Has the internet changed the nature of the way shopping occurs in stores these days? more
To a society fascinated with the process of buying and consumption, a great retail experience should be of significant importance; yet despite the fact that 90% of dollars are spent “in store,” the media are crowded with stories and analysis of “online experience” but scant mention is made of the ways in which we can improve the “in-store” experience for consumers.
The following Case Study is applicable to recognized-brand large department or specialty retailers that sell apparel, accessories and other soft goods in the US.
While many implement CRM solutions, they fail to deliver on the promise of improved customer service. The re-active CRM solution is unable to win customer’s share of mind and wallet-share, and loyalty programs at best only temporarily generate incremental revenues during promotions, but fail to breed customer loyalty. Consumers now demand a better in-store experience, and retailers need to deliver this without increasing payroll costs. Customer intelligence is a key factor in achieving this.
At Novitaz, our mission is to enable businesses to provide the exceptional customer service that will increase their sales. Conventional ideas are not working anymore, and the successful paradigm shift begins with our session-capturing technology that closes the customer intelligence loop. Here is an outline of the process.
The first step in this process is getting the complete data. While customer demographic data and frequent shopper transaction data may already be available, what is missing is "customer visit data" or "store-session metrics." These data are at least as powerful as session data taken on ecommerce websites, even more valuable as 93% of commerce takes place at brick and mortar stores. Store-session metrics are also far richer than transaction data. At Novitaz, we capture session data using a 360-degree view of your customers from the time they enter the store to the time they leave, even if no purchase is made. Example of store-session metrics include time and location of entry/exit, time spent in the various departments, product trials, and interactions with sales associates.
Once we have holistic data about your customers, we can truly get to know them and gather invaluable insights. First, we segment the customer data into meaningful categories based on your own business rules and industry standards, such as demographic profiles, RFM scores, and marketing engagement profiles.
Armed with complete knowledge and insight, we are now able to respond in a meaningful manner that will allow you to deliver exceptional service to your customer. In the key indicators of customer profitability, employee productivity, and inventory turns, the Novitaz Response segment has shown increases significantly above industry averages -- the hallmark of a true winner! The Novitaz Solution augments your existing solutions in the following areas.
Customers: We interface with your existing clienteling solution and create engagement plans based not only prior purchases, but on store-session metrics. These engagement plans can be delivered through your existing clienteling solution or the Novitaz Solution can market directly to your customers within the store, even without a sales associate in the loop. The messaging can be 1:1 or to customer segments. In the customer facing area, the Novitaz Solution:
Employees: Novitaz's in-store session metrics also quantify the performance of sales associates. While customer interactions are captured, the Novitaz Solution also collects the fragmented customer intelligence in the minds of the sales associates and makes it available as a centralized corporate repository to
Merchandizing: Transaction data tells you part of the story, but can’t tell you what your customer is interested in purchasing. We can. The Novitaz Solution gives you the complete picture of your consumers' demand, thereby:
