On Tuesday, March 25, we broadcasted our live webinar, Predictive Analytics for Retailers: Insights into Tomorrow’s Shopping Behaviors. In it, we presented predictive analytics in a way that was light on the technical, but heavy on the practical. We explained why was useful for retailers and how they could apply it to gain deeper, predictive insights into shopper motivation.
Following are some highlights from the webinar.
Why do retailers need predictive analytics? With competition being fierce and shoppers having more places to shop, building a loyal customer base is difficult. Also, testing changes in retail spaces can be costly, time-consuming, and inefficient. With predictive analytics, the omnichannel needs of shoppers can be met more quickly.
What questions can retailers answer with predictive analytics?
- Store-level KPI analysis. By modeling the relationship of KPI’s to overall traffic and flow using real data you can answer the question, “How do different traffic patterns throughout my store affect the metrics I care about like sales and conversion?”
- Fixture-level analysis. By modifying merchandising and measuring results on flow, dwell, item-level conversion you can answer the questions, “How do my merchandising decisions affect traffic to fixtures?” and “How do these different fixtures relate to each other and how can I understand these complex relationships?”
- Staffing optimization. By modeling associate behavior and interactions with customers you can answer the questions, “What if we greet every customer at the door?” and “What if we greet nobody?”
- Demographic-specific analysis. By modeling male/female and other demographic-specific behavior and optimizing for each you can answer the question, “Is this layout effective for 30 year old female tourists from Japan?”
How can RetailNext pave the way towards predictive analytics? RetailNext lets retailers analyze and visualize massive amounts of diverse retail data: POS transaction records, demographics, psychographics, movement patterns, etc. Using the data that RetailNext collects and generates, retailers can drive predictive analytics.
A full recording of the webinar, Predictive Analytics for Retailers: Insights into Tomorrow’s Shopping Behaviors will be available on Friday, March 28 and can be accessed from the RetailNext webinar page.