There are myriad of digital tools and technologies that allow retailers to track online shopping behaviors. Now, new solutions are helping organizations gather more insights around consumers’ in-store shopping journeys, which allow them to make better marketing and merchandising decisions.
In-store analytics solution provider Monolith has released a retail optimization tool designed to capture in-store data points and convert them into valuable insights that can be used to drive sales.
Monolith measures engagement KPIs, such as store dwell time and shelf performance, and provides retailers with demographic data. For example, if conversion rates are high, but units per transaction are low, looking at shelf “coverage” can identify potential weak spots, enabling store managers to optimize product allocation so that the right product categories are in the appropriate areas of the store. Managers also can leverage this data to optimize markdowns and identify other ways to improve the store experience.
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All decision matrices are part of a multi-store performance dashboard where traditional sales KPIs are combined with shopper engagement KPIs. The dashboard incorporates external factors and highlights key campaign periods. The tool is designed to provide a complete overview of performance per store, and allows users to cluster and compare stores. Users can then drill down to specific stores, as well as floors, zones, fixtures and individual products.
