In fact, a Qmatic survey highlights that of the 54 per cent of the retail decision-makers who confirmed that they have successfully implemented consumer behaviour analysis technology in their stores, 70 per cent have experienced, or expect to experience an increase in their sales opportunities.
It also shows that 91 per cent of the retailers with the ability to track customers within their stores, analyse this data and share their findings with colleagues. When asked what benefits were gained, respondents cited:
- Customers are more likely to engage with the brand/products (54 per cent);
- Higher average spend per transaction (50 per cent)
- Increased profits (46 per cent); and
- Customers are more likely to enjoy being in-store and will stay longer (43 per cent).
On the flip side, however, the report exposed that 25 per cent of retailers who have invested in behavioural tracking technologies are actually unable to extract value from their data collection and are not able to generate the intelligence that they need to achieve these anticipated gains.
Retailers who havent yet mastered the ability to properly analyse the valuable data that they are collecting are missing a significant trick,” commented Steve Williams, Managing Director, Qmatic UK.
In-depth knowledge of how customers move through your store, their shopping preferences and in-store behaviours make it possible to implement new store layout changes, improve stock localisation, initiate mobile vouchering and alleviate queuing pressure points. In turn, all of these things generate more purchases, make for more satisfied customers and will see a greater number of those happy customers returning.
Furthermore, the report reveals that concerns about data privacy and a lack of clear direction as to how to use this data to achieve customer experience improvements are hampering 42 per cent of retailers from maximising their current or anticipated investments in these technologies.
Many retailers are reluctant to prompt customers to leave their mobile phone number in a self-service kiosk in order to encourage them to browse the store and await an SMS alert when a staff member becomes free. In turn, this inhibits their ability to track the customers in-store behaviour, potentially losing the retailer additional sales opportunities and adding to the number of consumers physically queuing which then increases the risk of valued customers becoming disgruntled ones.