Survey of 100+ Global Retail Executives Shows a Growing Interest in Deploying Technologies to Improve In-Store Performance and Optimize Multi-Channel Strategies
Brickstream, the in-store analytics leader, recently announced results from a survey of 124 executives from global retail corporations that explores their primary motivations for deploying in-store analytics technology. An executive summary of the study, “Retail Analytics: What’s In-Store,” is now available and the findings are also being presented recently during a webinar co-hosted by RetailWire at 12 p.m. ET, and as an at-a-glance infographic.
Retail executives in operations, marketing, merchandising and loss prevention from the U.S., South America, Europe and Asia were interviewed for the survey, and queried about the potential role of in-store analytics in their businesses, about what technologies they are currently using or plan to use, and about their primary motivations for investing in emerging solutions.
“The results of this survey tell us that while the market for in-store analytics is still in its early days, it is primed for significant growth,” said Steve Jeffrey, CEO of Brickstream. “Retailers see the benefits of using in-store data across numerous areas of the business, from marketing and operations to merchandising, loss prevention and more.”
People Counting Leads List of Top In-Store Metrics Sought
While retailers are interested in collecting a broad range of data in stores, they placed a premium on customer traffic data (otherwise known as people counting), citing metrics on how many customers enter a store and how many of those buy (sales conversions) as their #1 and #2 most important measurements. They also value knowing which promotions attract customers, where customers go in the store and which products they choose. Not surprisingly, 71 percent of the retailers surveyed said that they use or plan to use people counting technology in their stores, with in-store Wi-Fi and loyalty systems coming in at 68 percent, and mobile payment/wireless POS and queue management technologies of interest to at least 52 percent of respondents.
Marketing is Leading the Way
Survey respondents consistently cited marketing insight as an initial driver for in-store analytics deployments, with operations, merchandising and loss prevention cited as functions also identified as areas that will benefit from increased visibility into what’s happening in the store. Marketing was seen as the department most likely to instigate and lead in-store analytics initiatives, with other departments expected to follow suit as the value of technologies deployed are proven.
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