How In-Store Analytics Can Improve Customers’ Shopping Experiences

BizAge Interview Team
A retailer

Many among today’s new generation of consumers choose to make their purchases online, especially in the wake of the COVID-19 pandemic. According to statistics aggregator website Statista, the e-commerce share of total global retail sales in 2022 was at its highest at 23 percent, up from a low of 13.8 percent in 2019, before the pandemic happened.

So, is the pandemic the final nail in the coffin for brick-and-mortar stores? The answer is not as definite as it may seem. While the pandemic did accelerate the closure of thousands of stores, the brick-and-mortar retail industry is making something of a comeback. A Shopify report cites that 82 percent of the businesses surveyed were confident about the role of physical stores in the future of commerce. Meanwhile, Klarna’s consumer research reveals that 60 percent of consumers worldwide think that, overall, shopping experiences are better in-store than online. 

However, the same study asserts that 85 percent of shoppers expect retailers to elevate their shopping experience further. It’s high time for retailers to consider investing in new technologies and innovations to meet their customers’ demands, and one such innovation is the use of in-store analytics.

In-store analytics is a strategy that harnesses the power of data to transform the traditional retail experience. It involves the collection and analysis of data from various sources within a physical store, and the real-time insights collected from these sources can be leveraged to enhance customers’ overall shopping experience with a brick-and-mortar or omnichannel retailer. 

This strategy can be used in tandem with technologies like the Maya POS terminal in the Philippines to gather unbiased, objective data from shoppers. The data you collect can, in turn, help you make important decisions about improvements in your store operations. Here are the top ways that this smart, data-driven approach can enhance shopping experiences inside your store:

1) It Can Help You Personalize Shopping Experiences

Forward-thinking retailers have adopted the personalized approach for customers’ shopping experiences. You can take a leaf from their book and use in-store analytics to get detailed profiles on individual customers.

Using these, your sales staff can address each of your customers by name and offer new items that may match their shopping history. This highly customized type of service hearkens back to the day when shopkeepers formed strong personal relationships with their regular customers. Put a contemporary spin on it while retaining the timeless qualities of warmth and hospitality.

2) It Allows You to Optimize Your Store Layout

The layout of a store plays a crucial role in the customer’s navigation and engagement with what’s on the shelves. In-store analytics, particularly through the use of heatmaps, empowers retailers like you to make sharper choices about your product placement, aisle design, and overall store layout. This optimization enhances each customer’s journey and makes it more intuitive and enjoyable.

To maximize the effectiveness of your store layout, combine it with innovative payment solutions like the Maya POS terminal. This terminal seamlessly integrates with your existing cash register, but is totally wireless, enabling you to meet your customers where and when they are ready to pay.

3) It Helps You Manage Queues More Effectively

Long queues at the checkout counter can turn a positive shopping experience into a frustrating one. In-store analytics can help brick-and-mortar businesses get around this problem by optimizing staffing levels based on peak times. This ensures that there are enough personnel to handle customer flow. In addition, technologies like virtual queuing can be implemented to streamline the checkout process, thus reducing wait times and enhancing customers’ overall satisfaction.

Solutions like the Maya credit card terminal and contactless payment machine can also help ease the long queues by accommodating a large variety of cashless transactions. Paired with your in-store analytics technologies, this Maya business terminal will help you accommodate most customers’ preferred payments and free up staff to facilitate a smooth, hassle-free checkout process.

4) It Can Help You Monitor Your Inventory Levels

One significant challenge for retailers is being able to maintain optimal inventory levels in their brick-and-mortar facilities. In-store analytics can make inventory management much more accurate and efficient thanks to real-time insight. This can prevent stockouts, which could be frustrating to customers, and overstocking situations, which can swiftly eat through your capital. 

Through the smart use of your historical data, you can accurately predict which products will sell fast and which products won’t be as popular. As a result, your customers can find the products they need, when they need them, ensuring a positive shopping experience every time they come to your store.

5) It Can Help You Launch Targeted Marketing Campaigns

The best contemporary marketing approaches involve an in-depth understanding of what makes customers tick. In-store analytics will allow your business to segment customers based on demographics, behavior, and preferences.

This segmentation will pave the way for more targeted and personalized marketing campaigns, thus capturing the attention of a specific audience through relevant promotions and advertisements. Use the data to get a keener understanding of who you should market to, and then craft your marketing materials accordingly.

For retailers who want to innovate their physical stores and hold the attention of their customers, it makes a lot of sense to look into in-store analytics technologies. These may be just what you need to become more competitive and in touch with what your customers want, and you may be able to grow your business significantly thanks to this perfect marriage of technology and face-to-face retail convenience.

Written by
BizAge Interview Team
January 11, 2024
Written by
January 11, 2024