How retailers can boost share of wallet with smart sensor data

Posted by Vayyar on 6 May, 2021

Boost share of wallet with 4D imaging radar for retail

On your last trip to IKEA, how did you end up spending $500 on dozens of items you didn’t know you needed? It all comes down to product visibility.

IKEA’s wayfinding approach – defining a clear path around its stores – ensures the maximum number of eyeballs on each product. It’s the direct equivalent of social media impressions. The more people an advert reaches, the more engagement it’s likely to drive and the more conversions it will achieve.

But not everyone can emulate IKEA’s strategy. That’s why leading retail organizations are looking for ways to increase off-list purchases. To do so, they’re turning to cutting-edge sensors that put a wealth of actionable data at their fingertips.

Rich data and perfect privacy

4D imaging radar is a cutting-edge technology that allows retail organizations to optimize shopper journeys and win greater share of wallet. Affordable, small form-factor sensors track customers’ movements to reveal store-wide insights that boost sales. Because no optics are involved, 4D imaging radar requires no line of sight, and maintains privacy at all times, a critical advantage over cameras and optical technologies.

Curating compelling customer journeys 

Any store needs to be designed for success. Like a meticulously crafted confectionary planogram, a supermarket or hypermarket is a canvas for the fine art of product placement.  

It’s all about deciding which products to put where to create the smoothest and most seductive shopper journeys, pairing items to drive contextual selling and ensuring that a newly launched or promoted product gets the attention it deserves.   

It’s the key to making the best use of space by increasing sales per square foot. Retailers need to identify underused areas of a store – the hot and cold zones. Just as website heatmap analytics reveal which sections of a site attract the most – and least – action, data on in-store footfall allows planners to maximize revenues from the locations that experience the highest traffic or reduce overall square footage – and costs – by repurposing underperforming areas. 

By correlating sensor data with point of sale information, retailers and brands can also determine the effectiveness of in-store messaging and whether a campaign is truly paying its way. 

Getting granular

Shopper journey tracking is just one example among many. Retailers and brands also use 4D imaging radar sensors for shelf-level tracking of every item in a cooler, freezer or end cap, informing decisions on everything from pricing to inventory management.

Armed with real-time granular data, organizations can identify emerging trends, set benchmarks and compare KPIs over time and across stores, driving new levels of profitability.

To learn more about how Vayyar, the global leader in 4D imaging radar, is enabling leading retail organizations to reimagine the industry, click here.

 

 

Topics: Retail