Why leveraging in-store traffic analytics is the hottest retail trend
Oriient’s enhanced customer experience leads to a bigger bottom line. But the data gathered behind-the-scenes can also be used to seriously boost revenue. In fact, leveraging this type of location-based analytics is one of the biggest trends in retail tech.
The proof: some massive funding of location-based analytics companies. And we’re not just talking about the big players (e.g. Google), but also smaller, retail-focused ones. Take PlacerAI, who recently reached a $1B valuation, or Cosmos, who raised $15 million last year. Even Foursquare (remember them?) saw the opportunity to reinvent itself around geo-analytics – they now have an SDK for retailers that collects foot traffic data.
Investors realize that the future of brick-and-mortar retail will rest on the insights gleaned from foot traffic data and analytics. And that the ability to collect data on the customer journey, personalize the shopping experience, and offer promotions is no longer just for eCommerce. Luckily, Oriient is right on trend: providing full visibility into the customer journey in physical stores to enable lucrative marketing insights.
What kind of visibility does Oriient unlock?
Many retailers use apps like PlacerAI or Foursquare to track who is walking by or into their store, but the data stops flowing once the customer is inside. Standard GPS is not precise enough to know what areas a shopper has walked by, or if there are friction points in the store layout. In contrast, Oriient’s indoorGPS can trace a customer’s footsteps inside the store, without any hardware installation in the store.
More precise spatial data enables retailers to ask more pointed questions: is the product on the promotional display not selling because no one is walking by, or because shoppers walk by, but don’t stop? Understanding how the location of products and promotions influences sales can fuel an air-tight marketing strategy and increased revenue.
How does it work? The retailer embeds Oriient’s SDK in their own mobile app, and Oriient works seamlessly in the background collecting data. At the same time, the service could also be used to help customers win by effortlessly navigating the store and checking every item off their list.
How does using spatial data increase revenue?
Optimize store layout and product placement to increase sales
In-store location data helps you see the impact your store layout has on sales. Oriient’s technology allows for A/B testing of shelf layout and product placement. This can reveal things like dead spots and changes in traffic flow that may be affected by store layout. And it can be done on-site, with no additional personnel or special hardware needed.
Map the path to purchase to make in-store promotions more effective
Oriient helps you understand the shopper journey, beyond what they buy or don’t buy–where they go, and just as importantly, where they don’t go–which equips you with actionable info. For example, by validating flow patterns through the store, you can pinpoint the most effective spots for in-store promotions. And once placed, you can drive shoppers to them with Oriient’s proximity marketing solution, which pings a customer directly on their smartphone when they are shopping in the vicinity of a specific product/promo.
Bridge the online-offline gap and increase conversion rates
Retailers use Oriient’s IndoorGPS to bridge the online-offline gap and target customers in-store, based on their online shopping data. For example, when a customer sees an online ad for a product, do they go straight to the store? Once they’re in the store, do they go straight to the specific location of that product? Oriient provides this data, allowing the retailer to make changes that encourage purchasing.
The bottom line
Once exclusive to eCommerce, the ability to collect, analyze, and draw valuable insights from precise data on the customer journey is now a possibility for brick-and-mortar retail, too. Oriient’s location-based analytics toolkit helps retailers by bringing cutting-edge digital solutions into the physical world, and pioneering what we now recognize as a big (and growing!) trend in retail tech.