A simple question requires a simple answer, right?
Retail Analytics, combined with the Internet-of-Things (IoT) can provide many answers, by measuring where your customers go, what they look at most, when they are most likely to visit and how long they spend in different areas of your store.
Coupled with Web Analytics and Point-Of-Sale (POS) data, retail metrics can provide clarity on the thoughts, wishes and desires of your potential customers, as well as how to maximise profitability within your marketing budget.
The convergence of digital and physical worlds has consolidated in the retail sector over the last 10 years. Whether it is in the form of Bluetooth beacons, Smart Shelves for supermarkets or RFID-based logistics to streamline supply chains, the field of Retail Analytics is set to harness technologies in ways that look decidedly futuristic.
Now, the problem with a lot of these technologies is that they are somewhat invasive. Do you really want a robot following you round the store to advise you on fashion trends? Do you want pop-up Bluetooth notifications on your mobile phone every time you dash out to grab a sandwich from your local shop?
The trick is to find a balance between helping the customer and allowing the customer time and the information necessary to make a decision.
We do not want technology that mimics a sales assistant who jumps on you as soon as you enter the front door, do we?
So, how do we find that balance? At ArtRatio, we think the key is to put ourselves in the shoes of the customer. We do not use annoying popups on our website (apart from the mandatory EU cookies button). We do not try to cajole the user into buying something that may make no sense for their needs. We inform. We measure. And we do it silently.
Likewise, all ArtRatio display products, such as our Smart Exhibition Plinths, are based on simple infrared motion detectors, which are silent, anonymous and GDPR-compliant.
We provide silent, unobtrusive technology that monitors art, antiquities and retail products, and pushes the data into your own Google Analytics account, so the data is yours forever, at no extra cost.
Having data in your own Google Analytics account allows you to then compile your own reports, comparing digital hits on your website to physical hits on that same product sitting in your exhibition display.
You are also then free to compare the web analytics data vs. the physical visit traffic vs. the corresponding sales data.
1. If you are seeing a lot of traffic on a product page but no actual visits on that same product sitting in your store, you might need to rethink the product positioning, perhaps moving the items towards the front of the store or using informational banners to highlight them better.
2. If you are seeing a lot of physical visits to an item but no sales on that product, you may need to rethink the pricing or even the brand positioning of that product, to better reflect the accepted market price.
The combination of IoT and data analytics offers some important metrics to answer that elusive question: what do our customers like most in our store?
Comparing these metrics to overall sales or to the profitability of your marketing initiatives can lead to some difficult decisions, but ultimately ones which may point you to a better product-market fit.