Full Path Analysis: Decoding Shopper Behavior Beyond Footfall
In this episode of Spieckerman Speaks Retail, host Carol Spieckerman sits down with Joe Shasteen, global manager of advanced analytics at RetailNext, to discuss the latest trends in retail analytics and in-store technology. RetailNext is a pioneer in bringing e-commerce-level analytics to brick-and-mortar stores, helping retailers optimize physical spaces and enhance the customer experience.
Joe introduces RetailNext's concept of "full path analysis," which provides detailed insights into customer behavior throughout the store. Using strategically placed sensors, retailers can track customer movements, dwell times, and engagement with displays, fixtures, and other store elements. The data collected from the sensors helps retailers capture customer attention, optimize store layouts, and improve staff allocation.
The conversation explores the critical role data plays in improving store operations, from optimizing labor allocation to enhancing conversion rates. RetailNext's analytics connects the dots, enabling retailers to align staffing with customer traffic patterns and identify opportunities to engage shoppers more effectively.
The interview also touches on how RetailNext's technology can aid retailers’ loss prevention and asset protection efforts. Using AI to flag potential instances of theft or suspicious behavior, retailers can react in real time as events are identified.
Joe wraps up by sharing insights on broader retail trends, highlighting the importance of creating meaningful in-store experiences that go beyond simple transactions. He emphasizes the value of using data to optimize the customer journey and strengthen brand connections in physical retail spaces.
Key Takeaways:
How retailers can leverage full-path analysis to drive conversion, mitigate shrink, optimize labor, and elevate store design.
Why basing labor allocation on traffic trends rather than sales data improves store efficiency and conversion rates.
How in-store data analytics can create deeper brand experiences and bridge the gap between online and offline retail.
How retailers can validate test-and-learn experiments in advance of rollout.
