As the retail landscape continues to evolve and adjust to the digital transformation, retailers have been facing urgent challenges and one of them is the inability to interpret sensitive data and preferences from shopper behavior analytics accurately.
Does it matter?
Yes. This deficiency will leave retailers struggling to fine-tune their strategies and, without accurate in-store tracking data, will result in overlooked opportunities and decreased profitability.
Over 80% of shoppers say that in-store experiences influence purchasing decisions. Therefore, the importance of understanding and analyzing shopper behaviors in retail stores cannot be overstated— it is this recognition that has driven Mediaset to identify and start an innovative collaboration in providing advanced tracking technologies for accurate customer tracking in retail stores.
As a retailer, go on board with Mediaset's goal to constantly seek transformative solutions— driven by data, actionable insights, and a profound understanding of how one advanced technology can transform how we adopt retail analytics.
Why is accurate shopper's behavior tracking a key for retailers?
It is the practice of gathering, tracking, and interpreting foot traffic data related to shopper actions and interactions inside the store. It includes monitoring aspects such as shopper journey, shoppers' habits, shoppers' purchase decisions, and overall satisfaction.
With precise insights into shopper behavior, retailers can avoid misallocating resources, mis-offered products that don't resonate with their customers, and failing to capitalize on emerging trends. Imagine identifying the correct percentage of the store shoppers — say 60% of shoppers tend to be drawn toward a specific store path, or 25% of shoppers consistently spend more time in a particular location.
These percentages aren't just numbers; these are the keys that'll guide a retailer in optimizing their retail aisle layouts, product placement, and overall shopper experience.
Understand and leverage
In-store tracking involves using advanced tracking technologies and techniques to extract meaningful insights from the large amounts of data most store shoppers generate.
When these data are analyzed, a deeper understanding of behavior, preferences, and trends can be gained.
This valuable information will enable businesses to make data-driven decisions and craft strategies that resonate with their customers, leading to increased customer loyalty, optimized marketing campaigns, and sales growth.
Challenges faced by retailers in physical stores
However, the process of advanced tracking technologies for in-store customer tracking may bring complexity and challenges for retailers. For example, a retailer struggles to transform shoppers' collected data into actionable insights because it can drive meaningful changes in in-store operations.
Also, traditional tracking platforms cannot sustain the demand for extensive customer analysis, facing retailers with limitations of the gap between accurate data and real-time insights.
Moreover, traditional ways of performing customer behavior analytics often face limitations, and delays in accessing relevant information can result in missed opportunities and sub-optimal decision-making.
Furthermore, the accuracy of in-store tracking is a vital concern for retailers. Inaccuracies or misinterpreting data can lead to misguided strategies, potentially impacting customer satisfaction, inventory management, and overall business performance.
Traditional tracking tools may struggle to deliver the precision required to make informed decisions, leaving retailers in a shaky position when implementing changes based on flawed insights.
The innovation— introducing key players
Amidst these challenges, the collaboration between Mediaset and LinkRetail is an example of innovation.
With the advancement of technology and customer data analytics, retailers have access to information resources that can help them optimize their operations and offerings to suit their customers' dynamic needs and preferences.
This addresses the shortcomings of traditional platforms and introduces a new era in which retailers can collect data in a detailed and effortless way.
Reveal your customer data...in detail
Mediaset and LinkRetail have joined forces to introduce Link Retail Route Analytic, an advanced tracking technology with a focus on transparency and detail, providing retailers with easy-to-understand graphical visualizations and a comprehensive view of shoppers' movements within a store.
It stands out for its ability to highlight the paths the least and most customers visited. Retailers can identify this data effortlessly through detailed route map reports using the owned property format. This is used to track customer behavior, but unlike traditional location tracking, it also translates the data into visual representations that simplify the analysis process.
Also, one of its standout features is the ability to track and identify navigation in-store glitches. This simplifies the process and allows retailers to identify problems in the shopper journey quickly. Whether it is a bottleneck near a particular aisle or confusion in a specific section of the store, the route map reports enable retailers to address issues promptly, creating a more user-friendly shopping environment.
Moreover, LinkRetail's analytics doesn't need to buy a new device since it utilizes the store's existing in-store cameras embedded with intelligent software for in-store footage analysis, ensuring that from the moment a customer enters the store to the point of purchase, retailers can now decode the patterns that drive customer behavior because it doesn't use normal in-store sensors— cost-effective.
Precise navigation of customer journey with Mediaset
Mediaset represents a significant leap forward in the world of advanced tracking technologies, providing retailers with the tools to reveal the complicated details of the shopper's journey effortlessly. This is set to redefine how businesses understand and cater to their customers.
As retailers increasingly recognize the importance of accurate in-store tracking, it is necessary to equip the store with transformative solutions that bridge the gap between data and actionable insights in the dynamic world of retail.
Are you curious about how far this advanced tracking solution can bring you?
Contact us now.
