Shopping has fundamentally changed over the last decade. Just the shifts in the past twelve months have been monumental, and the shock waves are ripping through the industry each and every week.
Brick-and-mortar stores are now required to deliver value shoppers cannot find online. At the same time, they’re also perfectly positioned to deliver perhaps the most added value of all retail touchpoints.
In his keynote address at last month’s The BIG Show, James Curleigh, Levi’s Brand President, compared the physical store shopping experience to that of a concert, noting the most memorable part of music’s consumption is at the concert itself. Retail has that same opportunity.
There’s a new reality for physical retail, and it requires new metrics. Comp sales are still important, but it tells more the final chapter of the story, and none of the ‘how’ the story developed to get there. It’s the same thing with Conversion, Average Transaction Value and many others long-established metrics.
To that end, RetailNext introduced three new metrics leading up to The BIG Show, each empowered by new data streams and collection technologies never before available. Sales per Shopper Minute challenges one of brick-and-mortar’s longest held ‘truths,’ while Shopper Experience Score™ and Interaction Impact™ evaluate the effectiveness of ‘how’ a store gets to its desired objectives, or the ‘what’ as told by it comp sales report.
Chitra Balasubramanian, head of business analytics at RetailNext, provides a brief overview of each new metric in a short video, below:
For more information on about new performance metrics available for your retail business, please contact RetailNext at firstname.lastname@example.org.
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