It is hard to see, read or hear any news article about traditional retail these days without hearing about footfall being down and shoppers deserting bricks and mortar.
It’s not all doom and gloom though. There are some easy ways to avoid becoming victims of the ‘Amazon effect’. In particular, analysing behaviour of shopper’s instore experience.
At SRI, we believe there is an enormous opportunity being missed. We call them ‘Walkaways’. Shoppers who browse or interact with products or categories but don’t buy
Amazingly, retailers and brand owners do not standardly measure Walkaways. In recent months, we have completed behavioural analytics studies in grocery, DIY, healthcare, drinks and pop-ups and a consistent theme emerges. Too many shoppers engage with products and categories but walk away from the category without buying. Typically, SRI sees Walkaway rates of 20% to 40% in mainstream grocery retail.
Take the example below. The heatmap shows where shoppers have actively browsed categories, but in the end, not purchased anything.
In this real life example, the category walkaway rate was an eyewatering 38%.
Measuring and improving these walkaway rates is an opportunity there for the taking. After all, these shoppers have actively chosen to come into your store and browse your products. Understanding why they then walk away is the key to future success.
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