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Founder, Behavior Analytics Academy
Ronny Max is the founder of Behavior Analytics Academy, the author of Behavior Analytics in Retail (2013) , and the Principal of Silicon Waves Advisors. We worked with more than a 100 retailers, technology companies, and investement organizations to educate, train, and provide research, analysis and marketing expertise on market trends and strategies.Join #Behavior Analytics
In the 24/7 retail arena, the challenge is to create a seamless thread of analytics. And yet, the online store is not a mirror of the offline. In the web store, the customer’s journey is individual and linear. In the physical world, chaos rules. And customers face input from the five senses. Sound. Sight. Smell. Touch. And Taste.
The bricks-and-mortar stores have much to deal with at the same time. They face layout and marketing decisions. They manage labor and merchandise. And they have to deal with customer behaviors.
People Tracking is a derivative of the Internet of Things (IoT)
People Counting is detection technology. We can detect, and thus "count" how many people are in a location. Tracking refers to "People in Motion". Most important, it includes components of both location and time.
The technologies of people tracking are evolving fast.
The solutions include 2D/3D Video, Thermal, WiFi, Beacons, Laser, RFID and others. Tracking technologies are a function of smart devices and smart sensors. Regardless of vendors, the technologies differ. We value the solutions by their intrinsic design, accuracy, and cost.
How to Quantify a Behavior
People Tracking capture, measure, and predict activities. People do many things in the physical store. They visit a department, browse products, and wait for checkout. The common denominator is where the activity takes place, and how long it lasts. The output from People Tracking is the "When" and "Where" of the activity.
Data integration with other systems provides another level of clarity. We can combine data from systems such as Point-of-Sales (POS) and Workforce Management (WFM). This will give us more context on the "Where" and "When" of the activity. Behavior Analytics creates a holistic picture. The framework aims to capture the "Why". We pin the activity to corporate policies, the local store, and the social situations.
Behavior Analytics for the Physical Store
Behavior Analytics grew from studies in demand, engagement, queues, scheduling, and sales conversion. The current frameworks include:
People Counting: Door Trackers for counting traffic and calculating sales conversion.
Schedule to Demand: Metrics such as Service Intensity, Service Level, and Service Productivity.
Queue Management: Manage the length and speed of queues, and the number active cashiers.
Location Analytics: Capture the customer's journey inside the store and engagement with products.
Growth hacking is an online technique for exponential growth. By learning each step in the InStore Funnel, we adapt to the complexity of the physical store.
This is how we learn to think about Purchase Points.
This is how we grow sales and Profits.
This is where the fun begins...
Want to learn more about Behavior Analytics?Join #BehaviorAnalytics
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