RETAIL: Breaking Down Retail 'data' for Digital Signage in 2015
Recent Western Cape Business News
With the advancement of retail analytic tools, retailers are gaining better insights into their consumers' behaviour, which has led them to better cater for their consumers' needs.
Providing the customer with the correct marketing message at the right time is vital to cut through the retail clutter. The value for the customer will be a dynamic shopping experience that is more bespoke to them.
Take a look at four learnings from international analysts that can be incorporated into the South African retail market:
Volume (Quantity) - Instead of shoving your entire stock-list onto your store signage, identify products that have potential to upsell at certain times or complement each other, e.g. ready-made soup and fresh bread.
High dwell-time in certain product areas means that customers don't always have their mind made up on which product they are going to purchase before getting to the store. This allows for content to support their buying decisions by offering them product solutions based on time and the department they are in.
Variety (Sources/Types) - Now that we have some hard evidence on the effectiveness of day-parting on the bottom line, take a look at your store and see if you have different types of people coming through your stores at different times of the day, then cater to them. For instance, stay-at-home moms might do their grocery shopping between 9am and 2pm when their kids are at school. Use that time to promote family products. During evening times when people are popping in after work promote easy-to-make dinners.
Velocity (Speed) - This will depend on the area in which you have placed your digital signage. If your screen is based, for instance, at the entrance of your store, you are only going to get a glance from the consumer, therefore content needs to be conveyed very quickly with the help of "call-to-action" messaging to ensure the convergence into the store. If your screens are based at the front of a queue, you may have much more time to engage. This time is valuable and you want your brand to engage with the customer via campaigns that will have customer input, e.g. social media, customer feedback or competitions.
Veracity (Accuracy) - Retail analytic tools help identify high traffic and dwell areas that help maximise the reach of in-store signage. It also allows store owners and retailers to make better informed layout or content changes, e.g. heat maps show the path customers take from the bread shelves to the tills, retailers then place complementary items on this path such as marmalades and chocolate spreads.
For any more information on how to invest in sensor technology within your store feel free to contact Moving Tactics, leaders in digital signage solutions.
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