Shopper Technology Institute: In-Store Behavior Analytics for Optimizing Store Layout
April 20, 2017
Shopper Technology Institute’s latest article discusses the critical importance of using in-store behavior analytics to optimize store layout. Below is an excerpt from the article:
Analyzing shopper behavior gives retailers and manufacturers many critical insights. For example, by following the shopper’s typical path through the store, trading partners can identify which displays engage customers.
In the larger sense, in-store behavior analytics enables retailers to evaluate and optimize their store layout. One of the impediments to faster growth has been the cost of the data and analytics. Fortunately, the cost has dramatically dropped in the last couple of years due to new IoT (Internet of Things) sensors and cloud computing technologies. The use of the in-store infrastructure investment for other applications such as shopper marketing and category management is also making it easier for retailers to use in-store behavior analytics for optimizing store design.
VideoMining helped a major retailer on key investment decisions related to a “Center Store Reinvention” initiative, which involved breaking the long aisles into different destination departments. The performance of each department in the re-design was quantified and different alternatives for department adjacencies were evaluated.
Read the full article here.