Merchandising and marketing professionals can gain a competitive advantage and use tools similar to those that on-line businesses have used for years to measure the effectiveness of various strategies.
From a marketing perspective, understanding the effectiveness of various campaigns as compared to each other and year over year are critical. Understanding which sales levers are being activated by each campaign can help drive store and company performance. Driving traffic, average spend and conversion are important components to help build a variety of marketing initiatives like new acquisition, brand loyalty, or higher customer spend.
Merchandising effectiveness is equally important in understanding customer responsiveness to a particular product or display. Specific, factual data allow retailers to optimize displays, resulting in better sales and profit performance. RetailNext allows measurable data points with clear visibility into the full path of purchase, starting from the outside store environment with the windows through the journey inside the store, including departments, aisles, displays, fixtures, and end-caps.
From outside your store, attract and draw customers into the store by creating window displays that stimulate shopper action and interest. RetailNext helps you understand the impact of different window displays by providing customer metrics:
- Shopper exposure, which gives retailers the number of shoppers who pass by a window display
- Shopper engagement, which offers retailers information on how many people stop at the window display
- Passerby traffic as compared to shoppers that enter the store
- Exposure, engagement, and passerby traffic compared to store performance metrics, allowing a full understanding of the impact of marketing initiatives
- Unique versus returning visitors to your store
- Visit length and customer segmentation of shopping trips
Inside your store, RetailNext helps to drive performance at a granular level by establishing easy to see metrics around departments, aisles, fixtures, and displays. Increase customer engagement and the in-store shopping experience with more relevant displays and fixtures by understanding performance metrics on:
- Exposure, which measures the number of shoppers who pass a specific area. High exposure areas are a great way to communicate brand messaging or key product information.
- Engagement, which shows the number of shoppers who stop at an area. Understanding the difference between shopper interest and shopper confusion is key to sales optimization.
- Conversion, a key metric that allows retailers to see the bottom-line result. High converting areas have the ability to provide great profits with higher margin products.
- Sales performance comparison of a variety of departments, aisles, fixtures, and displays.
For even greater detail, you can access digital video of shopper interactions with your store’s merchandise, fixtures or displays. RetailNext also allows A/B testing, so you can compare customer interest in display variations. Testing concepts in stores prior to company rollout allows for a higher success rate of the most effective displays. And with access to data in real time, you can make changes to displays as soon as trends of engagement are identified.