Store Metrics

A store manager needs to have an appropriate in-store metrics in order to make daily decisions for operations. It is indeed a powerful tool in the decision making process. Analyzing these in-store metrics and using them in the implementation of the action plan of the store helps to affect the purchase behaviour of the customer in a positive way.

PRISM. Around forty retailers have funded a research project called PRISM that is Pioneering Research for In-Store Metric. The funding companies of the project include Walt Disney, 3D, Procter and Gamble, Kellogg, Coca Cola and Miller Brewing. These companies are also sharing the data that is being collected. It was announced in the In-Store Marketing Expo in Chicago that infra red rays would be installed at all the counters of a few stores. These rays count the number of people who have walked down a particular counter or aisle or product. Then the subsequent purchases are tracked.

The Beginning. The system was launched in the year 2006 as a test. Ten stores were taken for the test. These sores were fitted with infra red rays that counted the number in each of the 63 categories of products that were present in the stores. Again the figures were tracked manually and the results were matched. The number of stores has now been increased from ten to two hundred. All the two hundred stores are installed with infra red rays that count the number of people that cross a particular counter. Later a record is also taken of the purchase that is made by the customer.

Application of Store Metrics. This system helps to get a better understanding of the sales. This in turn helps the store managers to create a better shopping experience for the customer. It helps the marketer to get e better understanding of the environment of the store. This better understanding comes handy for the retailer and marketer to create a better impact upon the customer. As obvious in-store metrics is being seen as a major project that has a great importance for the retailers. It will give the retailers an opportunity to consider new layouts for the stores. The products that are more in demand might be placed in close proximity so as to make it a more convenient and satisfying shopping experience for the customer.

For the Advertisers. The advertisement and marketing companies are also going to get their own share of profits from this novel concept of research that has been applied in stores nationwide. The expanded research will come up with more and diverse results from the various stores. These results can be used by the media and marketing companies that do in-store advertising. It will create new and powerful opportunity for all including the advertisers, media companies, advertising companies, promotion agencies and the retailers all alike.

It is indeed a commendable effort made by the major retailing industries jointly so as to bring a better selling experience for the retailer, a better shopping experience for the customer and a better opportunity of promotion fro the advertisers.