4 Metrics to Bring Online Measurement   In Store

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In-Store Measurement

While online channels have dominated the world of metrics, analytics and adapting to consumer’s ever-changing needs, physical retail has remained parked at the start line.

 
And, it shows in the numbers:

The number of retail stores has fallen by almost 6 percent over the last 5 years, fast reclaiming decades of hasty expansion (U.S. Census Bureau).

 

And, while ecommerce has grown at a compound annual gross rate of 16 percent over the last 6 years, in-store sales grew only by 6 percent (U.S. Census Bureau).

It’s time to even the scales. Are ready to take some of the guesswork out of in-store marketing?
 

Here are 4 key metrics to help you bring online measurement in store…

 

1) Online Metric: Site Traffic

What This Means In Store?
• Understand how many customers enter the retail store
• Know who customers are—new, returning, purchase history

How to Measure It?
Use technologies like low-power bluetooth (BLE)/beacons paired with the consumer’s mobile device, or a combination of your CRM system on the consumer’s mobile device along with tracking/counting sensors to sense and ID a consumer when they enter the store.

Why Measure It?
• Influence the sale by impacting consumers at the point of purchase.
• Drive sales by better marketing to consumers based on first-time or return visits and offering more personalized experiences.
• Increase average ticket, by integrating social media recommendations based on things they’ve favorited through social channels or what friends/family have bought/favorited.
 

2) Online Metric: Visitor Flow (Depth of Site Exploration /Time on Site)

What This Means In Store?
Once customers enter the store understand:
• How they move through the store
• What areas they visit most often, and how long do they linger there
• How many walk past your brand or stop and engage with your brand in some fashion

How to Measure It?
Use whole-store analytics/footpath-mapping or smart cart technologies to map the consumer’s journey through the store.

Why Measure It?
• Uncover where to make changes in-store to maximize profits, whether you are downsizing, relocating merchandise or converting floor space understanding
• Learn how many consumers visit the area of the store you are most interested in, such as a particular POP, so you can know whether to change, update or keep it to maximize ROI
 

3) Online Metric: Conversion Rates

What This Means In Store?
Where we have digital elements in retail, like POP displays, we can dig deeper to understand:
• What the customer did when they stopped and engaged with the brand
• When did we lose the consumer
• Did the consumer make a purchase after interacting with some form of shopper marketing

How to Measure It?
Where possible, tie in-store data with actual POS data to see if they ultimately purchased your brand. Then, use consumer research to supplement findings and fill in the gaps, for example, why consumers made certain decisions or chose another brand over yours.

Why Measure It?
• Fuel more effective shopper marketing with consumer insights and an understanding of what ultimately motivated or didn’t motivate purchase of your brand
• Create more targeted content and placement strategies to get consumer attention in a world where consumers are becoming better at ignoring ads and increase average order tickets
• Get the foundation required to start A/B testing content to maximize in store efforts
 

4) Online Metric: Referral Sources

What This Means In Store?
Understand what initiatives actually resonates with customers and gets them into the store

How to Measure It?
This is typically done via consumer-research, given the difficulty of tracking consumers before they enter the store. However, as consumers become more and more comfortable sharing information about their lives and locations throughout the day, it’s conceivable that soon we will be able to follow the consumer pre-, during and post the store visit via their mobile devices.

Why Measure It?
Improve store foot traffic numbers and ultimately drive more sales in store
 
In today’s hyper-crowded landscape, knowledge is most definitely the best competitive edge. It’s time to bring some of the intelligence of online in store.
 

Image Credit Copyright: / 123RF Stock Photo
 


 
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