How to use data from your online store in your physical store
Nordic brands have a great potential for using the data from their online stores, says Martin Granberg from Priceindx and Ole Martin N. Evensmo from Springboard Martech.
An online store is a new and effective marketing and sales channel for the store chains. Data being collected online can also make their physical stores better. Unfortunately, this opportunity isn’t always taken
This article will look at some of the opportunities companies have to use their eCommerce data in their physical stores. We’ll also argue that store managers should work more closely with eCommerce.
Many companies use advanced tools to monitor their competitors’ prices. The most important function is to scrape their competitors’ websites and adjust their own prices using dynamic pricing.
For many years it’s been hard to use this type of data in physical stores because of slow and old computer systems. Resulting in different prices in online and physical stores, which has created internal conflicts and confused customers. Lately, we’ve seen improvements in technical infrastructure, making it easier to continuously update prices. For example, electronic shelf tags have become better and cheaper. That means that it’s possible to quickly adjust prices and make sure the prices match their online store and the market in general.
Grocery retailers have been leading the development, thanks to the extreme price competition in the industry and the products’ short shelf life. But with improved store systems and price monitoring tools, we believe that other industries will adapt and follow.
Customers product experience
Modern online merchants gather their customers own experience with star ratings or text reviews. This is what we call product reviews. The increased use of shelf tags means it will become easier to showcase this type of product reviews in physical stores too.
Online merchants that have gathered a significant number of online reviews experience a positive effect on conversion rate, online traffic, and customer trust. There is no reason why this information should not be made available in real-time in the physical stores on digital shelf tags and screens and traditional tags and campaign posters.
That being said, there’s no reason to only gather product reviews via an online store. Advanced solutions for product reviews enables you to gather data from your physical store and display it online. Eventually, this type of information should enter the PIM system so the entire organization can use the data. Product reviews are useful for sales and marketing and for purchasing and product development too.
Use data to identify bestsellers in the online store
Identifying new and desired products in physical stores can take some time. It’s easier to spot the trends in online stores. Customers usually check online before they buy in a physical store. It’s also easier to gather enough data in an online store. In physical stores, customer insight usually only reach single employees. Companies can find great commercial value by looking at increased views and sales and, preferably, search trends.
Make it simple
These are some examples of using online store data in a physical world, both with digital systems and by selecting what products you’ll sell in the physical store.
Why should stores use their limited and expensive square meters to expose products with a “bad” price? Or stock up on products that get negative customer reviews? The answer goes without saying.
In addition, it’s interesting to take a closer look at the use of machine learning and buying behavior to better predict future customer traffic. And eventually create solutions to provide personalized product recommendations, for example, at checkout. However, our advice is to start simple and choose the areas you can make a difference today.
Written by Martin Granberg and Ole-Martin Evensmo.
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