In many brick-and-mortar stores, only 20 to 60 percent of visitors convert into actual purchases. But what does brick-and-mortar retailers really know about the vast majority of visitors who leave the store without making a purchase? New technology is now making it possible for physical retail to analyze all customers in the store – even the non-buyers.

Today, brick-and-mortar retail is very good at analyzing purchasing behavior – transactions, loyalty data and shopping carts. But that only gives part of the picture. There is great potential in understanding the entire flow of visitors: who comes in and how long they stay. “If we can understand non-buyers better, an increase in conversion to purchase of just a few percent can mean a lot on the bottom line,” says Christian Bönnelyche at BizLab.

With new AI-based technology – such as BizLab FLOW – can stores now get real-time insights about all visitors, whether they shop or not. This involves anonymized data that shows age, gender, time in store, reactions to messages and even which screens generate the most engagement. All in compliance with GDPR and AI Regulation.

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“Retail media in a physical store cannot only be based on sales data. We can better follow the entire customer journey in a store – even for the 20-60 percent who do not convert,” continues Christian. This is where new competitive advantages and new revenue streams can be found in the pressured retail.”

“Retail Media i butik är i snabb tillväxt internationellt, men Svensk detaljhandel har fortfarande potential att ta stora kliv. Nu när tekniken finns är det hög tid för physical retail to take the next step – and start analyzing every customer encounter, not just every purchase.” concludes Christian Bönnelyche