Elio Narciso, CEOThe growth of digital platform has propelled a new revolution in the retail arena, leading to rise of evendors and digital web retailers in the market. To catch up with the ongoing market trends and changes such as Big Data analytics and Iot, physical retailers need to deploy innovative strategies to understand customer behaviors and the right technology to facilitate this requirement. Very often, the physical retail space lack actionable data, crucial for taking necessary measures to gain better insights into consumer patterns, as well as improve operational methods to increase revenue. Measurence, a New York-based analytics firm, provides solutions for the retail industry to bring in the innovation it was lacking to improve the overall store performance.
By transforming stores into physical websites, the company brings effective tools that can help connect traffic to revenues, and improve show-from-window conversion rates. “As the size of online economy increases, there is a greater need to connect the digital experience with the offline, and for that you need software,” notes Elio Narciso, CEO, Measurence. This can be achieved by using simple, consumer grade Wi- Fi or Bluetooth devices that are powered with the company’s custom developed software to collect information about pres¬ence, location, and movement of people inside the retail store. “We developed our software - focused IoT platform, so that the connected devices can send the information to the cloud where we have the intelligence to process the data and convert them into insightful and actionable elements,” explains Narciso.
Measurence, by bringing physical commerce analytics to be on par with web analytics, enables its clients to access aggregated reports that help reduce waiting and check out time for customers, and optimize store layouts by understanding consumer shopping patterns. “We provide real-time information through SMS, email, and push notifications about what is going on in the shop floor. By processing this simple data and co-relating it to sales and revenues data, we are able to produce comprehensible, yet powerful insights,” asserts Narciso.
We provide real - time information through SMS, email, and push notifications about what’s going on in the shop floor
The company also has a web - based dashboard which collects and extensively analyzes loyalty, engagement, and location patterns. By measuring show - from - window conversion rates and monitoring foot traffic funnels to and within the store, retailers can compare and test their stores’ performance. Stressing on its importance, Narciso says, “If we can understand the funnel in detail, it’s going to be tremendously useful for physical retailers to compete with online merchants.”
Measurence’s work with a large book store chain demonstrates its efforts to provide solutions that help retailers to boost their business operations. Realizing the need to optimize the flow of people across different floors and areas of the store, the book store approached Measurence to install a relevant solution. “We implemented our technology in a couple of their flagship stores, and based on the analytics provided by our floor optimization software, the customer was able to understand people’s movement, assess the most commonly accessed store entries , and subsequently configure the location of their merchandise,” cites Narciso.
With a focus to bring analytics into the physical space of retail, the company is changing the way software and tech¬nology is perceived in this sphere. By providing easy - to - use tools and data that can be interpreted by an average user, Measurence is helping retailers compete in this extremely data-driven business segment.