Get down to what matters for your business: more people through that door.
What is Euclid again? You could consider it like Google Analytics for the physical world. The key is unique visitors. No other retail system has this information, so really they are nothing more than fancy turnstiles. They give you a raw number, but is “100” actually 100 people, or is the same person 100 times? Did that person visit on other occasions? They have no idea.
Offline conversion rates are superior to online Online retailers often talk about the huge impact to their bottom line when they improve conversion by a few tenths of a percent. As a retailer, you already know you are getting 10% or even 20% conversion once someone comes into the store. So what are those people walking by worth to you? Probably a lot.
Test different displays to improve your Window Conversion Rate Putting the right display in your front window can have a huge effect on enticing shoppers. But can you quantify the improvement? Can you test one display against another in real time? If you have multiple locations and Euclid installed, the answer is yes.
Does more time in the store increase sales? Do you know if more time in the store translates to more money? The answer varies widely by store type. Restaurants want to turn the table in the shortest time. Warehouse stores might see a near-linear increase in sales with visitor dwell time. Whichever your case, with Euclid, you can finally find out.
What’s your Visitor Frequency? If you’re a coffeehouse, you might want to increase visitor frequency from once a day to twice a day (100% improvement!) If you’re a furniture store, maybe you want to improve from once-a-year to every nine months. With Euclid, you can easily analyze shopping frequency.
Are your promotions effective in creating loyal customers? Many businesses these days are using “daily deal” sites to stimulate demand and create new loyal customers. But do they work? Don’t take it as an article of faith. With Euclid, you can see the increase in business on the day of the promotion, and you can see if your long-term visitor numbers improve. Easy.
More detail on how it works, please. The Euclid system simply measures wi-fi pings emitted from smartphones and other devices, taking into account signal strength, ping frequency, and proximity to other sensors (if any), and our proprietary/patent-pending data heuristics take over from there. Devices do not need to be connected to any wifi networks, they merely need to be open to the idea.
What percentage of people are actually tracked? This depends a lot on the area in question. People in major cities on the coasts tend to have wifi-enabled devices in higher percentages than elsewhere, but the range is typically between 40%-70% of all visitors (wifi-enabled device, wifi turned on).
If you don’t track everyone, is the data valuable? Certainly. Analytics doesn’t depend on using 100% of potentially available data, there just needs to be enough data. Statistically meaningful samples can be as small as a few percent. Much census analysis is done on samples of less than 1%, due to the very large numbers involved. Web analytics, which depends on cookies, tracks about 70-80% of all visitors to a given site.