How to analyze customer behavior in Consumer Electronics retail? You can rely on sales data, but it is just the tip of the iceberg, as it only reveals the final stage of the marketing funnel. To get the whole picture, it is important to analyze both sales figures and audience patterns that affect sales. This article will explore five ways to learn more about your audience and improve your bottom line.
Know your audience
The first and main problem offline retailers have is the lack of knowledge about visitors, those who come to the store and don't buy anything or don't use loyalty programs, and hence stay almost invisible to the marketing team. Sometimes it is connected to the showrooming problem we covered in our latest article.
Lack of knowledge about offline visitors leads to wrong decisions on product assortment, marketing campaigns, or staffing. For example, there is a significant amount of customers coming to the specific store area, engaging with products, and leaving without a purchase. And because you, as a retailer, mainly rely on sales data, this group of visitors isn't being targeted properly.
AI-powered audience analytics helps understand your audience in specific stores and make informed product assortment and marketing decisions. By identifying top-selling products or brands in a store and comparing them to audience demographics, you can determine the target audience in that location and offer more products to cater to this segment. This strategy can help increase profits and optimize product assortment. DISPL video analytics technology collects GDPR and CCPA-compliant data on more than 17 metrics, including gender, age, mood, and dwell time.
Study customer behavior
Understanding the buyer's behavior in the store will also help determine reasons for customers' purchase decisions and improve product placement within the store. DISPL video analytics collects information about your visitor behavior in the form of traffic heatmaps and customer journey maps:
- How customers navigate the store
- Which store areas are interesting for different demographics
- Where visitors spend the most time
- Peak traffic hours and days
In addition, DISPL captures engagement, emotions, interaction time, and conversion rates (leads into engaged visitors). This solution enables optimizing salespeople's work and strategically placing products along popular shopper paths. You will see the buying patterns and understand what affects sales and how.
Maximize your store's potential
You may ask if this audience analytics technology is expensive and hard to implement. But, being an electronics store, you have an advantage! Many products already have built-in cameras and can collect analytics right away! Using the DISPL app on these devices, you can study how customers interact with the devices, engagement duration, and emotion. The app supports various screens and operating systems, providing centralized management of devices, content, and collected data.
Extract additional revenue
An important thing about offline audience data is that it can benefit you as a retailer as well as the brands in your stores. They have the same problem - determining which demographics interact with their products and need data on audiences in different retailers and locations. This data is crucial for offline and online marketing campaigns and for deciding on product lineup, features, and procurement.
Here is the good part - you can strengthen your position by becoming a data provider! Put sensors in different parts of your store: entrance zone, brand zones, and checkout. You will have a complete portrait of visitors and customers in all your locations, the number and demographics of visitors, conversions, most popular customer routes, time heatmaps, and the effectiveness of different brand zones. Then, in addition to optimizing your business, you can sell this audience data to brands for additional revenue, which will drive sales even higher!
Engage your customers
In today's fast-paced world, catching customers' attention amidst the noise of traditional advertising can be quite a challenge. With interactive screens controlled by DISPL software, you have the power to create an immersive and captivating advertising experience like never before!
Imagine content targeted for the specific person standing in front of the screen, up-to-date, relevant promotions, and interactive scenarios. Our no-code template editor allows you to design, place and animate all elements according to your needs and to use external data (weather, time, etc.) With the help of video analytics, you can take your advertising to the next level by personalizing every interaction. By understanding your customers' preferences, behaviors, and interests, you can tailor the content displayed on the screens to resonate with each individual.
How DISPL can help your business grow
Summarizing this article, DISPL's solutions for Consumer Electronics retail include:
- Collecting more than 17 metrics about the audience
- Customer journey analysis, find best-performing in-store locations
- Tracking and management of all sample devices in one platform
- Data about device pick-ups
- Showing engaging and targeted content
Let's discuss how we can help you grow your sales and create the best customer experience! Schedule a demo with our expert here.