In the new retail economy a shopper-identified transaction data is the key to success. By real time data, suppliers can be enlisted to help manage out-of-stocks and promotion effectiveness and the shoppers can be provided digital receipts of their transactions as soon as they leave the checkout. So imagine the ability to create customer segmentation and use them as a lens through which to view activity—from single SKUs to categories—of customers shopping by hour.
This all sounds like science fiction, but it is not. By intelligent in-store business intelligence solutions and applied metrics, the retailers can obtain feasible information of in-store marketing effectiveness and have a solution on hand that will enable them to better measure and manage in-store activity from store deliveries to promotion management, from shopper tracking to on-shelf availabilities.
IP cameras strategically situated throughout a store, for example, can measure conversion rates: of shoppers entering the store, how many go down a specific aisle? Of those that do, how many linger in front of a specific category (dwell time), and how many actually make a purchase? These metrics, standardized and automated, are exactly the types brand marketers and sophisticated retailers are looking for to measure in-store shopping activity.
This ability would provide actionable data at the store level, and offer higher-level insights to knowledgeable retailers. Suddenly a retailer could know not only the number of transactions flowing through their customer service areas, but by hour when their different shopper segments are in the store. Knowing that Tier 1 shoppers are most concentrated in the store on Tuesday afternoons between 2:00 and 4:00 PM is valuable information: staff levels can be adjusted accordingly; prepared foods managers can better plan production schedules and staffing; marketing managers can understand ad flyer shrink in terms of shoppers
These technologies also allow someone at headquarters to view specific end-cap displays, store by store, to ensure promotion compliance. And, to assist in value creation, portals can be made available to certain business partners: e.g., Coca-Cola could monitor activity on all cameras that view their product category. Imagine a CPG introducing a new item and being able to view real-time shopper activity across multiple stores as shoppers interact with the category and new product. This information is powerful.