Understanding Shopping and Buyer Behavior is the Top Challenge for Retailers

storetrafficChicago—ShopperTrak, a leading global provider of consumer behavior insights and location-based analytics, held its tenth annual Users Group Conference in Chicago June 3 to 5. The event brought together nearly 200 retailers, executives, financial analysts, industry analysts and university academics to explore the topic of “Next Generation Retail Analytics.”

“We were honored and thrilled to have so many of our customers and prospects join us for an educational, collaborative and, of course, fun three days in Chicago,” said Russell Evans, vice president of global marketing at ShopperTrak. “Based on the feedback we received and research we collected, retail challenges, opportunities and expectations continue to evolve alongside disruptive changes in technology.”

In addition to breakout sessions, a keynote address from branding expert Peter Shankman and lively discussions, attendees were polled on a variety of different perspectives and issues.

Retailers revealed the following:

  • Conversion trumps all other measurements – 79% of attendees report that conversion rate is the most important metric to their company. This was followed by traffic (17.5%) and units per transaction (3.5%).
  • Understanding shopping and buying behavior tops list of challenges—44% of attendees reported that understanding consumer behavior in-store is currently their biggest challenge. This was followed by using big data to make business decisions (25%), omni-channel pressure (17%), staying up to date on the latest technologies (12%), and merchandising and store design (2%).
  • Holiday measurement preparation has begun – 64% of attendees said they have started or plan to implement in-store analytics programs for holiday 2014. More than one-third (36%) have not yet implemented in-store analytics programs to prepare for holiday 2014.
  • When it comes to in-store analytics technology, retailers are more familiar with some technologies than others:
    • 66% are very or somewhat familiar with BLE/iBeacon, while 84% are very or somewhat familiar with BlueTooth.
    • 39%  percent are very unfamiliar or not familiar with mobile wallet. On the flip side, 57% are very or somewhat familiar with mobile wallet.
    • 40% are very likely to implement BLE/iBeacon, BlueTooth, Wifi in the next 12 months.

http://www.shoppertrak.com.

 

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