Retail Insights for Malls – Using Beacon Technology to Gain Consumer Insights
A central component of market research is studying consumer behaviour which can be used to increase sales. It is not surprising to see the use of innovative technology to gain access to key metrics that define a consumer base. The world we live in relies on a data driven approach which we see are also being used by retailers and malls. Gone are the days when branding alone was sufficient, customer engagement now largely depends on consumer behaviour for which insights are crucial.
The adaptation of beacon technology by malls and retailers itself is a testimony on why retailers prefer a data driven approach and opt for ways to increase sales in a sophisticated manner. iBeacon certainly is one of the innovative technologies to come out which is being used to measure key metrics which helps malls and retailers identify consumer behaviour. The following are some of the ways through which malls and retailers are using Beacon technology to gain consumer insights:
Traffic metrics are quite helpful in identifying patterns that can be used to build up a consumer behaviour report. Certain variables that come in positive and negative forms can be measured directly from footfall metrics within a mall. Positive variables might include concerts within a mall, peak hours and trend activities. These variables can help a retailer identify traffic if it is influenced by that specific event. Negative variables might include bad weather or holidays. Gaining access to traffic metrics can be used to create a marketing campaign that specifically targets customers when the traffic is high and you can do this by a data driven approach.
An effective marketing campaign especially in a mall requires a retailer to understand customer flow. Regardless of the size of a mall, there are specific spots where customer flow is higher. Heat maps come into play because they can help you track customer movement inside the mall and identify the spots where customer flow is the highest. Once a retailer has identified such a spot, it can now be used to create an effective branding strategy. On the other hand, as heat maps track customer flow the areas in the mall where traffic is less the mall can use it as a vantage point to increase customer flow by setting up a food junction which possibly attracts people.
Understanding Loyalty Patterns:
Beacon based technology can be used in a variety of ways. Engaging loyal customers and retaining them is yet again another dimension of marketing and a data driven approach seems to be the perfect solution. Every successful retailer has a loyal customer base and in order to maintain it customer loyalty patterns must be understood. It can also be used as a way to entice customers to check in some promotional offer as soon as they are near a retailer.