Why the Strategic Use of Traffic Data is Critical for Retailers
The importance of having a sales funnel in a physical environment
Marketers have it easy. With powerful tools such as Google Analytics, Adobe Analytics, and SEMrush at their fingertips, there’s not a lot they can’t track and optimize. That is, except, when it comes to brick & mortar stores.
With cookies and tracking data readily accessible online, it’s rather straightforward to not only collect but to use metrics to optimize ecommerce operations. Is one ad more effective than the other one? Use A/B testing to find out! Are your social ads more effective at driving traffic than email ads? The answer is only a few clicks away! Whatever question that arises, it will have an answer that can be found relatively quickly and efficiently.
When it comes to traffic in retail stores, however, it becomes more complicated and time consuming to answer these same questions. How long did customers spend inside the store? (Session Duration). How many customers went to the fitting rooms but didn’t make a purchase? (Cart Abandonment). How many people that walked by the store actually entered the store? (Conversion Rate).
Of course, you can try to answer these questions by manually observing customers in the store, providing online surveys via receipts, or surveys at the payment terminal (stay tuned for a post about this). But having someone observe people in the store is not practical and slightly creepy. And surveys are mostly done after the fact and are by nature are already outdated.
But what if a retailer can get real time data of customer traffic in-store, presented in easy-to-read charts and heat maps?
Well, they can!
Our partner at FastSensor are experts when it comes to transforming physical spaces to informative digital landscapes. Using small sensors strategically placed throughout a retail setting that passively and anonymously track radio frequencies on personal devices, FastSensor can continuously track over 90% of all customer traffic in great detail and in real time, while remaining globally privacy compliant and responsible. The system is also completely passive, meaning it does not require opt-in or any active effort from customers.
With this technology, retailers and marketers will, for the first time, be able to develop customer conversion funnels for their brick-and-mortar spaces. Use of this technology will give marketers many of their traditional metrics that they already enjoy with the online world.
Being able to develop a customer “sales” funnel is important and has many benefits for all retailers. These benefits include speeding up the sales process, building better relationships with customers, provide more personalized approaches, generate more sales and be able to market to a specific group in the funnel.
FastSensor’s solution by itself is a powerful tool that gives insightful and highly useful metrics. However, it becomes even more powerful when you combine the customer journey data with a broader understanding of the store operations such as purchase, loyalty data, and customer sentiment data. It allows you to see your physical store operations in a way never before seen. This is why Accuvia’s partnership with FastSensor allows for a highly advanced retail analytics solution.
Use the link below to learn more about what Accuvia Software Group and FastSensor are doing to enable the sales funnel in the physical store.
Visit us in New York at NRF 2022
Accuvia Software Group will be exhibiting at the NRF show in New York in January in Booth #6562 at the Javits Convention Center. We will be demonstrating a comprehensive solution for retailers that includes our POS, Central Office and Loyalty solutions along with a number of solutions from our partners. Together we make a powerful team ready to bring the store of the future to our retail clients today.