The rise of e-commerce has been a double-edged sword for brick-and-mortar retailers. The convenience and accessibility of online shopping have led to a significant shift towards digital retail. However, despite the rise of e-commerce, physical stores remain the backbone of the retail industry. Shopping in physical stores offers a different experience that cannot be replicated online. However, physical stores struggle to compete with their digital counterparts in terms of data analytics.
Data analytics is a significant advantage of e-commerce retailers. Digital retailers use data analytics to track customer behavior, preferences, and purchases to improve their sales strategy. This data-driven approach allows them to deliver personalized shopping experiences to customers, which is a significant factor in building brand loyalty.
Brick-and-mortar retailers, on the other hand, lack the necessary technological tools to gather and analyze data. They have no way of knowing how customers behave in-store, how long they stay, which areas of the store they visit, or which products they examine. Accessing and analyzing such data could help retailers enhance their in-store experience.
BB1 – The Solution for Brick-and-Mortar Retailers
BB1, a machine learning startup based in Cambridge, has identified this problem and has come up with a solution. BB1 uses deep learning to track and analyze customer behavior and footfall in physical stores.
By monitoring footfall, BB1 helps businesses predict when more staff is needed, whether displays are drawing in customers or increasing purchases, and make adaptations based on collected data. BB1 uses freely anonymous mobile phone data generated from phones with location services turned on to monitor when someone comes into a store, allowing retailers to measure a store’s occupancy without expensive hardware.
Data in the BB1 system can tell a retailer how many people have walked by a store, how many lingered, how many entered a shop and how this might compare to other stores on the high street. BB1 provides retailers with real-time actionable insights into customer behavior, enabling them to identify trends, customer pain points, and improve their customer experience. The platform provides insights into areas such as product placement, the effectiveness of promotions, and the optimization of floor layouts.
The Benefits of BB1
BB1’s platform provides a comprehensive suite of analytics that can significantly benefit brick-and-mortar retailers. The benefits of the platform include, but are not limited to:
- Personalized customer service: By understanding customer behavior, retailers can deliver a personalized shopping experience that can enhance customer satisfaction and build brand loyalty.
- Improved sale: By analyzing customer data, retailers can identify what customers are looking for, how they shop, and what motivates them to purchase. With this insight, retailers can optimize their stock, pricing, promotions, and improve sales.
- Optimization of in-store experience: BB1’s platform provides deep insights into store layout, product placement, and promotions. These insights enable retailers to optimize the in-store experience, ensuring customer satisfaction and loyalty.
Conclusion
BB1 Industries offers brick-and-mortar retailers the opportunity to leverage data analytics without massive infrastructure or hardware costs. The platform provides in-depth insights into customer behavior, enabling retailers to improve the shopping experience, optimize sales, and enhance customer loyalty. BB1 offers a unique solution to a long-standing problem in brick-and-mortar retail, making it a must-try for retailers who want to optimize their in-store experience.
Website: http://www.bb1.io
Twitter: https://twitter.com/bb1industries
Facebook: https://www.facebook.com/BB1IndustriesLtd/
LinkedIn: https://www.linkedin.com/company/bb1-industries-ltd/
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