Tapping into the benefits of next generation store analytics

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Tapping into the benefits of next generation store analytics

  1. 1. SERIES ConsumerConnected Session sponsored by #CCS14 Tapping Into The Benefits Of Next Generation Store Analytics
  2. 2. SERIES ConsumerConnected #CCS14 Welcome Webinar Attendees
  3. 3. SERIES ConsumerConnected #CCS14 Follow this Webinar on Twitter #CCS14
  4. 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. 5. SERIES ConsumerConnected #CCS14 Panelists MODERATOR Russell Evans VP of Marketing ShopperTrak Debbie Hauss Editor-in-Chief Retail TouchPoints
  6. 6. Next Generation In-Store Analytics
  7. 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. 8. Retail’s Mission Hasn’t Changed
  9. 9. The Consumer Has Changed
  10. 10. Retail Must Evolve
  11. 11. Traffic
  12. 12. Conversion
  13. 13. Transaction Size
  14. 14. Actionable Insights
  15. 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  
  16. 16. 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    
  17. 17. 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  
  18. 18. 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.  
  19. 19. 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  
  20. 20. 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
  21. 21. 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  
  22. 22. 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    
  23. 23. 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  
  24. 24. Small  Changes     Can  Have     BIG  Results  
  25. 25. 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?  
  26. 26. 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?  
  27. 27. 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?  
  28. 28. 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
  29. 29. What Can Next Generation Analytics Do For You?
  30. 30. Questions
  31. 31. Thank You www.shoppertrak.com
  32. 32. SERIES ConsumerConnected #CCS14 Q & A // Panelists MODERATOR Russell Evans VP of Marketing ShopperTrak Debbie Hauss Editor-in-Chief Retail TouchPoints
  33. 33. 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  

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