The discussion was invigorating, and we began by discussing the potential of in-store analytics to learn about customer trajectories in stores. I shared some insights about shoppers in consumer electronics stores, such as the fact that they spend less than 20 minutes in a store and typically browse only two departments.
I summarized my top three insights from the exchange as follows:
1) The importance of active retailing: Michael Jungbluth stressed the importance of active retailing, which means actively adjusting stores (and the shopping experience within them) to the needs of shoppers using tools such as Amoobi. Shoppers are influenced by five key parameters: convenience, relevance, experience, empowerments and savings, and so on. In-store analytics like Amoobi can help retailers track which tactics are influencing these dimensions. No e-commerce retailer would exist today without A/B testing, so why not do the same in-store?
2) The future of stores: Jan-Nicholas Helf emphasized the importance of providing an enhanced customer experience, specifically a great « product » experience. How can we ensure that visitors to the store have a great product experience and get the best advice from MediaMarkt experts? I also stressed the importance of efficiency. Year after year, we see in Amoobi data that shoppers are spending less and less time in stores. Before spending money, shoppers spend time, so providing an efficient customer experience is essential.
3) The opportunity of retail media: Stephan Lange highlighted the importance of in-store digital screens. These digital touchpoints have a promising future, as they can help shoppers find deals and browse the store more easily. This can then be measured and analyzed using in-store analytics. There is a huge opportunity to monetize the tens of thousands of screens already deployed in MediaMarkt stores across Europe.
I believe that the insights shared during the panel discussion provide valuable food for thought for retailers who are looking to future-proof their businesses. By actively adjusting stores to the needs of shoppers and providing an efficient and enhanced customer experience, retailers can ensure that they remain relevant in the years to come.