- 7. Global Leaders in Consumer Behavior § 70,000+ Devices § More than 90 Countries in Opera8on § Over 1,000 Retail Clients § 20 Billion+ Shopper Visits Counted Annually § Industry Leader and Innovator with 15 Patents Market Leader. Global Footprint. Retail Innova8on.
- 8. Retail’s Mission Hasn’t Changed
- 9. The Consumer Has Changed
- 11. Traffic
- 12. Conversion
- 13. Transaction Size
- 15. Increase Traffic § Opportunity: know your pass-‐by traffic § Draw Rate: are you capturing that traffic § Demographics/Psychographics: are you pulling the right customers through the door § Marke8ng Effec8veness: are your campaigns working
- 18. Smarter Merchandising Create store groups to test different window concepts Analyze draw rates to understand where you succeeded Maximize your draw by op8mizing your displays A small increase in draw rate can mean hundreds of people through the door
- 19. Increase Conversion § Abandonment: the % of people who leave shortly aYer entering § Dwell Time: average shopping visit dura8on § STAR: shopper-‐to-‐associate ra8o measures labor coverage § Queue Management: measures the efficiency of the checkout process
- 20. Dwell Time & CVR Trends by Week Day Store A Week Total Store Dwell Store CVR Sun 22.3 57.7% Mon 21.1 62.0% Tues 16.9 62.3% Wed 20.8 63.8% Thurs 18.8 63.3% Fri 21.6 61.3% Sat 18.6 57.8% AVG. 20.0 60.4% 20 Are customers being engaged as they shop? Store B Total Store Dwell Store CVR 18.2 55.3% 15.8 56.8% 12.6 56.4% 16.8 57.9% 10.1 56.7% 16.2 58.0% 15.3 56.0% 15.0 56.6% Store C Total Store Dwell Store CVR 20.0 56.7% 20.8 63.3% 18.5 62.8% 18.7 63.0% 13.4 61.9% 18.8 63.2% 19.8 58.8% 18.5 60.7% Sunday’s Dwell Time is high, CVR is lowest of the week. Monday’s Dwell Time is high, CVR is also high. Thursday’s Dwell Time is lowest, CVR is high.
- 21. Increase TransacPon Size § Intercept rate: % of customers who are engaged by your sales associates § Intercept 8me: average 8me between entrance and engagement § Zone counts: which areas a^ract the most traffic and do these areas have the best sales and conversion § Loyalty: are customers coming back
- 23. Survey Question Next Generation Analytics offer the most opportunity as it relates to: a. Improving operations b. Increasing the efficiency of marketing efforts c. Personalizing the shopping experience d. Enhancing the flow through the store e. Optimizing merchandising
- 24. Zone Analysis: Old Format Top Performers (By Ranking) 24 Traffic Draw 1 Traffic Draw 4 Traffic Draw 3 Traffic Draw 2 Dwell 2 Dwell 1 Dwell 3 Dwell 4 Top Traffic Draw Rates: 82.34-‐89.94% Top Dwell Times: 14:37-‐16:08m Finding: High traffic and dwell areas were concentrated in two sec8ons of the store
- 25. Zone Analysis: New Format Top Performers (By Ranking) 25 Cash Wrap Zone 1 Zone 2 Zone 3 Zone 4 Zone 5 Zone 6 Zone 7 Zone 8 Zone 9 Entrance Zone 10 Zone 11 Zone 12 Zone 13 Zone 14 Zone 15 Zone 16 Zone 17 Zone 18 Traffic Draw 4 Traffic Draw 3 Traffic Draw 2 Traffic Draw 1 Dwell 2 Dwell 3 Dwell 1 Dwell 4 Top Traffic Draw Rate 82.12 – 87.16% Top Dwell Times 14:29 – 16:21m Finding: New format lead to change in traffic draw and dwell pa^ern
- 26. Integrating Technologies Market Benchmarks Queue Management Interior CounPng MarkePng EffecPveness Draw Rate Shopper Demographics Foot Traffic Perimeter Coun8ng Best-‐of-‐breed technology Sales Intercept Loyalty / Abandonment WiFi/Bluetooth/BLE Video
- 27. Small Changes Can Have BIG Results
- 28. Improving Store Performance Traffic Conversion Trans. Size SALES $40.56 20.2% $3,113 X X = 380 What is the impact of traffic, conversion and transac8on size increases?
- 29. Traffic Conversion Trans. Size SALES $40.56 20.2% $3,113 X X = 380 399 $3,269 $156 or 5.0% increase in sales! Improving Store Performance What is the impact of a 5% increase in traffic?
- 30. Traffic Conversion Trans. Size SALES $40.56 $3,113 X X = 380 $3,421 9.8% increase in sales! Improving Store Performance 20.2% 22.2% What is the impact of a 2 point increase in conversion?
- 31. Traffic Conversion Trans. Size SALES $40.56 $42.56 20.2% $3,113 X X = 380 What is the impact of a $2 increase in transac8on size? $3,266 4.9% increase in sales! Improving Store Performance
- 32. What Can Next Generation Analytics Do For You?
- 33. Questions
- 35. SERIES ConsumerConnected #CCS14 Q & A // Panelists MODERATOR Russell Evans VP of Marketing ShopperTrak Debbie Hauss Editor-in-Chief Retail TouchPoints
- 36. SERIES ConsumerConnected #CCS14 9 Thanks for attending! Don’t miss tomorrow’s sessions: APRIL A Retailer's Guide To iBeacon MarkePng 12PM ET / 9AM PT BoosPng Revenue With Smarter WFM 2PM ET / 11AM PT ccs.retailtouchpoints.com/2014