Managing the customer path to purchase drives every successful business. Businesses run marketing campaigns to attract larger audiences, refine operations to engage visitors, and aim to delight to keep customers coming back. Measuring and optimizing this funnel is key to driving performance, and has become standard in the digital world. Euclid brings this capability into the real world, and explains sales performance by how well physical locations attract, engage, and retain customers. Here’s how:
1. We find patterns and validate trends that impact sales performance.
For example, many stores with lower engagement generate lower sales. These three stores below are a representative example of low, average and high performing stores in a retail chain. To generalize for this retailer, each additional minute spent in store yields an incremental $1.60 average transaction size on average. Lifting customer engagement for poor performing stores = a real $$$ opportunity.
2. This trend identification can be done at scale with smart predictive analytics.
We’re making it easier to find and understand performance by using intelligent data science to validate trends at scale. This means that we can diagnose the most important trends across all your locations, whether there are dozens or thousands. Understand the key factors that led to strong/poor performance, find missed opportunities, and know where to improve where it matters most. Here’s a snapshot of our data science in action.
3. Euclid is growing understanding of what drives retail performance on an industry level.
Assessing trends at scale across our network reveals the most important trends for retail industry-wide. Leading publications like the WSJ and Chain Store Age cited our US Retail Benchmark (USRB) in March as a bellwether for industry trends. Ahead of published industry numbers, we employed our analytics engine to predict:
“Based on the findings, we believe that [our] metrics illustrate a weak outlook for industry revenues, estimating general merchandise, apparel, furniture and other (GAFO) retail sales grew by 0.2% percent year-over-year.”
4. These capabilities have implications and applications across your business.
At Euclid, we apply our love for data to helping you where it matters most.
It could be for marketing, where we can measure the retention of new customers brought in during a campaign over the subsequent months.
Or for operations, where Euclid’s data can identify trends that indicate potential staffing issues or long wait times, and more.