Tapping into the benefits of next generation store analytics
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Transcript of Tapping into the benefits of next generation store analytics
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SERIES
ConsumerConnected
Session sponsored by
#CCS14
Tapping Into The Benefits Of Next Generation Store Analytics�
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SERIES
ConsumerConnected #CCS14
Welcome Webinar Attendees
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SERIES
ConsumerConnected #CCS14
Follow this Webinar on Twitter
#CCS14
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SERIES
ConsumerConnected #CCS14
About Retail TouchPoints
ü Launched in 2007
ü Over 28,000 subscribers
ü To provide executives with
relevant, insightful content
across a variety of digital
medium
Free subscription to our weekly newsletter: WWW.RETAILTOUCHPOINTS.COM/SIGNUP
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SERIES
ConsumerConnected #CCS14
Panelists MODERATOR
Russell Evans VP of Marketing
ShopperTrak
Debbie Hauss Editor-in-Chief
Retail TouchPoints
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Next Generation In-Store Analytics
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Global Leaders in Consumer Behavior § 70,000+ Devices § More than 90 Countries in Opera8on § Over 1,000 Retail Clients § 20 Billion+ Shopper Visits Counted Annually § Industry Leader and Innovator with 15 Patents
Market Leader. Global Footprint. Retail Innova8on.
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Retail’s Mission Hasn’t Changed
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The Consumer Has Changed
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Retail Must Evolve
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Traffic
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Conversion
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Transaction Size
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Actionable Insights
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Increase Traffic § Opportunity: know your pass-‐by traffic
§ Draw Rate: are you capturing that traffic
§ Demographics/Psychographics: are you pulling the right customers through the door
§ Marke8ng Effec8veness: are your campaigns working
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Smarter Merchandising
Create store groups to test different window concepts
Analyze draw rates to understand where you succeeded
Maximize your draw by op8mizing your
displays
A small increase in draw rate can mean hundreds of people through the door
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Increase Conversion § Abandonment: the % of people who leave shortly aYer entering
§ Dwell Time: average shopping visit dura8on
§ STAR: shopper-‐to-‐associate ra8o measures labor coverage
§ Queue Management: measures the efficiency of the checkout process
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Dwell Time & CVR Trends by Week Day Store A
Week Total Store Dwell
Store CVR
Sun 22.3 57.7%
Mon 21.1 62.0%
Tues 16.9 62.3%
Wed 20.8 63.8%
Thurs 18.8 63.3%
Fri 21.6 61.3%
Sat 18.6 57.8%
AVG. 20.0 60.4%
20 Are customers being engaged as they shop?
Store B
Total Store Dwell
Store CVR
18.2 55.3%
15.8 56.8%
12.6 56.4%
16.8 57.9%
10.1 56.7%
16.2 58.0%
15.3 56.0%
15.0 56.6%
Store C
Total Store Dwell
Store CVR
20.0 56.7%
20.8 63.3%
18.5 62.8%
18.7 63.0%
13.4 61.9%
18.8 63.2%
19.8 58.8%
18.5 60.7%
Sunday’s Dwell Time is high, CVR is lowest of the week.
Monday’s Dwell Time is high, CVR is also high.
Thursday’s Dwell Time is lowest, CVR is high.
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Increase TransacPon Size § Intercept rate: % of customers who are engaged by your sales associates
§ Intercept 8me: average 8me between entrance and engagement
§ Zone counts: which areas a^ract the most traffic and do these areas have the best sales and conversion
§ Loyalty: are customers coming back
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Survey Question
Next Generation Analytics offer the most opportunity as it relates to:
a. Improving operations b. Increasing the efficiency of marketing efforts c. Personalizing the shopping experience d. Enhancing the flow through the store e. Optimizing merchandising
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Zone Analysis: Old Format Top Performers (By Ranking)
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Traffic Draw 1
Traffic Draw 4
Traffic Draw 3
Traffic Draw 2
Dwell 2
Dwell 1
Dwell 3
Dwell 4
Top Traffic Draw Rates: 82.34-‐89.94%
Top Dwell Times:
14:37-‐16:08m
Finding: High traffic and dwell areas were concentrated in two sec8ons of the store
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Zone Analysis: New Format Top Performers (By Ranking)
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Cash Wrap
Zone 1
Zone 2
Zone 3
Zone 4
Zone 5
Zone 6
Zone 7
Zone 8
Zone 9
Entrance
Zone 10
Zone 11
Zone 12
Zone 13
Zone 14
Zone 15
Zone 16
Zone 17
Zone 18
Traffic Draw 4
Traffic Draw 3
Traffic Draw 2
Traffic Draw 1
Dwell 2
Dwell 3
Dwell 1
Dwell 4
Top Traffic Draw Rate
82.12 – 87.16%
Top Dwell Times
14:29 – 16:21m
Finding: New format lead to change in traffic draw and dwell pa^ern
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Integrating Technologies
Market Benchmarks
Queue Management
Interior CounPng
MarkePng EffecPveness
Draw Rate Shopper
Demographics Foot Traffic
Perimeter Coun8ng
Best-‐of-‐breed technology
Sales Intercept
Loyalty / Abandonment
WiFi/Bluetooth/BLE
Video
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Small Changes Can Have BIG Results
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Improving Store Performance
Traffic
Conversion
Trans. Size
SALES $40.56 20.2% $3,113
X X = 380
What is the impact of traffic, conversion and transac8on size increases?
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Traffic
Conversion
Trans. Size
SALES $40.56 20.2%
$3,113 X X = 380 399 $3,269
$156 or 5.0% increase in sales!
Improving Store Performance
What is the impact of a 5% increase in traffic?
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Traffic
Conversion
Trans. Size
SALES $40.56
$3,113 X X = 380 $3,421
9.8% increase in sales!
Improving Store Performance
20.2% 22.2%
What is the impact of a 2 point increase in conversion?
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Traffic
Conversion
Trans. Size
SALES
$40.56 $42.56 20.2%
$3,113 X X = 380
What is the impact of a $2 increase in transac8on size?
$3,266
4.9% increase in sales!
Improving Store Performance
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What Can Next Generation Analytics Do For You?
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Questions
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Thank You
www.shoppertrak.com
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SERIES
ConsumerConnected #CCS14
Q & A // Panelists MODERATOR
Russell Evans VP of Marketing
ShopperTrak
Debbie Hauss Editor-in-Chief
Retail TouchPoints
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SERIES
ConsumerConnected #CCS14
9
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