Virtual Stores: What are the pros and cons for retailers?
Retailers are using VR and AR technologies to create ecommerce stores, known as virtual stores, allowing consumers to browse for products as they would in store. The aim is to bridge the gap between online and physical stores giving shoppers a true omnichannel experience. Advantages: Higher sales. Virtual stores are a more practical choice for […]
Amazon’s “Just Walk Out Technology”: Is it Worth the Price Tag?
Amazon’s Just Walk Out Technology allows shoppers to leave a store without checking out. A combination of 3D cameras and scanners recognise products that have been purchased and charges the shopper automatically through the app; and an itemised receipt is sent promptly. This eliminates the need for long queues, makes checkout a more seamless, and […]
Data Storage: The risks and Issues
The amount of data being stored is increasing exponentially. And with it increases the risks and issues with data storage, for both retailers and consumers. Retailers: Storage space: Data needs to stored somewhere, leaving data owners no option but to invest in high tech servers or cloud storage. For in house storage, IT teams need […]
Retail Digital Transformation and the Growth of Retail Analytics
The retail analytics market is expected to grow from USD 5.84 billion in 2021 to USD 18.33 billion in 2028, at a CAGR of 17.7% in that period. This is due to the growth of e-commerce, digitisation of retail stores, and the need to improve consumer experience to earn and maintain customer loyalty. The retail […]
Retail Challenges in 2022
Retail is continuing to struggle with changes accelerated by Covid-19. The ability to embrace and adapt to the rapidly changing industry will determine the winners. Here are some of the struggles retailers face today: Omnichannel approach: By now, we’re all aware of the omnichannel journey customers go through when shopping. From discovery to transaction, the […]
The Introduction of Return Fees: How is it Affecting Retailers, Consumers and the Environment
Next, Zara, Boohoo, Uniqlo, and Urban outfitters are among retailers who introduced return fees in an effort to reduce returns, and thus costs. As of May 2022, Zara charges £1.95 return fee for online order. However, in-store returns of online purchases remains free, driving footfall to the stores whilst reducing costs of putting returned items […]
Why Video Analytics: The Quick Answer
McKinsey’s forecast positions video analytics as one of the most important IoT solutions for retailers. It gives retailers access to valuable insights into customer behaviour which can be used to improve customer experience, streamline marketing, strategic decision making, and ultimately, maximise store revenue. All-in-one solution for in-store data. Video analytics can provide powerful insights on […]
Optimise your retail store with heat maps
Heat maps are produced using video analytics software tools which track shoppers through the store. They are a type of data visualisation which uses colours to represent information such as high and low trafficked areas, time spent, and interaction with products in a simple image with high accuracy. There are two types of heatmaps: heatmaps […]
Time Spent In Store Has a Direct Impact on Sales: How Can You Monitor This Important KPI?
For every 1% increase in time spent in-store there’s a 1.3% increase in sale. As the time spent in store increases, so does the number of people making purchases, their basket sizes, and the transaction value. A report by First Insight compared online and offline sales and found 71% of all surveyed shoppers spent $50 […]
How is Inside and Outside Footfall Analytics Helping Retailers Maximise In-Store Revenue?
Do you remember the days, not so long ago, when staff members had to count footfall with a clicker? Well, many retailers have thankfully moved on from that and started using advanced tracking solutions to automate this tedious task. As a result, they’re now able to collect actionable insights into how consumers navigate brick-and-mortar […]