Euclid Analytics next month will introduce a new software program, EventIQ, built to help brick-and-mortar retailers measure the performance of in-store events against their own projections and previous performance.
Intended for a wide range of retailers, quick-service restaurants, shopping malls and other physical facilities open to the public, the software solution will allow stores to measure the in-store impact of promotions and other events on both a real-time basis and throughout the life of the event.
Using Euclid’s Wi-Fi-based technology, retailers can measure such metrics as average shop time; new, recent and lapsed shoppers; bounce rates; engagement rates; conversion and walk-bys and see how these measures compare to projections and historic performance, as well as how individual units are delivering shoppers and sales versus others within the chain.
“We’re looking to allow retailers to roll up their core metrics and see how catalog drops, different window displays, changes within the store and the selective use of employees are affecting whether shoppers are entering stores, how long they’re staying and how likely they are to buy and become repeat customers,” said Brent Franson, chief executive officer of San Francisco-based Euclid.
Franson pointed out that solutions that measure the performance of brick-and-mortar retailers have been growing in importance as stores, increasingly looking to more smoothly integrate their online and offline activities, look for the same degree of accuracy and depth of information that they are accustomed to in their online operations.
“We’re pushing the envelope as hard as we can for actionable data in the physical retailing world,” the ceo said. “Information that’s immediately available on a store’s Web site – like the ability of landing pages to lead to strong conversion rates – is harder to get at in stores, but we’re finding ways.”
As retailers recognize the need to get their Web sites and stores working essentially in tandem, “the pendulum in retailing is swinging back and more focused on the physical store than in the recent past, especially with previously online-only brands like Bonobos moving into brick-and-mortar concepts of their own. Stores know that 95 percent of transactions still take place within stores, that a sale made in the store offers greater profitability. Smartphone penetration was about 15 percent when we started in 2010.”
For the retailer, EventIQ interaction begins with a dashboard that allows a store operator to pick up on the effect of changes in the physical layout of the store or the presentation of the windows, or in the impact of special employee training or the presence of an employee outside the store.
“Or it could point out the need for those kinds of changes,” Franson told WWD.
He added that his experiences since arriving at Euclid have reinforced just how strongly the “old rules” of retailing were still as meaningful even as the industry has gone through transformative change.
“With all the data we’ve accumulated, we frequently see that it’s not the merchandise or even the display of the assortment that bonds the customer to the store,” he said. “Much of the time it comes down to whether or not the consumer had a positive, enjoyable shopping experience.”
Euclid is offering a free 60-day trial of the new software for an entire chain of brick-and-mortar locations.