In-store video analytics can provide:
- Footfall, inside and out
- Time spent
- Dwell analysis
- Heat maps by footfall and time spent
- Customer path
- Age and gender demographics
- Queue monitoring
- Areas of interest
This level of customer analytics should be used to streamline all business areas; staff scheduling, store layout, merchandising, marketing, strategic decisions and more. The more information businesses gather on their customers, the better they can personalise the space for them and improve the overall shopping experience.
According to the BRC, 70% of retailers agree customer experience, rather than price or quality, are core priorities linked to topline revenue growth. Therefore, using data to understand consumers’ needs and what motivates them.
C-suite management:
It is imperative to have data-savvy C-suite executives who firstly, understand the value of data, secondly, invest in data analytics, and finally, make data backed decisions across all business areas.
Taking customer analytics as an example, McKinsey found, businesses where senior management is not very involved in data, only 28% reported significant value contribution of customer analytics; conversely, a whopping 69% percent of businesses, where senior management is heavily involved, saw customer analytics drive significant value to the business.
Extensive use:
McKinsey says, “extensive users of customer analytics are significantly more likely to outperform competitors”. In fact, businesses that use customer analytics extensively report 115% higher ROI and 93% higher profits than their competitors.
Data can provide 63% improved efficiency and productivity; 57% faster and more efficient decision making; 51% better financial performance; 48% competitive advantage; 48% improved customer experience; 46% improved customer acquisition and retention; 43% identification and creation of new revenue streams.
The speed at which these insights are put into action will determine the success of physical stores in 2023.