There are numerous ways in which shopper behavior can be analyzed and the opening of flagship stores is one of the most used methods in the retail industry. Retailers test new products and strategies in order to see how customers respond.
If these concept stores are combined with analytic tools, retailers will be able to monitor more accurately the behavioral changes in shoppers and the differences with traditional stores
Benchmark of categories
In retail, it is convenient to compare data from different periods in order to assess the evolution of the business, as this will give managers precise information about improvement areas. In addition to this, it is important as well to do benchmarking with similar businesses by region, format, or store type.
By doing so, retailers will be able to identify if their performance is below or beyond the average and whether actions need to be taken
When it comes to analyzing in-store behavior, there are many factors that come into play so, as one would expect, shopping journeys vary depending on the shopping tool used.
Customers tend to use baskets for short journeys in which the objective is to purchase a few products, whereas they use shopping carts when they need to stock-up for the upcoming weeks. Retailers are able to identify the shopping trends followed by customers based on the tool used.
A lot of what happens in our stores can be explained by the behavior of customers in the main aisle. Since this is usually the central area of layouts, it helps distribute visitors throughout the different aisles.
Hence, it is important to analyze the main aisle in order to see which are the categories with greatest impact on its performance