Data continues to remain at the heart of every business as the key difference between winning or losing a customer is the ability to collect, analyze and derive actionable insights fast enough to respond to customers’ ever-changing needs. Until recently, physical retailers struggled to access the same level of insight as their online counterparts due to the lack of cost-effective and comprehensive solutions made available for physical spaces.
The rise of In-Store Optimization (ISO)
However, the increasing demand for more qualitative data on customer behavior and preferences, and the advancements in retail analytics technologies has brought on the concept of In-Store Optimization (ISO). ISO is a new data-driven process with goal of optimizing all retail departments such as store operations and marketing, to increase in-store sales conversion, average purchase value and customer experience in physical locations. Data-driven processes not only provides you with new insights to identify previously unseen patterns and trends but are a scalable solution that can be easily rolled out across all of your physical stores.
Combining ISO and video-based analytics for optimized stores
Retailers depend heavily on customer insights to develop data-driven strategies and processes, and yet the current analytics solutions being used often require significant capital investment with little return on investment due to issues around data integrity and partial visibility into the insights that actually matter. Combining a data-driven process like ISO with video-based analytics will not only allow you to optimize your store profits, but also improve customers’ in-store experience.
Better data, better decisions
Many retailers have now turned to video-based analytic solutions to gather insights on how customers behave in their physical retail spaces. C2RO’s video analytics product, Perceive™, is a cost-effective solution that uses your existing surveillance cameras to capture the demographically classified journeys and the socio-demographic behaviors of your customers for actionable insights. With more accurate data on store activities and new insights on customer behavior and preferences, you can identify which factors are negatively impacting your revenue and be proactive with store improvements, providing you with measurable objectives and a favourable ROI on your new tech investment.
A solution that optimizes all departments
In addition to having more accurate quantitative data that answers ‘how many?’, shopper journey insights provided by retail video analytics like C2RO Perceive™ give you access to qualitative data that answers ‘who and why?’. These are important questions for retailers to address across the various retail departments for more effective in-store optimization.
Marketing: A/B test marketing campaigns to determine which ones are most effective at driving in-store traffic
Merchandising: understand what products are most often purchased together to identify the shopping patterns and preferences of key demographic groups for improved product placement and increased basket size.
Operations: identify the peak hours and days to manage staff availability for quicker customer assistance and increased customer satisfaction.
Sales: understand the path to purchases for each demographic class, and identify customers that didn’t purchase to address their pain points and turn every in-store visitor into a purchasing customer.
Proven Success for Retailers using C2RO Perceive™
2X more store entries
from target demographic
Demographically classified journeys showed that target demographic did not visit the brand's stores.
A/B tested advertisements on the digital screens of their storefronts to identify which campaigns caught target demographic's attention.
Increased in-store sales
conversion by 18%
Customer shopping path showed large number of customers trying items on but not purchasing them.
Increased staff availability for sizing and fitting, and added a lounge area inside changing room.
Drive In-Store Conversion Goals with your Surveillance Cameras