Do Exceptional Retail Experiences Actually Drive Profit?
Designed for retail leaders and lovers alike, Retail Refined explores the in-store technology of the future, challenges the industry’s preconceived notions, and brings together retail’s biggest names to understand the brand strategies that will define the next decade in retail.
Customer experience is a priority for any retail space. Understanding their behaviors and identifying opportunities helps brands maximize those experiences. Companies that do this take this spatial intelligence and can accurately attribute ROI to efforts. Discussing this technology innovation, Retail Refined host Melissa Gonzalez spoke with Ken Jackowitz, Chief Strategy Officer and General Manager of TideSmart. TideSmart is an experiential agency with expertise in designing wellness solutions, retail spaces, and experience analytics.
“The insights business focuses on space utilization and helping clients post-COVID think differently about space and maximize for the time of day or how people are behaving,” Jackowitz explained.
One of the biggest gaps in spatial marketing or merchandising is knowing the ROI. To understand this, you have to examine the behavior of the people as they come into contact with it.
“In traditional retail merchandising, what’s the value of the end cap? You don’t know how many people were looking at it but didn’t buy it. Was it the wrong product? Presentation? Spatial intelligence solutions close the gap.” – Ken Jackowitz
How this works without becoming a cost burden is by using the existing infrastructure of cameras. They can collect the data, which then gets uploaded to the cloud, where AI processes it.
One thing this can help with is grouping customers. “In a grocery store, there are traffic counters, but it’s not a one-to-one usually. There are families, and they are a grouping, which may change your staffing and inventory,” Jackowitz noted.
Another aspect of the technology is face-to-face AI. It’s like taking the recorded call center conversation to a live space. “The last mile is the conversation between two people. You can capture these key moments of truth and provide them in a dashboard to a customer. AI calls out areas of opportunity like retraining a subset of people,” Jackowitz shared.
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