tapping into the benefits of next generation store analytics
Post on 21-Oct-2014
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ConsumerConnected
Session sponsored by
#CCS14
Tapping Into The Benefits Of Next Generation Store Analytics�
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Welcome Webinar Attendees
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Follow this Webinar on Twitter
#CCS14
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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
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Panelists MODERATOR
Russell Evans VP of Marketing
ShopperTrak
Debbie Hauss Editor-in-Chief
Retail TouchPoints
Next Generation In-Store Analytics
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.
Retail’s Mission Hasn’t Changed
The Consumer Has Changed
Retail Must Evolve
Traffic
Conversion
Transaction Size
Actionable Insights
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
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
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
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.
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
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
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
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
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
Small Changes Can Have BIG Results
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?
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?
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?
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
What Can Next Generation Analytics Do For You?
Questions
Thank You
www.shoppertrak.com
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Q & A // Panelists MODERATOR
Russell Evans VP of Marketing
ShopperTrak
Debbie Hauss Editor-in-Chief
Retail TouchPoints
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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
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