How Retail Analytics can drive In-store conversion and revenue
Digitalization has changed the way millennials shop. It has enabled shoppers browse through a plethora of products, compare them and make hassle-free purchases. Time crunched and tech savvy shoppers prefer online stores over physical stores due to the convenience and ease of shopping it offers.
Despite the popularity of e-commerce, 90% of the sales involving complex buying decisions, happen offline. In keeping with this reality, it has become almost inevitable for retailers to undertake digitization of physical stores while simultaneously maintaining a strong online presence. Today, retail stores are well equipped to enhance in-store shopper experience by adding the digital flavor.
Shoppers are welcomed into the stores by personalized offers, enabled to browse through the store inventory for variants, informed about the new arrivals and discount offers through digital displays and empowered to make a quick purchase using mobile checkouts. In short, Technology is blurring the gap between the digital and physical stores.
While shoppers are happy about the way digitalization of physical stores is enhancing their shopping experience, there still exists concerns about privacy. Most digital initiatives involve personalization, which requires knowing the identity and preferences of the shopper. However, the vast majority of in-store shoppers prefer not to divulge their identities.
According to Mindtree’s Shopper survey conducted at a specialty store in USA, over 70% of shoppers required assistance during their purchase journey. Over 60% shoppers rated ‘high wait time’ as one of top 3 reasons for leaving the store without making a purchase. The survey also revealed that positive interaction with store associates resulted in 81% increase in transaction value and 7% increase in revisit rates.
The ability to consistently assist the right shopper at the right time while preserving their privacy, may well be the critical cog that improves conversion and retains retail store signiﬁcance.
Mindtree’s Flooresense is an intelligent, real-time retail analytics solution which digitally equips store associates to identify and assist high potential shoppers while upholding their privacy. With Flooresense, Retailers will be in a position to leverage technology to drive in-store sales conversion and revenue.
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