What if you could get 40% of your shoppers to buy an extra item?
Reclaiming lost revenue from unfound products
How many times have you gone shopping and returned home without every item on your list? Could it be that the item was there, in the store, but you just couldn’t find it?
Retailers are losing money from missed opportunities every single day.
Up to 40% of shoppers fail to find at least one item on their shopping list EVERY TIME they go shopping. According to Nielsen Shopper data, at least half of the time that item was in stock, on a shelf, and the customer just couldn’t find it. That means that retailers are experiencing a 3-5% loss in revenue due to “unfound products”.
The Location-Based Marketing Association published a white paper describing research done by VYPR into the difficulties shoppers face in finding items in a store. Along with the astounding data above, they also learned that the larger the store or the more diverse the stock, the more likely it is that customers are leaving without one or more of the items they came for.
Additionally, most customers set themselves a time limit on their shopping activities. When the time is up, they will leave, even if they have not found all the items that they needed.
How can retailers reclaim this lost revenue?
Simply by instituting a straightforward indoor navigation system that will be accessible and easy to use for customers so that they can find every item they need within their self-allotted shopping time.
This is not a new idea – customers often use a mobile app to navigate outdoor journeys in their daily life, so it is not a big jump to an indoor navigation app.
Oriient is a hardware-free indoor positioning technology that helps shoppers navigate a department store or supermarket using their smartphone, allowing them to easily find products.
An optimized journey also allows the retailer to drive traffic through the store – increasing customer efficiency.
As a result, shoppers feel less stressed, in control of their time, and enjoy their in-store experience, which also contributes to boosting the basket size.
“The shopping experience has significantly changed, and many consumers are limiting their trips to the grocery store and being as efficient as possible with their time in the store.
To do this, they are looking to mobile solutions more and more.”
Acosta report, The Mobile-ization of Grocery Shopping, Nov 2020
Indoor GPS – easy to install and easy to use
Oriient is easy for a retailer to enable in any store since it requires no installation, hardware or reliance on infrastructure. Oriient’s indoor positioning system uses geomagnetic technology and existing sensors in a smartphone. It is accurate to 1 meter (3 feet). Oriient is delivered as a SaaS model that is cost-effective and easy to implement.
Plus, Oriient is easy to integrate into a retailer’s existing app (like Scan&Go or digital coupons), so the customer doesn’t need to download anything new.
Extra benefits for the retailer include promotion opportunities at shelf-level, optimized operations due to traffic-location data, live data collection, and measurable results.
Oriient’s hassle-free indoor positioning helps customers locate EVERY ITEM on their list and results in an increase in revenue for retailers. It’s good for the retailer and good for the customer.
Time to Oriient your stores!
The full report on reclaiming lost revenue from unfound products can be found here.