At The End Of The Day, It's All About Conversion
Retailers are entering a new era of data and insight around the activities that happen in and around their stores. From the most essential data sets like traffic and transactions, to more specific insights such as dwell times and shopper paths through stores, there is a seemingly endless supply of information that retailers can now access. Yet, in all the discussion around Big Data, video analytics, smartphone tracking and other new technologies, one critical fact is being eclipsed by the hype: at the end of the day, it's all about conversion.
The fact that this has been obscured isn't necessarily surprising; after all, any time a new technology or technique is introduced, there is often a period of excitement where the unbounded possibilities of what can be done often eclipse a more carefully curated list of what should be done with the technology.
Wisdom From Experience
ShopperTrak is in a unique position of understanding these new technologies in that our business has been all about helping our clients optimize for conversion since day one. After all, shopper conversion rate is one of the key metrics that traffic counts deliver for retailers.
More importantly, however, every new retail metric or data set introduced by a new technology can also effectively be measured by how it correlates to a store's overall conversion rate. Does knowing speed of service at the cash registers matter? It does if it has an impact on the conversion rate. Will understanding dwell time at a display have an impact on your business? You won't know unless you can connect information about dwell time with information about conversion. How about a Big Data system that shows the connection between weather and store traffic? That data is irrelevant if you can't place it in context to a noticeable delta in conversion.
Building From A Foundation Of Conversion
ShopperTrak's new Interior Analytics capabilities have all been designed to be grounded in shopper conversion. This helps our clients optimize the decisions they make based off these new data streams to deliver maximum impact on store conversion rates. Better yet, the store conversion rates connected to each new metric are calculated off our highly accurate and proactively validated Managed Service which captures perimeter traffic counts at store entrances.
Where To Begin With New Metrics
There are many new technologies and techniques that can give retailers previously unavailable insights into what happens within their stores. But if those insights can't be understood in terms of their impact on the conversion rate of browsers to buyers, then they are not serving the most fundamental need of the retailer - boosting sales and profits. ShopperTrak's powerful retail insights have always been and will continue to be based on a highly accurate understanding of store conversion rates to ensure that our clients can make the most of the insights we deliver to them from each of their locations.