May 6, 2021

How Retailers Can Increase Share of Wallet

Retailers are constantly looking for ways to drive more off-list purchases. This not only boosts customer satisfaction but also increases the store network’s share of wallet. 

On your last trip to IKEA, how did you end up spending $500 on dozens of items you didn’t know you needed? It all comes down to product visibility.

IKEA’s wayfinding strategy – defining a clear path around its stores – ensures the maximum number of eyeballs on each product. It’s the direct equivalent of social media impressions. The more people an advert reaches, the more engagement it’s likely to drive and the more conversions it will achieve.

But not everyone can emulate IKEA’s strategy. Instead, they’re turning to cutting-edge sensors that put a wealth of actionable data at their fingertips.

Sensors provide rich data and maintain privacy

4D imaging radar is an innovative technology that allows organizations to optimize shopper journeys and improve share of wallet in retail stores. Affordable, small form-factor sensors track customers’ movements to reveal store-wide insights that boost sales. Because no optics are involved, 4D imaging radar requires no line of sight, and maintains privacy at all times, a critical advantage over cameras.

Curating compelling shopper journeys 

Any store needs to be designed for success. Like a meticulously crafted confectionary planogram, a supermarket or hypermarket is a canvas for the fine art of product placement.

It’s all about deciding which products to put where to create the smoothest and most seductive shopper journeys, pairing items to drive contextual selling and ensuring that a newly launched or promoted product gets the attention it deserves.

It’s the key to making the best use of space by increasing sales per square foot. Retailers need to identify underused areas of a store – the hot and cold zones. Just as website heatmap analytics reveal which sections of a site attract the most – and least – action, data on in-store footfall allows planners to maximize revenues from the locations that experience the highest traffic or reduce overall square footage – and costs – by repurposing underperforming areas. 

By correlating sensor data with point-of-sale information, retailers and brands can also determine the effectiveness of in-store messaging and whether a campaign is truly paying its way.

Getting granular to increase share of wallet

Shopper journey tracking is just one example among many. Retailers and brands also use 4D imaging radar sensors for shelf-level tracking of every item in a cooler, freezer or end cap, informing decisions on everything from pricing to inventory management.

Armed with real-time granular data, organizations can identify emerging trends, set benchmarks and compare KPIs over time and across stores, driving new levels of profitability.

To learn more about how Vayyar Retail can help increase your business’ share of wallet, click here.

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