Last week, the Platt Retail Institute (PRI) released their quarterly report on the state of retail analytics, “a comprehensive quarterly publication that includes news and case studies regarding retail analytics, digital customer-facing technologies, and related topics.” Its aim, according to the PRI, is to “provide a snapshot of the economy as it impacts retailers and consumers.”
Here’s some of the key highlights:
Retail spending is up and down
- Retail spending declined by 0.2% in June and 0.1% in May, following an increase of 0.3% April
- However, retail spending is up by 3.2% year-over-year (June to June)
- So while there has been much made about the decline in retail spending in 2017, the numbers are still pretty positive
It’s all about the experience
Surprise, surprise. If you’re a regular reader of the Celect blog, you know all too well about the need to reevaluate the brick-and-mortar shopping experience. The report hammers home that point, saying:
“According to Pew Research, “nearly six-in-ten Americans (59 percent) say that they have used their cellphones to call or text someone while inside a store to discuss purchases they are thinking of making.” In addition, “62 percent (of 18 to 49-year-old shoppers) have used their phones to look up online reviews of something they were thinking of purchasing or to see if they could find a better price online.” Successful retailers are embracing Internet of Things (IoT) technology to provide an immersive experience for the data-driven customer and to help customers avoid long checkout lines. How many valued customers drop their purchase on a shelf and walk out when frustrated by delays at the point of sale? As smart devices and NFC pay options continue to evolve, retailers must innovate ways to navigate consumers through the potential bottleneck…”
Apple stores owe a lot of success to retail analytics
The brick-and-mortar Apple stores and Windows stores have had widely different successes with consumers. But why? Why are two similarly laid out stores, chocked full of similar and competing products, fairing so differently? It may be due to retail analytics.
The report contains an exhaustive explanation of the research and methodology that went into the study between the two competitors (which we encourage you to read), but the takeaway was:
“The Apple Store overwhelmingly outperformed the Microsoft Store by a 2-to-1 ratio of positive store attributes. However, in terms of negative store attributes, the Microsoft had a higher ratio of negative store attributes with a 2-to-1 ratio compared to the Apple Store. The conclusions drawn from these findings indicate the Apple Store has dominated the market in terms of both retailer analytics and customer behavior analytics. Compared to the Microsoft Store, the results overwhelmingly favor the performance of the Apple Store.”
We encourage you to read the entire report, which can be download from the Platt Retail Institute here.