APAC Retail Analytics Market Outlook
Amidst the current uncertain economic climate, there is a critical need for retailers to monetize their data and unlock valuable insights needed to adapt to rapidly changing customer preferences, re-engage with customers and future-proof their business.
Retail analytics provide retailers with useful insights into user behaviour and shopping trends and patterns, helping them drive better merchandising strategies to influence purchase behaviour, improve customer service and boost sales.
The Asia Pacific Retail Analytics market is expected to grow from 2021 to 2026 with a CAGR of 23%, with rising income levels, heightened spending on data and analytics, and increasing demand for automated retail-based services expected to stimulate this market in the region. Secondary factors fuelling market growth are the increasing adoption of IoT devices and the growing user base of smartphones and the Internet.
Leading Global Brands Leverage Retail Analytics
Sephora has deployed video analytics technology to monitor customer behaviour in real time. The brand uses AXIS cameras to track customers and their movements in the store. This helps the brand to plan a cohesive marketing strategy based on the results.
In May 2021, Walmart implemented the RetailAI® Fresh solution in select stores in China, which uses artificial intelligence to automate the recognition of fresh produce products when customers put them on self-service scales. This novel solution streamlines the self-service shopping experience and helps customers save time, all while lowering Walmart’s operational costs.
Walkbase TREQ Provides an Unprecedented, Data-driven View of the In-store Customer Journey
Walkbase TREQ – the latest retail Walkbase solution, offers businesses a comprehensive solution for capturing and analysing data from all consumer interactions in retail stores, restaurants, financial institutions, transportation hubs and more.
Walkbase TREQ consists of four components that measure a consumer’s specific movements throughout the physical space, using strategically placed sensors to accurately analyse movements with accuracy within one meter. This data provides marketing and innovation teams meaningful insights to help them introduce impactful changes that will optimise sales and communication.
Key Components and Benefits of Walkbase TREQ
- Walkbase Occupancy: Real-time occupancy management and COVID-safety compliance
High accuracy, 3D sensors are installed at the entrances/exits of retail stores to track footfall and ensure that only the permitted number of shoppers are allowed in the store. Email and push notifications are sent to staff to alert them when stores are close to capacity thresholds.
With real-time tracking, retailers can reallocate staff from entrance/exit counting roles to meaningful store operations and customer service tasks during peak periods.
- Walkbase Queue Analytics: Minimise queues and improve the customer experience
Track the customer checkout journey in detail and in real time, using sensors and 3D cameras. Minimise queue times, increase customer satisfaction and improve operational efficiency and staffing.
- Walkbase Merchandising: Improve sales with better merchandising strategies
Analyse customer behaviour at high-value demonstrations and end caps using sensors and asset tags. Implement effective merchandising strategies by making data-driven decisions on product assortment, placement, and promotions.
- Walkbase Traffic: Increase conversions by optimising pathing and dwell time
Accurately track the movement and location of shopping carts to analyse cart utilisation and shopping behaviour. Deliver cost effective, precise and scalable asset-location monitoring services to reduce theft. In addition, optimise staffing by monitoring staff movement in relation to customer flows.
Global Brands Trust Walkbase Retail Solutions
Global fashion and beauty brand TopShop has used Walkbase sensors to gather analytics on customer in-store navigation and behaviour through customers’ mobile devices. By correlating this with POS data, TopShop was able to derive real-time conversion ratios from each fitting room. They then deployed new fitting room technologies and increased staffing to optimise the shopping experience and drive sales.
In Australia, Woolworths used Walkbase TREQ to offer a safer shopping experience during last year’s Christmas rush. By keeping the staff members informed about the number of customers in-store, Woolworths was able to ensure the safety and security of customers while planning deployment of their staff.
Enhance Your Store with Walkbase Retail Solutions
Walkbase provides retail digital signage solutions to effectively capture and convert in-store customer behaviour into measurable data, enabling retailers to optimise store layouts, marketing spend and staffing allocation.
Enhance your retail store, build memorable customer experiences, drive revenue and increase operational efficiency with Walkbase retail solutions today.
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About the Author
Esther Chew is the Sr. Manager – Corp Comm & Marketing at STRATACACHE Asia-Pacific and is responsible for developing and implementing the internal and external communications strategy and programmes across Asia-Pacific. She drives the company’s corporate image and brand messaging through integrated and strategic communications leveraging various platforms such as executive communication, client communication, digital marketing, media relations and B2B events.