February 24, 2020
How customers navigate through your stores has a huge impact on store performance. The concept of the customer journey allows you to visualize the friction points in ‘Customer Experience’ and optimize accordingly.
With Aura Vision's pathway analytics we connect the millions of observed events into journeys from your customers’ point of view. This is a data-driven approach to discovering, analyzing and influencing how customers move through your stores.
Typical applications of customer pathway analysis might include understanding how different groups of shoppers move through the store and ensuring that core audience groups are experiencing the store in a way that is congruent with their shopping behaviour. Taking things a step further with Aura Vision's ability to segment staff from customers, you can compare their respective movements and ensure that staff decisions align with customer behaviour in-store.
By using your existing cameras to analyze the multitude of data points in real-time, you can discover the most important customer journeys and prioritize those opportunities that significantly impact business goals like increasing revenue, reducing churn and improving customer experience.
In McKinsey's blog post The three Cs of customer satisfaction: Consistency, consistency, consistency, the value of engaging in pathway analytics is clearly spelled out:
"maximizing satisfaction with customer journeys has the potential not only to increase customer satisfaction by 20 percent but also to lift revenue by up to 15 percent while lowering the cost of serving customers by as much as 20 percent."
Dwell time refers to how long people are likely to stay in an area. In the retail industry, dwell time is one of the most commonly used metrics to measure the engagement of customers in-store – the belief being that customers generally tend to spend more if they stay longer in the store or shopping mall. But be careful because this is not always the case.
For example, short shopper dwell time does not necessarily mean that shopper engagement is low. The most extreme case would be that the customers grab the product they want and pay immediately once they get into the store. This particular example it could mean that you have a very loyal and engaged shopper base that does not need to bother spending time making their purchasing decisions.
This is why it is important to compare dwell time to other core KPIs like transactions and analyze how dwell time impacts your store performance. It may be that the link between dwell time and transactions is casual but at the very least, understanding that fact will allow you to focus your efforts on the KPI's that really drive success in your stores.
If you like to learn more about how shoppers navigate through your stores and you have security cameras in-store, book a demo with a member of our team today.