VideoMining Establishes Standard Metrics for In-Store Shopper Research
VideoMining Corporation, the leading provider of in-store intelligence for shopper marketing, has created a set of standard metrics to better quantify shopper behavior in retail environments, the company announced here at the annual Shopper Insights in Action conference. The measures enable retailers and consumer product manufacturers to accurately measure the impact of in-store marketing and other efforts aimed at influencing shopper behavior and increasing performance.
The measures are grouped into four broad areas that represent key aspects of in-store shopper behavior and interaction: Exposure, Engagement, Conversion and Segmentation. The most valuable applications of the metrics are measuring category or brand performance, identifying opportunities, and pinpointing “impact points” along the path to purchase where actions can be taken to influence in-store behavior.
“We were excited to have access to hard numbers that represent what shoppers actually do while in the store. This gives us the ability to gauge the true impact of initiatives using VideoMining’s collaborative in-store platform,” said David Haubert, Vice Presisident of Business Development and former Director of Manufacturer Collaboration at Safeway.
VideoMining’s platform and the creation of standard metrics enable manufacturers to more effectively allocate dollars and achieve the best ROI on their efforts. The platform can be utilized to establish a baseline and form hypotheses, then trial new initiatives with an ongoing test and measure approach.
“The need for such standards in measuring in-store behavior became evident through the work we were already doing with both retailers and CPGs,” said Dr. Rajeev Sharma, Founder and CEO of VideoMining, based in State College, Pa. “We’ve factored in significant market feedback in creating metrics that provide common ground for benchmarking, testing and decision support and in many areas.”
About VideoMining Corporation
VideoMining Corporation is the leading provider of in-store intelligence for shopper marketing. The company’s actionable insights help retailers and consumer product manufacturers optimize their marketing and merchandising strategies. These insights are based on the company’s breakthrough in-store measurement technology that automatically converts video into precise, statistical data on the shopping process. For more information: www.VideoMining.com.
Mr. John Karolefski