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Home / Knowledge / News / Information Technology / Euclid unveils new analytics tool for specialty retailers
Euclid unveils new analytics tool for specialty retailers
19
Jul '13
Euclid, the leader in in-store retail analytics, announces the launch of its Euclid Analytics for Specialty Retail product. Designed in collaboration with some of the world's leading specialty retail chains, Euclid's newest analytics solution delivers insights specifically for key decision-makers in marketing and store operations. The new release includes a completely redesigned web dashboard, complete with tools for optimizing marketing campaigns, window displays, store hours, and much more.

Brick-and-mortar stores have long based marketing and operation decisions on hunches, intuition, and previous campaigns to improve shopper experience. Realizing that specialty retailers need a unique set of metrics different from other physical retailers -- like department stores or restaurants -- Euclid has diversified its offering to expand beyond big box retailers to offer a solution catered to the specific needs of specialty retailers.

With a few simple clicks, retailers can access aggregated, anonymous data on store visits, engagement and loyalty, which can then be used to answer questions around marketing ROI, merchandising strategy, and store operations.

With multiple marketing strategies happening in unison -- sales promotions, events, mailings, and mobile activities -- it's often difficult to pinpoint which strategies are the most effective. Euclid Analytics for Specialty Retail provides marketing teams with the ability to measure and increase return on investment for their campaigns. Further, marketing teams can segment shopper activity to identify high-value customers and intelligently target those loyal shoppers.

In an early pilot, one high-end denim retailer utilized Euclid's specialty retail platform to test two different direct mail campaigns and evaluate which had the greater ROI. Traditionally the retailer mailed an expensive catalog as their main customer draw, and also sent low-cost postcards featuring discounts in the interim between catalogs. Comparing Euclid data to the mail dates of the catalogs and postcards revealed that the catalogs actually led to a decrease in store visits, where the postcards brought in new and repeat customers and resulted in an increase in average visit time. Euclid's insights helped this specialty retailer eliminate low-performing activities and expand successful ones.

Store operations teams can utilize Euclid Analytics for Specialty Retail to optimize floor sets and window displays by understanding what layout designs perform best. With metrics like Window Conversion Rate and Visit Duration, specialty retailers now have a full-picture understanding around which displays attract the most customers and keep them in the store. This information, paired with Visit Frequency -- how often shoppers come back -- allows operations managers to make informed decisions on how frequently displays should be changed to keep customers engaged.

Conventional wisdom holds that the longer a customer spends in store, the more they are likely to buy -- but up until now, that connection has never been quantified. In another pilot, a leading youth apparel retailer used Euclid's platform to better understand the relationships between staffing, shop time, and sales.

As a result, this retailer took aggressive steps to improve shopper engagement by incentivizing employees to maintain a higher average shop time. These initiatives increased average shop times by seven minutes in three months, resulting in an average increase of $2,000 in sales per store per week. For large chains with hundreds of stores, these numbers add up quickly.

Euclid


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