Brick-and-mortar retailers need to reinvent themselves or risk going the way of the main street travel agent. That’s why they’re drawing inspiration from the online customer journey with a new data-driven approach. Think Google Analytics and heatmaps for the real world.
Physical stores have been hit hard by COVID-19, with eCommerce eagerly picking up the slack. But the pandemic has merely exacerbated an existing trend. While customers still show a strong preference for offline when it comes to big-ticket items, time-poor consumers naturally gravitate toward their phones and PCs when it comes to the everyday essentials.
This is forcing leading hypermarkets and grocery store operators to rethink their strategies. Most have, of course, offered online ordering, click-and-collect and doorstep delivery for years, but they’re now looking at new ways to offer safe, streamlined and contactless shopping and to replicate the digital experience in store.
What offline is learning from online
The success of eCommerce isn’t only due to sheer convenience; it’s driven by data. Marketeers, website developers and UX experts rely on deep conversion funnel metrics and heatmap analysis to reveal where and how the customer journey needs to be improved.
Along with far lower overhead, this level of granular detail has always been one of an online seller’s biggest competitive advantages over brick-and-mortar stores. Rapid information provides the ability to offer the best customer experience. It’s also the key to earning higher profits, minimizing lost sales and maintaining a physical footprint in a rapidly changing landscape.
Now cutting-edge technology is enabling leading retail networks and brands to harness a rich data stream that shows exactly how customers interact with their stores and products.
The instore conversion funnel
Know more. Sell more, with 4D imaging radar by Vayyar. Affordable, camera-free instore sensors reveal a wealth of shopper insights, providing organizations with data that creates real-world versions of the most illuminating online analytics.
Vayyar sensors count the number of people who come through the doors, stop by a product, pick it up and either return it to the shelf or place it in their basket. They also track how many pass each shelf or end cap, helping to optimize store layout and product impact.
In addition, retailers can identify hot and cold zones and the most common paths customers take around their stores, enabling contextual selling.
Like websites, real-world retailers need to avoid checkout abandonment. Faced with a long wait in a checkout line, a customer in a hurry will often head straight for the exit. Many customers struggle with self-checkout, while cashierless stores present significant privacy concerns and cost implications.
4D imaging radar, on the other hand, provides effective checkout and service line monitoring with zero privacy concerns, enabling store managers to calculate wait times and deploy additional staff to clear bottlenecks.
Actionable dashboard data provides real-time performance monitoring and enables informed decision-making, while analytics and benchmarking allow organizations to identify emerging trends, adapt their tactics, set the bar and compare KPIs over time and across stores. Retailers can carry out A/B testing of pricing and promotions by comparing conversion funnel data in real time to hit the sweet spot faster.
How it works
4D imaging radar sensors map and track people and products with unprecedented precision and detail across a wide field of view. Since it doesn’t rely on cameras or optics, the technology is robust in all lighting conditions and requires no line of sight, providing high-resolution point cloud imaging.
It also maintains privacy at all times because no pictures are taken and no personal data is collected, ensuring full regulatory compliance.
The bottom line
Retail networks can improve store layout and perfect product placement to increase sales per square foot, enhancing profitability, boosting underperforming items and optimizing staffing for peak productivity.
To learn more about how Vayyar Retail is enabling leading organizations to reinvent the industry, click here.