Retail is one of the most happening industries in this era of digital transformation led by disruptive technologies. The reach of social channels and access to smart phones have made this revolution even more appealing for our new gen customers. However, this doesn’t mean that the brick and mortar stores have lost it appeals. Owing to the real time shopping experience that it provides, the physical stores still remain relevant for the shoppers. The in-store technologies to attract more customers back to the store or to improve the selling experience for the store managers are also evolving at a blinding pace. The concept of a conversion Funnel for a brick and mortar store remains relevant here. While store managers, merchandisers and CXOs would definitely like to have as much visibility to such a conversion funnel to analyze and improve on it, is it a far-fetched dream than the Web/ Digital Channel Conversion funnel that’s so much more a reality today?
We believe it needn’t necessarily be a distant dream. Today there are technologies that exist that are being looked at in silo for certain specific applications. But there is an opportunity to create a very realistic Store Conversion Funnel with a convergence of these technologies. And thereby provide a near-real-time view of what is happening in-store, in terms of a path to conversion.
The technology enablers can be Video/ Thermal Imaging based counting, Beacon technology/ sound based devices for finding known, unknown customers, mobile app analytics based on the notifications clicked by the shoppers, or Point of Sales transaction count.
Let’s co-relate to an Online Conversion Funnel for better clarity –
Now, if this is the funnel we want to build for better visibility to points of optimization in-store, how do we go about it? Read more about our Real-Time Store Monitoring / In-Store Analytics solution here :-
And do you think there are other ways to build this kind of a view for a physical store? Please leave your thoughts in the comments section!
Anitha is a former Happiest Mind and this content was created and published during her tenure.
