In-Store Analytics and Optimization Lead EuroShop Opening
Xovis red-shoe-wearing professionals joined other retail industry professionals on February 26th to open the 2023 edition of EuroShop, now taking place through March 2nd at Messe Düsseldorf exhibition center in Düsseldorf, Germany.
As with other recent industry events, the first two days of EuroShop have demonstrated brick-and-mortar retailers’ laser focus on finding solutions for three major challenges: optimization, automation, and loss prevention. The topics continue to dominate the headlines and have kept the Xovis crew onsite at EuroShop busy explaining why the company’s AI-powered sensors are a crucial cornerstone for developing a robust in-store analytics protocol.
In-Store Optimization
The role of behavioral analytics in retail has expanded significantly in recent years, and many retailers from different categories already use KPIs to improve performance at the chain, store, category, and sub-category levels.
Optimizing performance using real-time data was discussed in a February 27th presentation from Pieter Keersmaekers, an account manager with Belgian analytics firm Amoobi. Keersmaekers explained how measuring customer engagement at the category level shortens testing time and accelerates merchandizing optimization, which can significantly increase revenues from sub-optimal sub-category levels.
Understanding how product positioning impacts customer engagement can improve fact-based decision-making and remove costly guesswork surrounding layout decisions, Keersmaekers explained. The quality of the data that retailers are working with can make all the difference.
Automation and Labor
Optimization was also one of the issues mentioned by Omar Tello, the chief executive officer of Germany’s sensalytics, in a separate presentation delivered on February 27th. For Tello, staff allocation is a critical part of optimizing performance.
With tight labor markets a common concern in the industry, retailers are looking for cost-effective ways to achieve performance goals while offering the support that employees need. Transforming real-time data into alerts helps managers position staff based on the changing demands of the in-store space, an issue Tello discussed.
Optimized staff allocation is a key component of customer-centric retail, which can help improve conversion rates and basket sizes.
Loss Prevention in Retail
Another hot topic, frictionless shopping is being discussed in detail at EuroShop. Shrinkage, or theft prevention, a related issue that has mobilized the industry and governments globally, is also a primary focus of retailers showcasing at the event.
“The interest in data solutions to shrinkage continues to grow. It was on the front of retailers’ minds in NRF, and we are hearing the same discussions here at EuroShop,” Anne Wyder, Xovis’ VP of Channel Sales, said.
The issue is among the topics that will be discussed at partner presentations at Xovis’ booth, Hall 6/ A27, between February 28th and March 1st.
Tags: | retail | EuroShop 2023 | in-store analytics | KPI | tradeshow
Guides, RetailWhat is Your Tech Type?
Blog, Retail3 Back-to-School Shopping Tips for Physical Retailers
Blog, RetailUsing Real-Time Data to Improve Grocery Store Layout