by Veer Mishra, CMO & Co-Founder, Veda Labs
The in-store experience is the after effect of each connection a customer has with your store, from entering the store and ending up getting the item or the service they purchased from you. Each collaboration impacts your customers' recognition and afterward they conclude if to return to the store or not. So an amazing in-store experience is a key to grow in-store conversions with the help of real-time consumer insights.
VedaLabs' first introduced product is "Count", a footfall counting device. The reason for building this product is that we observe that retail works on footfall. As a retailer, your job is first to get people into your store and then get them to buy something. With a wide range of showcasing spend and numerous advertisements, retailers have decoded the best approach to get individuals into the store. However, what they need is real-time data insights of the store that presents the traffic density and total footfall.
A Prominent retail chain has contacted us and they seemed to be interested in analyzing the flow of visitors in a specific store and concerned about knowing & managing the hourly traffic in the stores. As one of the top retail chains, the density of foot traffic is much higher than other retail stores. So it came as an interesting opportunity for us, a deep tech startup, to deploy a solution that can work at scale for many locations and can process 1000's hours of videos in real-time.
Customer Data provides Valuable Insights
The smartest decision made by a prominent retail chain is to analyze customer traffic and above that, we suggest they should also analyze their behavior through heat maps.
We tell them about how many visitors they are dealing with, and where they are going by tracking every customer inside the store. This helps them to analyze the conversion rate and their purchasing pattern to improve product placement shelves or racks.
AI-driven In-store Insights
To assist the business in the search of improving customer experience, it turns out that Veda’s accurate in-store insights and an analytical solution help them to increase their in-store conversion rate. Also, the insights are used for intra-store comparisons with other stores’ locations and improve the efficiency and effectiveness of each store. Analyzing insight thoroughly retailer can take advantage and take real-time decisions, this includes:
- Foot traffic, ie, number of visitors
- Dwell time
- Heat map and customer journey
- Sales amount
- Average sales per customer
- Customer returning rate
- Average time spent in-store
- Analyze transactions thoroughly
Real-Time Analytics Generate Results
With the accurate footfall and customer journey, it is easy to understand the peak hours of maximum people entering, and hence they had the option to design staff positioning and place them when it required the most.
Through this, retail chain stores are able to serve many customers at once, and thus with insights like this, they can deploy staff strategically to improve their conversion rate and in-store experience as well.
After analyzing customer insights, retailers make strategies to improve their showcasing, marketing, and communication with their customers. It is clear that attracting new customers costs more than keeping the existing one. Every retailer should build a post-purchase engagement and conversion strategy; with AI-driven insights, you can grow in-store conversions. Eventually, retailers' focal spotlight is on customer retention and profitability.
