Qmatic and IPSOS at NRF 2016

Qmatic joins global research leader IPSOS at the 2016 NRF “Big Show” in booth 642 to share insights on how companies can Measure, Manage and Improve Retail Analytics.

Between January 17 and 20, the National Retail Foundation (NRF) “Big Show” 2016 comes back to New York with the most significant collection of innovations and thought leaders in the industry. Qmatic is excited to be joining IPSOS, the leading global provider of footfall and behavioral analysis in booth 642 to share insights on how companies can Measure, Manage and Improve Retail Analytics.

We will share ways retail organizations can measure, manage and improve shopper behavior and the customer experience by combining the insights from traffic counters and a Customer Journey Management solution.

Store Traffic and Conversion

Traffic counting provides retailers with an in-depth understanding of the in-store environment. Combining a tally of the number of visitors (opportunity) a store receives with its transaction data gives retailers the ability to identify their conversion rate – a clear indicator of how successful they are at turning in-store browsers into buyers.

The same logic can also be applied to understanding the traffic pattern within the Customer Journey Management solution. For example, are the numbers of customers seeking service increasing or declining? How does the trend compare with in-store footfall and conversion rates as a whole? How do other factors such as customer wait time and serving time affect the overall customer experience?

Understanding conversion peaks and dips by days and times can help retailers identify strategies for improving sales. For example, a dip in conversion in a certain zone at a certain time could indicate the need for additional staff members to be on hand. Conversely, if a zone is performing particularly well, they can identify strategies and lessons that can be applied to improve other areas.

The Size of Missed Opportunity

Taking the integrated approach one step further, retailers can combine Average Transaction Value (ATV) with the number of no-shows for customers seeking a particular service to identify missed opportunities. An increase in “no shows” could indicate a problem with the in-store customer experience. These data sets clarify the value and size of missed opportunities. With the intelligence, a retailer can prioritize reducing costs, increasing sales or improving the customer experience to improve ROI.

The In-store Experience

Ranking the services customers use most offers an additional layer of insight about the in-store experience. Identifying the most popular services or those that have the highest number of no-shows can determine the best design for the in-store journey. This can include making sure that staff is sufficient to provide adequate customer flow support so wait and serving times are appropriate.

Having the right data to lead your planning is vital to achieving the optimum level of customer service. Together, Qmatic and IPSOS are helping retailers to understand the tipping points between customer frustration and the ideal customer experience.