The Struggle is Real-Time Data 

Sep 26, 2016 — Brayden Gervan
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We all know metrics are important, they are the compass that guides the business. With all this data available, it can be a struggle for retailers to properly collect and interpret the data they have available to them.

If you are reading this thinking “That describes my business perfectly", you are not alone. The sheer amount of data is overwhelming, and it becomes even harder to decipher this data that is less tangible when looking at a customer’s behavior and expectations in-store.

In a recent report published by Forrester, only a third of retailers are consistently measuring conversion rates. The trouble with this is it means 2/3 of retailers are not able to connect digital and physical customer data. Forrester reports that 45% of retailers feel they cannot understand the connection of customer behavior across in-store and online touch points.

“Analytics must be part of the digital store ecosystem; retailers must go beyond capturing information to leveraging it in real time to optimize the shopping experience.”  - Forrester

Think of how effectively a sales rep can service a customer with knowledge of their purchase history, style profile and demographics. So how do retailers address this? It’s time to shift the focus on analytics to a real-time data strategy.

“Analytics must be part of the digital store ecosystem; retailers must go beyond capturing information to leveraging it in real time to optimize the shopping experience.”  - Forrester

Go beyond the standard traffic counting and use the data at your fingertips to measure more meaningful metrics. To get you started here are some examples recommended in the Forrester report. 

  • Conversion rate by department
  • Display effectiveness 
  • Shelf productivity
  • Omnichannel fulfillment metrics 

To explore the impacts of in-store metrics further, click below to read our blog titled, 'Retail is in the Details'. 

Read More

 

Topics: Business Intelligence

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