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The Future of Retail Analytics

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Gin Woo

on 5 June 2013

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Transcript of The Future of Retail Analytics

1. Mystery
Shopping 2. Voice of
Customers Imagine... The Future of
Retail Analytics 3. Opinion
Mining 4. ERP /
Warehouse 5. RFID 6. WiFi 7. App A valuable tool to... Assess and improve customer service experience
Evaluate store efficiency on consistent standards Mystery Shoppers look at... how long it takes before mystery shopper is greeted
is the greeting friendly
willingness to assist
product knowledge
did employee close the sale, add-on sale... and how
store environment / cleanliness
merchandise display
staff grooming
service speed However... Mystery audit reports today are static with basic dashboards

Also, equal weight is given to all factors Because you can't improve
what you can't measure The reality is... Different customers give varying
importance to each area Which is why there is a need to understand... "I want my sales person to be knowledgeable about the product" "I don't care...
as long as the
service is
prompt" To REALLY understand how each store and customer type place different importance on factors like:
Sales person's knowledge
Queue time
Dress code
Etc. (depending on type of store and customer) A good mystery shopping dashboard is configurable with varying weights for different questions ...to accurately represent the service quality from the customer's POV What are your customers saying outside of your stores? What are your competitors doing? With advanced text mining analytics,
mine data from Social media
Online forum
And more... Find out how your target audience actually perceives your brand against competitors However... Do high customer satisfaction scores
translate to high revenues? Map transactional data - reflecting sales numbers and store financial performance - to customer satisfaction [ revenue = customer experience * a ] Find the correlation: How do you know... Who spent how long in the store?

Which way did they walk?

Why someone stood outside, but didn't come in? WiFi sensors can determine a person's location to an accuracy of 15 feet Map this information to the customer's loyalty information, you get to know

how long he spent in your store
where he went
what he bought
how much he spent Movement Dashboards Customer profiling and mapping - according to buying habits, historical transactions, social media behaviour etc.
App ensures log-in to store WiFi
Customized, location-based push notifications
Extremely targeted advertising Integrated Loyalty Program Integrated Retail Analytics Customer
Feedback Focus
Groups Top 250 Internet Retailers... By Campalyst 59% Percentage of “tuna” sold at US grocery stores and restaurants that is mislabelled 5700 Metric Tons of horse, mule and donkey meat produced in Romania last year, some of which were eventually mixed with beef and sold elsewhere in Europe >10% Increase in Productivity when Monitoring Implemented at Work ...By MindWave Analytics visit
to find out more enquiry@mindwaveanalytics.com 6100 6775 Track footfalls, staff and inventory effectively
Tell if your staff is equally distributed in the store and counter to assist customers
Check if your inventory is being regularly stocked in stores Optimize your staff and inventory With RFID sensors:
Full transcript