Motionloft Blog

10 Retail Analytics Metrics You Don’t Know and Need

Posted by Carlos A. Folgar on Oct 24, 2018 1:34:31 PM

Retail operations and marketing leaders share common goals and challenges related to their brick-n-mortar stores. In order to enhance the customer experience and drive growth in stores, retailers must understand customer shopping trends in the physical world. 

Motionloft's ViMō computer vision sensors, deep learning object recognition algorithms, and personalized analytics platform give retailers an end-to-end solution to understand the entire shopper journey offline. All without the need for wifi or bluetooth tracking, and without collecting any personally identifiable information.

For example, here are 10 pieces of store foot traffic data Motionloft provides you to better understand brick-n-mortar shopper trends.

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1. Pass-by and ‘Street-to-Store’

With a sensor mounted at your store entrance, you’re able to accurately count the number pedestrians and vehicles going by your store, as well as door counts, or the people walking in. This allows you to calculate street-to-store capture rate. You can then compare this metric at one location hour by hour, day by day, week by week, etc., and run comparisons across multiple locations.

2. Business Hours Report

By overlaying the accurate pass-by pedestrian and vehicle counts over your business hours, you see the potential customers you’re missing out on. An opportunity score is displayed for each day as the percent of pass-by traffic during your hours of operation compared to the rest of the day. This allows stores to increase revenue by understanding traffic patterns by the day of week and time of day, as well as to adjust staffing levels to maximize the customer experience while controlling labor costs.

3. Parking Lot Management

For retailers with a nearby parking lot, Motionloft’s weatherized sensors can oversee the lots and start your customer journey tracking there. Count vehicles going in and out of the parking lot. Monitor lot occupancy by the day of week and time of day. Measure vehicle line queues and wait times to enter and exit parking areas. Understand how shoppers maneuver in and out of parking areas once they’re out of their vehicles. Improving parking efficiency is the first step to enhance the driving customer experience.

4. Path Tracking

Once shoppers are inside your store, you want to know how they move throughout your space. This allows you to identify flow patterns and dominant entrances, as well as lets you test and optimize merchandising in your store based on shopper trends.

5. Occupancy

Not only is it important for managers to monitor in-store occupancy for safety, but it’s another valuable metric to gauge store performance. A Motionloft network of sensors accurately monitors the number of shoppers in your store by the hour, identifies peak times, and lets you compare day to day, week to week, month to month, etc.

6. Engagement, Ad Impressions and Dwell Time

By strategizing with your Motionloft representative, you can set sensors to monitor specific areas of interest inside your store where you want to measure shopper traffic. Examples deployed by our customers include (1) measuring the time shoppers spend in front of displays and physical advertisements while tracking the shopper’s journey, (2) tracking conversions when dwell leads to a desired action, and (3) testing different merchandising initiatives with accurate data.

7. Line Queues

Retailers know they are leaving money on the table when they have long long checkout lines and wait times, as they lead to discouraged shoppers. With Motionloft’s stereoscopic computer vision sensors you’re able to track shoppers’ wait time and length of lines throughout the day, identify peaks, and measure abandonment rate -- the percent of people that get in line but leave before reaching the checkout counter. By adding target times and lengths to your dashboard and monitoring your hourly stats, you’re able to set appropriate staffing levels to optimize the customer experience.

8. Speed of Service

Similar to line queues, shoppers also want quick service once they’ve reached the checkout counter. Measure speed of service across counters and store locations to provide a more seamless checkout experience for shoppers.

9. Marketing Effectiveness & Omnichannel
Retailer marketers have all the tools they need to reach and track consumers online, and integrate that data into ROI analysis. But when it comes to the offline world, retailers are mostly left with just sales figures from stores. What about increasing foot traffic to stores? Are you affecting shopper movement patterns within stores? Are you increasing purchases after shoppers spend time front of a new ad or display? These are valuable metrics retail marketing teams can implement into their ROI analysis to measure advertising lift and foot traffic with omnichannel marketing.

10. Site Selection

Location, location, location. Yes, you’ve heard it a thousand times -- location is extremely important in determining success for a brick-n-mortar store. Real estate teams invest heavily in carrying out thorough due diligence when deciding where their next store opening should be. Many factors are included in their analysis, but they’re often missing accurate data on how many people and vehicles go by locations and how they behave around locations. These are invaluable data points for valuation analyses and lease negotiations.



As retail operations and marketing teams adopt new IoT technologies to enhance the shopper experience and grow their business, they must keep in mind the timeless impact from brick-n-mortar stores and the shopper insights from offline behavior in those stores. From identifying best locations to deepening customer engagement, and from driving awareness to integrating offline shopper behavior with online channels. And research shows 90% of retail sales are still conducted in brick-n-mortar stores. 

In less than a couple weeks and with no on-site IT requirements, Motionloft can have you up and running with the sensor network and customized analytics that fit your needs. For a more in depth exploration of Motionloft Retail Analytics, get in touch with an expert at inquiry@motionloft.com.

 

 

Tags: Retail, QSR, OmniChannel, Pedestrian Counts, Site Selection, Marketing Effectiveness, Retail Analytics, Capture Rate, Dwell Time, Computer Vision, Street-to-store, Business Hours, Parking Lot, Path Tracking, Occupancy, Line Queues, Wait Time, Line Abandonment Rate, Speed of Service

Motionloft

We Turn Video Into Meaningful Data

Motionloft takes the physical movement of people and vehicles and turns it into digitized data. Our dashboard presents this unique data to the user in real-time enabling them to make confident decisions, provide precision for algorithms, and reveal new opportunities that only data can surface.

 

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