Today’s consumers have more choices and are more informed than ever before. They use mobile devices to compare prices while in-store and use coupons or flash sale websites to find the best deal. As a brick and mortar retailer in this hyper-competitive marketplace, you face increased pressure to improve sales and reduce costs to grow profits – and that means you must focus on generating more revenue from existing customers while continuing to add new customers.
To accomplish this, you must first understand what attracts and motivates customers’ purchasing decisions. Ecommerce and mobile channels have a clear advantage in this pursuit. They’re able to test and optimize every aspect of the online shopping experience using robust data points to tailor the shopping experience, capture maximum value from every visit, and entice repeat customers with personalized recommendations.
Brick and mortar retailers spend billions of dollars annually attempting to do the same through business intelligence, secret shopping, customer loyalty, consumer tracking and other in-store data gathering initiatives to make their stores more effective, efficient, and profitable. But, these traditional solutions are expensive, difficult to implement across the entire company, and often generate insights that are simply anecdotal with limited data behind them. How do you gain the kind of visibility you need into daily retail operations so you can quickly and intelligently adjust strategies related to consumer and employee behavior that drive profitability?
Gaining Visibility Into Daily Retail Operations
Several retailers have begun to deploy video-based business intelligence technology, which provides a real-time, factual basis for decision making. At its core, video-driven business intelligence combines video with business data to give users greater insight into their business to make better decisions and drive profit improvement.
Typically, retailers initially use video-driven business intelligence technology to combine point of sale (POS) data with video to visually understand what’s happening behind specific transaction types and sales – for example, viewing actual video to understand customer or employee actions associated with transactions with a promotional item or transactions with a void. However, video-driven business intelligence is not limited to POS data. Video can be combined with any important business data to improve overall store effectiveness.
5 Ways to Improve Store Effectiveness
Combining video with critical business data gives retailers infinite possibilities for studying, testing, and improving retail operations and the factors that drive top line revenue growth. Following are five ways to improve your store’s effectiveness using video with business data:
Today’s retailers have a tremendous opportunity to leverage physical retail locations to improve their store operations. By marrying video and critical business data via a video-driven business intelligence platform, you can gain a complete, factual understanding of daily store operations and the overall customer experience – identifying trends, making informed decisions, and responding quickly and effectively to changing consumer behavior.