How are consumer shopping habits changing?
How is changing consumer behaviour affecting global retail?
How can retailers understand and profit from the new customer?
eCommerce appetite and adoption is at an all-time high.
If there was ever any uncertainty as to whether there was sufficient demand for grocery eCommerce, new research has put an end to any doubts, and has provided answers to the question that’s currently top of all retailers’ minds: Should we be selling our products online?
Mercatus has released the results from a survey conducted in the first quarter of 2016 in a brand new report entitled “Insights into Grocery eCommerce 2016”.
Among the key findings in the report:
Your customers, regardless of age, are online, consider themselves to be technologically savvy, and are making more digital purchases than ever before.
Consumers are willing to order groceries from locations other than their favorite store for the convenience of click-and-collect shopping.
Think Retail - print's role in the retail market of todayCanon Belgium
Innovation in retail and print's role in the retail market of today
The evolution of retail
Consumer psychologies
Connected consumers
Innovation
Where’s the opportunity for print?
How can PSPs get started?
Global Powers of Retailing Deloitte 2018Oliver Grave
Global Powers of Retailing Top 250
The 21st annual Global Powers of Retailing identifies the 250 largest retailers around the world based on publicly available data for FY2016 (fiscal years ended through June 2017), and analyzes their performance across geographies and product sectors. It also provides a global economic outlook and looks at the 50 fastest-growing retailers and new entrants to the Top 250.
The top five largest retailers maintained their positions on the leader board. A combination of organic growth, acquisitions, and exchange rate volatility shuffled the rest of the Top 10—which now accounts for 30.7 percent of the overall Top 250’s retail revenue (compared to 30.4 percent last year).
Retailers of fast-moving consumer goods (FMCG) are by far, the largest companies (average retail revenue of nearly US$21.7 billion) as well as the most numerous (135 retailers accounting for 54 percent of all Top 250 companies and two-thirds of Top 250 revenue).
Transformative change, reinvigorated commerce
The rules of retailing are being rewritten in this time of transformative change. Innovation, collaboration, consolidation, integration, and automation will likely be required to reinvigorate commerce, profoundly impacting the way retailers do business now, and in the future. Across the retail industry, disruption of traditional business models has given way to unprecedented and transformative change—change required online and offline to better serve more demanding shoppers and redefining customer experience.
The four trends identified in the report are:
- Building top-notch digital capabilities
- Combining bricks and clicks makes up for lost time
- Creating unique and compelling in-store experiences
- Reinventing retail with the latest technologies
This report marks the 20th year of identifying
the 250 largest retailers around the world and
analyzing their performance across geographies,
sectors, and channels.
Over the last 20 years we have seen a seismic shift
in retail and the customers that retailers serve.
Consider that in 1997, the inaugural year of this report,
today’s average Amazon Prime customer was just
16 years old, AOL was pioneering social media, and
handheld virtual pets were the hottest-selling toys.
Today, handheld (or wearable) digital devices are
ubiquitous and a younger, social customer has come of
age. We are living in an era where customers are in the
driver’s seat more than ever before and they are craving
authenticity, newness, convenience, and creativity. We
are living in the customer-driven economy.
eCommerce appetite and adoption is at an all-time high.
If there was ever any uncertainty as to whether there was sufficient demand for grocery eCommerce, new research has put an end to any doubts, and has provided answers to the question that’s currently top of all retailers’ minds: Should we be selling our products online?
Mercatus has released the results from a survey conducted in the first quarter of 2016 in a brand new report entitled “Insights into Grocery eCommerce 2016”.
Among the key findings in the report:
Your customers, regardless of age, are online, consider themselves to be technologically savvy, and are making more digital purchases than ever before.
Consumers are willing to order groceries from locations other than their favorite store for the convenience of click-and-collect shopping.
Think Retail - print's role in the retail market of todayCanon Belgium
Innovation in retail and print's role in the retail market of today
The evolution of retail
Consumer psychologies
Connected consumers
Innovation
Where’s the opportunity for print?
How can PSPs get started?
Global Powers of Retailing Deloitte 2018Oliver Grave
Global Powers of Retailing Top 250
The 21st annual Global Powers of Retailing identifies the 250 largest retailers around the world based on publicly available data for FY2016 (fiscal years ended through June 2017), and analyzes their performance across geographies and product sectors. It also provides a global economic outlook and looks at the 50 fastest-growing retailers and new entrants to the Top 250.
The top five largest retailers maintained their positions on the leader board. A combination of organic growth, acquisitions, and exchange rate volatility shuffled the rest of the Top 10—which now accounts for 30.7 percent of the overall Top 250’s retail revenue (compared to 30.4 percent last year).
Retailers of fast-moving consumer goods (FMCG) are by far, the largest companies (average retail revenue of nearly US$21.7 billion) as well as the most numerous (135 retailers accounting for 54 percent of all Top 250 companies and two-thirds of Top 250 revenue).
Transformative change, reinvigorated commerce
The rules of retailing are being rewritten in this time of transformative change. Innovation, collaboration, consolidation, integration, and automation will likely be required to reinvigorate commerce, profoundly impacting the way retailers do business now, and in the future. Across the retail industry, disruption of traditional business models has given way to unprecedented and transformative change—change required online and offline to better serve more demanding shoppers and redefining customer experience.
The four trends identified in the report are:
- Building top-notch digital capabilities
- Combining bricks and clicks makes up for lost time
- Creating unique and compelling in-store experiences
- Reinventing retail with the latest technologies
This report marks the 20th year of identifying
the 250 largest retailers around the world and
analyzing their performance across geographies,
sectors, and channels.
Over the last 20 years we have seen a seismic shift
in retail and the customers that retailers serve.
Consider that in 1997, the inaugural year of this report,
today’s average Amazon Prime customer was just
16 years old, AOL was pioneering social media, and
handheld virtual pets were the hottest-selling toys.
Today, handheld (or wearable) digital devices are
ubiquitous and a younger, social customer has come of
age. We are living in an era where customers are in the
driver’s seat more than ever before and they are craving
authenticity, newness, convenience, and creativity. We
are living in the customer-driven economy.
A Very British Black Friday: The Real Winners and LosersFITCH
Black Friday is perceived as a frantic one-day sale, when shoppers lose control in the fight for bargains and retailers move mountains of stock to get a good chunk of Christmas sales in the bag.
This study on Black Friday in Britain shows that the reality is somewhat different. While there will always be a small proportion of shoppers willing to fight for a bargain, the majority are sensible human beings happily buying online, at home.
The losers are the retailers. Black Friday discounts drive shoppers to open their wallets earlier, but not necessarily deeper, so the idea that they are a major boost to UK Christmas spending is flawed.
Find out about our predictions for the future of Black Friday in Britain, and our recommendations for what retailers should really be focusing on.
Rise and Fall of The Mall, American Mall, Fall of the Mall, Brick and Mortar Store, Retail, Loss of the Mall, Infographic, eCommerce, Ecommerce, Online Shopping
Your Facilities Maintenance Holiday Shopping GuideSMS Assist
Retail stores have been preparing for holiday shopping season all year long, but facilities maintenance is an often overlooked aspect of preparations. How can retail stores get ready for the madness? SMS Assist has the answers.
Understanding the motivations of consumers, in an increasingly complex shopping landscape, is providing a never-ending challenge for brands.
Webloyalty has commissioned this 5Ps of Shopper Motivations Report to investigate current motivations and drivers at both a local and global level. We partnered with Oxford Brookes University, interviewing over 5000 consumers living in Brazil, Denmark, Finland, France, Germany, Italy, Netherlands, Spain, Sweden, Turkey, UK and US, to understand shopping habits and the motivations behind these.
Our research identifies five key categories of Shopper Motivation:
Price Motivated Shoppers
Practicality Motivated Shoppers
Peer Motivated Shoppers
Perk Motivated Shoppers
Personalisation Motivated Shoppers
IREU Top500 Mobile and Cross-channel Report @ 2016Filipp Paster
In this second IREU Top500 Performance Dimension Report, we focus squarely on mobile and cross-channel retail. One device, in particular, has transformed this area: the smartphone. We explore how retailers are using mobile in their business models as they trade at scale in this continent, and we investigate how the use of mobile varies between markets.
Authors: Mark Pigou
Topics: Mobile Commerce, Ecommerce Strategy
Industry: Retailer / Brand - Other Goods
Publication date: 9 December 2016
The growth of online shopping and the surge of off-price retailing are reshaping the retail industry. In 2016, retailers who want to survive will have to respond by restructuring their businesses. This POV captures some of the major Retail lessons learnt from 2015 and forecast for the year 2016 and beyond.
A Very British Black Friday: The Real Winners and LosersFITCH
Black Friday is perceived as a frantic one-day sale, when shoppers lose control in the fight for bargains and retailers move mountains of stock to get a good chunk of Christmas sales in the bag.
This study on Black Friday in Britain shows that the reality is somewhat different. While there will always be a small proportion of shoppers willing to fight for a bargain, the majority are sensible human beings happily buying online, at home.
The losers are the retailers. Black Friday discounts drive shoppers to open their wallets earlier, but not necessarily deeper, so the idea that they are a major boost to UK Christmas spending is flawed.
Find out about our predictions for the future of Black Friday in Britain, and our recommendations for what retailers should really be focusing on.
Rise and Fall of The Mall, American Mall, Fall of the Mall, Brick and Mortar Store, Retail, Loss of the Mall, Infographic, eCommerce, Ecommerce, Online Shopping
Your Facilities Maintenance Holiday Shopping GuideSMS Assist
Retail stores have been preparing for holiday shopping season all year long, but facilities maintenance is an often overlooked aspect of preparations. How can retail stores get ready for the madness? SMS Assist has the answers.
Understanding the motivations of consumers, in an increasingly complex shopping landscape, is providing a never-ending challenge for brands.
Webloyalty has commissioned this 5Ps of Shopper Motivations Report to investigate current motivations and drivers at both a local and global level. We partnered with Oxford Brookes University, interviewing over 5000 consumers living in Brazil, Denmark, Finland, France, Germany, Italy, Netherlands, Spain, Sweden, Turkey, UK and US, to understand shopping habits and the motivations behind these.
Our research identifies five key categories of Shopper Motivation:
Price Motivated Shoppers
Practicality Motivated Shoppers
Peer Motivated Shoppers
Perk Motivated Shoppers
Personalisation Motivated Shoppers
IREU Top500 Mobile and Cross-channel Report @ 2016Filipp Paster
In this second IREU Top500 Performance Dimension Report, we focus squarely on mobile and cross-channel retail. One device, in particular, has transformed this area: the smartphone. We explore how retailers are using mobile in their business models as they trade at scale in this continent, and we investigate how the use of mobile varies between markets.
Authors: Mark Pigou
Topics: Mobile Commerce, Ecommerce Strategy
Industry: Retailer / Brand - Other Goods
Publication date: 9 December 2016
The growth of online shopping and the surge of off-price retailing are reshaping the retail industry. In 2016, retailers who want to survive will have to respond by restructuring their businesses. This POV captures some of the major Retail lessons learnt from 2015 and forecast for the year 2016 and beyond.
The Joy of Shopping polled 7,250 shoppers in seven
markets – China, India, Brazil, Russia, USA, UK and UAE – across age, income and region (both Tier 2 and 3 regions as well as major cities). The first quantitative global study of shopper mindstates.
Ритейлеры должны адекватно и целостно планировать, разрабатывать стратегии и выполнять их во всех каналах независимо от того, происходит ли окончательная продажа в магазине или в интернете. И это ключевая причина, по которой компании всего мира активно инвестируют в онлайн и digital.
This report highlights the latest innovations in both online and physical retail. 15 trends including quantitative insights, expert interviews and recent examples help you understand the evolutions of the store and new ways of shopping.
Global Retail Market Analysis, focusing on the US, the latest trends, drivers, and the Impact of Covid on the future trend. Also, the report has a brief analysis of the key players of the Industry. What has worked for them? Did a detailed analysis on Costco Wholesale
Why Omnichannel Success Starts with Customer Empathy
RIS News and Cognizant examine the likes and dislikes of 5,300 shoppers to help retailers prioritize investments that range from in-store and online interactions to omnichannel integration and flexible fulfillment. The study finds gaps where retailers are underutilizing their capabilities and uncovers practical tips and methods to close them.
The 2015 Reality of Retail Report
Learn What is REALLY Working for Consumers Inside Brick-and-Mortar
What’s in the Report?
Despite what you may have heard, eCommerce is not ruling retail. In fact, 94% of all retail sales in the U.S. were made in brick-and-mortar stores last year.
But, the reality is, the way consumers shop is changing and what used to work isn’t quite cutting it anymore. To help brands and retailers find out what’s REALLY happening in retail, we went out and surveyed shoppers to start an inaugural “Reality of Retail” report.
Some Highlights:
75% of shoppers are using their mobile devices with 25% of shoppers actually using these devices to make a purchase in store
Only 12% of shoppers feel the in-store sales associate is important in a purchase decision
71% of shoppers who use mobile loyalty programs still use their mobile for price comparisons
Informes PwC - Encuesta Total Retail GlobalPwC España
El informe "Hacia un modelo de Total Retail", elaborado por PwC, analiza las expectativas y hábitos de consumo del comprador online, a partir de 15.000 entrevistas a compradores digitales de todo el mundo, y las implicaciones para las compañías del sector de distribución y consumo en los próximos años.
Informe de PwC sobre las expectativas y hábitos de consumo del comprador onlineMaría Bretón Gallego
El informe Hacia un modelo de ‘Total Retail’, elaborado por PwC, analiza las expectativas y hábitos de consumo del comprador online, a partir de 15.000 entrevistas a compradores digitales de todo el mundo, y las implicaciones para las compañías del sector de distribución y consumo en los próximos años.
Internet y las nuevas tecnologías han multiplicado la influencia del consumidor, pero, ¿qué les están pidiendo a las marcas? Las nuevas expectativas y hábitos del consumidor digital tendrán importantes implicaciones para las compañías del sector en los próximos años
Creating loyal omnichannel customers is critical. Retailers who embrace the customer-centric trend and build better shopping experiences will leap ahead of the competition.
Building a blended customer experience isn't easy. Need some help getting started? Check out our latest in retail trend research.
Adjusting primitives for graph : SHORT REPORT / NOTESSubhajit Sahu
Graph algorithms, like PageRank Compressed Sparse Row (CSR) is an adjacency-list based graph representation that is
Multiply with different modes (map)
1. Performance of sequential execution based vs OpenMP based vector multiply.
2. Comparing various launch configs for CUDA based vector multiply.
Sum with different storage types (reduce)
1. Performance of vector element sum using float vs bfloat16 as the storage type.
Sum with different modes (reduce)
1. Performance of sequential execution based vs OpenMP based vector element sum.
2. Performance of memcpy vs in-place based CUDA based vector element sum.
3. Comparing various launch configs for CUDA based vector element sum (memcpy).
4. Comparing various launch configs for CUDA based vector element sum (in-place).
Sum with in-place strategies of CUDA mode (reduce)
1. Comparing various launch configs for CUDA based vector element sum (in-place).
Chatty Kathy - UNC Bootcamp Final Project Presentation - Final Version - 5.23...John Andrews
SlideShare Description for "Chatty Kathy - UNC Bootcamp Final Project Presentation"
Title: Chatty Kathy: Enhancing Physical Activity Among Older Adults
Description:
Discover how Chatty Kathy, an innovative project developed at the UNC Bootcamp, aims to tackle the challenge of low physical activity among older adults. Our AI-driven solution uses peer interaction to boost and sustain exercise levels, significantly improving health outcomes. This presentation covers our problem statement, the rationale behind Chatty Kathy, synthetic data and persona creation, model performance metrics, a visual demonstration of the project, and potential future developments. Join us for an insightful Q&A session to explore the potential of this groundbreaking project.
Project Team: Jay Requarth, Jana Avery, John Andrews, Dr. Dick Davis II, Nee Buntoum, Nam Yeongjin & Mat Nicholas
Adjusting OpenMP PageRank : SHORT REPORT / NOTESSubhajit Sahu
For massive graphs that fit in RAM, but not in GPU memory, it is possible to take
advantage of a shared memory system with multiple CPUs, each with multiple cores, to
accelerate pagerank computation. If the NUMA architecture of the system is properly taken
into account with good vertex partitioning, the speedup can be significant. To take steps in
this direction, experiments are conducted to implement pagerank in OpenMP using two
different approaches, uniform and hybrid. The uniform approach runs all primitives required
for pagerank in OpenMP mode (with multiple threads). On the other hand, the hybrid
approach runs certain primitives in sequential mode (i.e., sumAt, multiply).
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Data and AI
Round table discussion of vector databases, unstructured data, ai, big data, real-time, robots and Milvus.
A lively discussion with NJ Gen AI Meetup Lead, Prasad and Procure.FYI's Co-Found
STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...sameer shah
"Join us for STATATHON, a dynamic 2-day event dedicated to exploring statistical knowledge and its real-world applications. From theory to practice, participants engage in intensive learning sessions, workshops, and challenges, fostering a deeper understanding of statistical methodologies and their significance in various fields."
Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
Levelwise PageRank with Loop-Based Dead End Handling Strategy : SHORT REPORT ...Subhajit Sahu
Abstract — Levelwise PageRank is an alternative method of PageRank computation which decomposes the input graph into a directed acyclic block-graph of strongly connected components, and processes them in topological order, one level at a time. This enables calculation for ranks in a distributed fashion without per-iteration communication, unlike the standard method where all vertices are processed in each iteration. It however comes with a precondition of the absence of dead ends in the input graph. Here, the native non-distributed performance of Levelwise PageRank was compared against Monolithic PageRank on a CPU as well as a GPU. To ensure a fair comparison, Monolithic PageRank was also performed on a graph where vertices were split by components. Results indicate that Levelwise PageRank is about as fast as Monolithic PageRank on the CPU, but quite a bit slower on the GPU. Slowdown on the GPU is likely caused by a large submission of small workloads, and expected to be non-issue when the computation is performed on massive graphs.
1. All together now: why the future of the store depends on
a better understanding of how consumers shop today
EXPERIAN FOOTFALL:
ACTING ON INSIGHT SERIES
www.footfall.com + (61) 2 8907 7200
PAGE 1
2. PAGE 2
Consumer shopping behaviour
is changing faster than retailers
are able to respond, as shoppers
constantly move between channels
and continually raise their product
and service expectations.
For retailers to be successful in this fast-paced, consumer-driven
environment, they must understand how their customers act. Broad
dynamics are no longer sufficient - you need to gather accurate
information, analyse activity and act on genuine insight to give the
customer what they need.
This report provides retailers with practical advice on how to monitor
and act on customer insight, with case studies drawn from real
experience in today’s demanding consumer environment.
“Understanding human needs is half the job of meeting them.”
Adlai E Jr Stevenson, Former Governor of Illinois
3. How are consumer shopping habits changing?
Consumers have high expectations
and low brand loyalty. Retailers must
understand their nuances, and flexibly
to respond to expectations as they
continue to change, to maximise
profitability. Although viewing shoppers
as individuals is necessary to build a
detailed picture, there are four core
ways in which their general behaviour
has changed over the past few years.
PAGE 3
Channels
The rise of online shopping has
changed consumers’ route to the
store – if they choose to go there
at all. It isn’t all bad news for bricks
and mortar stores, however; many
shoppers make their final purchase
in-store after researching online,
as they want to see and feel the
product first.
Convenience
Consumers are no longer prepared
to wait for items. This plays into the
hands of retail stores that can offer
goods without delivery delay, but
only if they have the right products,
are competitively priced and in
stock. Poor inventory in-store can
have a negative effect on customer
relationships.
Consistency
While retailers closely analyse the
mix of channels used during the
buying process, consumers move
freely between them and don’t care
which platform they are using. Their
concern is having the same service
experience whether they encounter
you online or in the store.
Capability
With vast information now at
their fingertips, many consumers
research products before
purchasing. By the time they enter
the store, they have a clear idea
of what they want and expect
quality customer service to address
their final queries and help them
complete the buying process.
Consumers have high expectations and low brand loyalty
Here are the modern consumers’
four concerns:
4. ITALY: Mobile is one of the fastest growing
threats to store retailers in Italy.
According to research by comScore, more than 64%
of mobile users have a smartphone and there has
been a 75% increase in the number of people using
mobile sites and apps to shop online over the past 12
months.1
UK: Online shopping poses a major threat
to high street retail in Britain.
According to Eurostat figures, the UK has the highest
number of digital consumers in the EU, with 82% of
people claiming to shop for items online.2
POLAND: Online shopping is rising faster
in Poland than any other European nation.
According to the Centre for Retail Research, the
revenue generated by online sales is predicted to grow
by 22.6% in 2014 – higher than countries including
the UK, France and Germany and above the average
European rate.3
GERMANY: Online shopping posed
an even greater threat to store
retailers in 2013.
As sales generated by ecommerce increased by
39.2% in Germany – 18% higher than the
European average.4
FRANCE: Ecommerce now presents a
significant challenge to bricks and
mortar retail.
France has the third largest online retail market in
Europe, meaning store managers are having to work
harder to attract shoppers away from the Internet. 5
SPAIN: It seems Spain’s fortunes could be
set to turn.
New statistics released by estate agent Savills have
revealed that retail property investment within the
country increased three-fold
to €850 million in 2013.6
PORTUGAL: Portugal was badly affected
by the recent global recession.
However it is recovering quicker than some of its
neighbouring countries. According to the Experian
FootFall EuroShopper Trends Report, Portugal’s
footfall has increased more than any other European
nation over the last five quarters, posting a +2.5%
gain in consumer activity during Q1 2014.7
CHINA: More and more Chinese consumers
are making purchases on the move.7
Via their smartphone, rather than visiting stores.
According to research by KPMG, the number of 3G
and 4G users in the country increased by over 1 million
in the first half of 2013 alone, with cosmetics the most
popular items to purchase via mobile channels.8
PAGE 4
How is changing consumer
behaviour affecting global retail?
1 France has the third largest online retail market in Europe, meaning store managers are having to work harder to attract shoppers away from the Internet. 2 http://www.news-sap.com/fashion-is-king-in-online-shopping/
3 http://www.warc.com/LatestNews/News/Online_shopping_matures_in_Europe.news?ID=32725. 4 http://www.techquark.com/2014/06/online-purchasing-things-to-keep-in-mind.html
5 https://www.comscoredatamine.com/2013/07/french-online-retail-market-is-third-largest-in-europe/. 6 http://www.savills.co.uk/_news/article/110559/174074-0/3/2014/retail-investment-volumes-in-spain-triple-year-on-year-in-2013--according-to-savills
7 Figures from Q1 Euro Shopper trends report. 8 http://www.kpmg.com/DE/de/Documents/China-Connected-Consumers-201402-v2.pdf
5. What does this mean for retailers?
By looking at their journey round the shop
floor holistically, retailers can understand
how shopper behaviour impacts on different
elements of the store environment, and
make cross-discipline changes as a result.
Your data becomes dynamic and decisions
are based on insight
Despite having the capacity to monitor and
analyse consumer activity, many retailers still
draw on past understandings and historic
trends to run their stores, which no longer
apply to today’s shoppers.
Retailers excel at many things – store design and layout,
merchandising, promotions to name a few –but it’s not enough
to focus on these aspects individually. Today’s consumer
demands a joined-up experience, online and in-store.
Here are four common mistakes retailers
make in-store based on assumptions…
1. Predicting peak periods –
Just because Saturday afternoon used to
be the busiest time of the week, doesn’t
mean it still is.
2. Stale layout –
Familiarity is good, but failing to adapt the
store’s look and feel to modern shopping
habits could reduce its appeal.
3. Poorly optimised promotions –
Special offers work best if they’re seasonal
or tapping into current preferences, and
are displayed in the right way.
4. Staff distribution –
Workforce management plays a huge
role in sales conversions. For example,
not enough staff on the shop floor means
consumers are walking out of your store
empty handed. Even if they entered
wanting to purchase something.
Know your customers inside and out
PAGE 5
6. “I hate queuing, especially when I’m
on a tight time schedule – like my
lunch break.”
“Sometimes I see a special offer online
but it’s not on offer in the store.”
“Why am I always bothered by sales
assistants when I’m just browsing,
but when I want to ask a question
there’s never anybody around?”
“The store layout is really confusing,
so I spend at least five minutes
hunting for what I need.”
How is the store currently
letting customers down?
“I don’t like it when the item I want
is on a high shelf and I have to either
stand on my tiptoes or ask someone
to get it down for me.”
“There’s nothing more annoying than
a shop assistant who can’t help you,
especially if they are also rude.”
Capture them. Count them. Convert them
PAGE 6
“The shops just aren’t open early or late enough during the
week, so I have to wait until the weekend to get what I need.”
7. How can retailers understand and profit
from the new consumer? Consumer understanding lies at
the heart of this solution. Retailers
should be asking themselves:
The most successful retailers are looking at profit potential, not
just analysing turnover and profit margins, to identify the gap
between where they are now and what is actually possible.
• Do I know what I need
to know about how my
customers behave?
• Do I know where my
customers are travelling
within the store?
• More importantly,
do I know why?
PAGE 7
8. Seeing the customer
Visibility is crucial – viewing visitor traffic, conversion rates and
average transaction values. Rather than looking at sales figures alone,
by monitoring exactly who is in your store at any one time and how
much they are spending, you can identify where profits are being
made and lost.
PAGE 8
Clothing designer LACOSTE has a presence in 114
countries and, as a high-end business in a fiercely
competitive marketplace, its visitor volumes are naturally
lower than mass-market retailers. This makes seizing
every customer opportunity incredibly important.
LACOSTE was particularly keen to improve profitability within its Chinese
activities. With 30 stores across China clustered into groups, Lacoste wanted
to be able to compare performance not only by region but also by store
type - boutique, outlet or corner shop – to identify top performing and
underperforming stores in context.
Through analysis of customer data, Lacoste identified not only what footfall
each outlet attracted but also sales conversion rates, number of items
customers purchase per transaction and average transaction values, rather
than looking at sales figures in isolation.
Case study: LACOSTE
“With analysis we are
able to make critical
business decisions
more systematically.”
Weili Liu, Financial Controller,
LACOSTE China
9. Engaging with the customer
Potential sales are gained and lost on the strength of your workforce.
Customer insight can show you hour by hour, day by day how many
customers are in your store and where they are going, which enables
retailers to optimise staff rota and distribution within the store to
deliver effective customer service.
As international lifestyle brand Country Road built its reputation
on customer satisfaction, it needed to ensure shoppers were
being given the best possible service and sales conversions
were maximised throughout its store network. Although it had
anecdotal evidence of good and bad service, it wanted to carry
out an accurate, scientific analysis of customer activity.
Hourly data generated through footfall analysis in 50 Country Road outlets revealed
there were times when each store was losing business due to lack of available staff,
so Country Road fine tuned its rota to optimise the number of customer-facing
personnel on shift at any given time. This intelligent workforce management led to
double digit growth in conversion rates at its flagship store in Sydney, Australia.
Country Road also uncovered times when there were plenty of staff available but
sales conversions were still poor, highlighting a need for stronger salespeople during
these periods.
Case study: COUNTRY ROAD
“We realised that when we didn’t
have enough staff available to
serve customers, our conversion
rates understandably dropped.
The figures also showed that
on Thursday nights when we
had a good visitor to staff ratio,
conversion rates still fell. This
implied that it wasn’t a question
of quantity but quality of staff.
Sure enough, it transpired that for
late night opening we relied more
heavily on casual staff who perhaps
weren’t as familiar with the product
offering as our full-time employees.
It identified the need to redress the
balance between permanent and
casual staff.”
Matt Jones, Commercial Operations
Manager, Country Road
PAGE 9
10. Influencing the customer
Generating new business and increasing existing customer spend
are retailers’ raison d’être and, as such, major investment is placed in
business marketing strategies to enhance sales wherever possible.
Consumer insight allows retailers to analyse in-store activity
surrounding marketing campaigns, whether throughout the store over
a specific time frame or creating a ‘heat map’ of footfall around the
shop floor to analyse the effectiveness of particular promotions.
PAGE 10
North American mall-based retailer Charlotte Russe
specialises in value-priced fashion. As such, creating
appealing window displays and well-placed seasonal
promotions in-store are vital to the success of its key
clothing and accessory lines.
Charlotte Russe began to analyse its promotional activities by monitoring
footfall at 90 of its stores involved in a merchandising project, and the
success of this trial let to the retailer expanding activities to encompass all
500 of its stores. By analysing the customer journey, it was able to see
what impact marketing campaigns played on traffic at each store, and
compare the success of activities between outlets.
As an added bonus, Charlotte Russe also used the data collected to
understand trading peaks, which meant staff shift patterns could be
optimised in line with footfall, and calculate sales conversions to
determine which stores were performing above and below average.
Case study: CHARLOTTE RUSSE
“There are always
factors that will affect
the level of traffic to
the store but the sales
team controls what
happens when they
get there.”
Jennifer Evans, Operations
Manager, Charlotte Russe
11. Accuracy is everything
Accurate consumer insight is the profitability heartbeat for
today’s retailers. By better understanding your customers’
actual – rather than assumed – behaviour and desires, how to
engage with them and how to maximise opportunities, you
can increase both footfall to your store and sales conversions
from visiting customers. This can only be achieved through a
comprehensive footfall monitoring and analysis solution.
“The way we perceive accuracy and what accuracy is
statistically are really two different things.” Nate Silver, Statistician
Accuracy is not just a case of knowing you’ve
captured the journey of every customer
who visited your store; it’s having a platform
that integrates all the data generated from
those visits to identify performance peaks
and areas for improvement, so you can make
intelligent business decisions centred on
driving greater revenue.
Ultimately, consumers are retailers’ richest
source of knowledge. To fully understand
and profit from them, you need an analytics
solution as sophisticated and responsive as
their behaviour.
PAGE 11
12. PAGE 12
About Experian FootFall
Experian FootFall is the leading global retail intelligence service,
enabling international retailers and shopping centres to understand
their customers inside and out, and generate greater profits from
that insight.
Part of global information services group, Experian, FootFall has been
providing actionable insight into consumer behaviour for 20 years
and now acts as a trusted advisor to retailers and shopping centres in
Europe, Asia and the US. Our customer insight solutions are used in 40
countries by thousands of retail businesses, all of whom want to gain
greater understanding of customer behaviour and key performance
indicators such as sales conversions, staff productivity and promotional
effectiveness, in order to make profitable business decisions.
To find out how Experian FootFall can improve your profits visit
www.footfall.com or contact our team in your region on + (61) 2 8907 7200
www.footfall.com @footfallinsight