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Footfall Data & Analytics

Data analytics is changing the retail game – what you need to know now

Written by Tony Loxton
Mar 23

Big data is everywhere – there’s no two ways about it. Thanks to our ‘always-on’ culture that increasingly relies on connected devices, data is collected, and bettering our daily lives (for the most part anyway). Big data is huge – so huge in fact that 90% of all online data was created in last two years, reports IBM.

That said, data is useless if you can’t understand it. Only once you’re using data analytics to sort the proverbial wheat from the chaff, do things get interesting.

Big data and data analytics are so exciting because they affect the every man. (That’s you – and your customers.)

Making use of data analytics to understand buying behaviour and ultimately increase your bottom line doesn’t require the IQ of the average Google employee. Unravelling information that seems little more than white noise has never been easier. Just like smartphone cameras turned what once required an eye for the picturesque into something so easy a two-year-old could take a Pinterest-worthy picture, data analytics tools have made the measuring and understanding of data available to everyone.

There are myriad ways in which consumers interact with your brand which means that  there are just as many opportunities to continually fine-tune your offering.

Your consumers are interacting with your brand in multiple ways: on social media, on your website and in your store, for example. By gathering all the data available to you, you’ll be able to implement data analytics tools to gain a holistic picture, and as a result, perfect the art of marketing segmentation, great customer service, your marketing strategy and more – the list is almost endless.

Data analytics tools all have one thing in common: the ability to put meaning to the numbers.

The market is awash with data analytics tools that can be easily integrated into your retail offering. Some measure tangible data, such as foot traffic, the amount of money spent in-store and the average dwell time. Other data analytics tools collect data that’s a little more abstract, such as the performance of TV ads and the social media activity of your target market. The secret to getting the most out of data analytics tools? Using them to measure every single way your market interacts with your brand. Think of it this way, would you trust a doctor whose definition of a thorough physical exam was measuring only one of your vitals? Exactly. The only way to determine (and improve) the health of your retail outfit is to examine every single metric available to you.

If you’re not convinced that data analytics is worth the hype (spoiler alert: it is), these are the channels that are now measurable:

  • Digital marketing analytics: ecommerce, website, email-campaigns etc.In-store analytics: foot traffic, dwell time, frequency of visits, data gathered via loyalty programmes and in-store credit programmes, etc.
  • Social media analytics: demographic data, likes and interests, page views etc.
  • TV analytics: most popular ads, time of day, performance by channel, demographics of viewers, etc.

Not only do these analytics tools enable you to amplify the efficacy of the very metrics they measure, they enable you to pin-point the areas across your business that can be improved upon too. You have a bounty of powerful data at your fingertips. The question is, what are you going to do with it?

Find out more about Blix TV – our powerful data analytics platform that makes making sense of your TV campaigns easier than ever.

Image credit: cvonline.co.za

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