Retail Analytics

How Blix assists with retail performance optimisation

Written by Tony Loxton
Jan 20

The advancement and influx of new technology is shaping every facet of modern life – including the way we buy. This shift comes down to several factors, including consumer behaviour, customer’s expectations, and the fact that shoppers are digitally connected 24/7. If retailers want to ensure that their businesses thrive, they need to embrace these changes and importantly, build their retail model with the following crucial considerations in mind:

Customer experience now outweighs all other differentiating factors.

Today, retailers are increasingly using customer experience to gain a competitive advantage, (as opposed to price point which was the market differentiating factor of preference in the past). Our market research indicates that a whopping 89% of retailers are already, or are planning to, use customer experience to gain a competitive advantage.

Retailers need to focus on customer loyalty as opposed to the acquisition of new customers.

Optimal retail performance largely relies on financially savvy operations. Retailers traditionally focused on gaining new customers, but as competition increases and purse strings tighten, you need to concentrate on ways to gain the loyalty of your existing clients. The reason? It costs six times more to attract a new customer than it does to retain an existing one.

E-commerce may be exploding, but the majority of retail sales still take place in brick and mortar stores.

Whether this is down to a preference for a tangible shopping experience, or a mistrust of the safety of online shopping, a reluctance to embrace e-commerce remains. As it stands, 93% of retail transactions are performed in a traditional store – but as security measures evolve and consumers gain confidence in shopping from the comfort of their devices, this is set to change. For the moment, the in-store experience plays a pivotal role in your retail performance.

80% of customers make use of some form of technology while in-store.

Shoppers may still prefer a ‘real life’ retail experience, but they’re using technology to bolster it. This takes the form of either a connected device such as a smartphone to access loyalty programmes, peer review platforms and social media, or an interaction with in-store digital displays.

The key to harnessing all of these factors to increase your retail performance lies in data.  

Blix Traffic is a retail analytics solution that provides in-depth customer engagement metrics, delivered in real time. Blix Traffic gathers multiple sets of data including: the customer’s journey in store, their dwell time, your store’s bounce rate, repeat visitors and more. Using this information, you’re able to make data-driven decisions about the four key areas of operations: marketing ROI, customer experience, staffing structures, and the ultimate goal of retail, closing customers.

Spending huge amounts of money on marketing campaigns, without measuring their efficacy, is shortsighted.

To determine whether your marketing efforts such as events or promotions are resulting in an increase in sales, you need to measure the resulting consumer behaviour – in all of its forms. Importantly, Blix Traffic enables you to measure your various marketing and advertising methods as they relate to the buyer’s journey. This is done via data such as number of visitors, popular shopping times, walk-bys and more.

As I mentioned earlier, the level of customer experience your store offers directly impacts retail performance.

Gathering data such as a shopper’s journey around your shop floor, dwell time, bounce rates and repeat visits gives you insight into how customers interact with your store, as well as ways in which you can optimise their experience.

The data collected by Blix Traffic can shed critical light on staff performance, as well as the times your store could do with more staff on the floor.

Your employees are the personification of your brand, but if they’re not meeting the immediate needs of customers, your retail store performance will suffer as a result.

The retail analytic metrics mentioned above provide accurate, real time insight into the holy grail of retail performance: sales.

By viewing all of these factors in relation to each other, you’re able to decipher the aspects of your retail operations that are facilitating maximum ROI, as well as those that are detrimental to your bottom line.

Make sure you’re equipped with the right data to optimise your retail performance. Find out more about Blix Traffic today.

Learn more about Blix Traffic for retail

You might be interested in these