In the online world, every website has access to shopper trend insights—insights that allow businesses to understand their customers and create a better online experience. Web analytics to measure website performance? No questions asked.
Physical retail, on the other hand, has operated in the dark with limited sales and traffic data. Now, with location analytics, physical retail can measure and manage how they eliminate wasted marketing spend, tailor operations to delight customers, and build brand loyalty. All with fast activation and deployment on up to thousands of locations with existing Wi-Fi infrastructure. We’ve also made it a no brainer to sign-up for free with Euclid Express, and begin to measure and manage the fundamental drivers of your business. Here’s an overview on how to apply location analytics to build your customer experience.
1) Attract: Identify what brings customers to your store and make the most out of the total sales opportunity.
Offline data analytics can show what a store’s visit numbers are compared to total outside traffic. This allows you to assess if you are making the most of the total sales opportunity and if you are capturing customers to your stores. By comparing capture rate over similar periods, you can identify poor performing and successful promotions as well as regions or locations where there is significant opportunity.
2) Engage: Measure how well you interact with customers
Location analytics provide insight into customer engagement by measuring the duration shoppers stay in your stores. The image above shows a distribution of shopper time in-store for one of our retailers. With Euclid’s data, the retailer was able to identify how one store was missing out on a significant sales opportunity because of unusually high bounce rates. Bounce indicates shoppers who go in and out of stores, visiting for <5 minutes and unlikely to make a purchase. This particular store had a high bounce rate in comparison to others indicating issues with staffing (during high traffic periods) and compelling merchandise. Today, innovation is around improving the visitor experience on location; measure how well you’re raising engagement in all your locations.
3) Retain: Build brand loyalty and relationships with customers
In the online world, every website has access to shopper trend insights—insights that allow businesses to understand their customers and create a better online experience. Euclid’s technology provides an easy way to measure repeat shoppers and how often they return to stores. We measure loyalty across a large subset of shoppers not captured by loyalty cards or mobile apps. This allows retailers to identify potential opportunities, and understand visit behavior of the majority of their customers across locations, and build brand loyalty.