Indoor and retail analytics company Euclid released aggregated customer data for November. The data are based on “nearly 25 million domestic shopping sessions during the month.” Euclid is one of several companies that provides offline or location-based analytics for retailers and others.
Here’s a short summary of the data:
- Window conversions (% of nearby foot traffic that enters store): rose to 8.8% from 6.9% last year.
- Bounce rate (% of shoppers who enter but leave within five minutes): was 11.7%, up from 9% in November 2012. Euclid attributes this to long lines, crowds and missing inventory in stores.
- Shopping session duration: 21.9 minutes, down from 22.7 minutes a year ago.
- Repeat customers (who came to store more than once in 30 day period): was 12% of total visits, which was down from 15.1% last year. This is not necessarily a problem if basket size and revenues are comparable or greater.
Euclid also said that stores open on Thanksgiving pulled customer foot traffic away from stores on Black Friday. However the company added that average shopper visit time was up on Black Friday to 24.4 minutes. Yet that longer duration didn’t automatically translate into increased basket size.
Euclid opined that its metrics suggested a strong start to the holiday shopping season. We’ll see if the the momentum is sustained throughout the month.
Companies such as Euclid, iInside, Placed, RetailNext and several others are providing unprecedented information to retailers, malls and other venue operators about the offline and real-world behavior of consumers, which was formerly not available.
One use case is online-to-offline analytics but there are many more practical applications of the data — from store layouts and staffing to store hours and beyond. This is a retail revolution in the making.