Editor’s note: This guest post is written by Kostas Papageorgiou, a copywriter in Finland who creates engaging content for startups
Retailers are in luck when it comes to analyzing their customers’ in-store behavior. Walkbase a Turku based startup from Finland last week launched their new retail analytics tool. Their product was in action at Slush, where their first installation was made public. Giving us a glimpse into the sort of data retailers can expect from the new tool (see infographic below).
Walkbase Analytics essentially brings real-time analytics to the offline world. Through the use of a device that is around the size of an Apple TV, it tracks all Wi-Fi-enabled devices to feed data about consumers’ movements back to the retailer. However Wi-Fi does need to be switched on in order to collect the data leading to approximately a 40-70% capture rate of mobile devices.
By installing the Walkbase Analytics device, retailers are then able to measure various metrics like; how well they’re able to capture potential customers passing by, their in-store behavior and how often people visit. Basically, the system allows them to dig deeper into what consumers are actually doing, which facilitates better decision-making based on accurate and real-time data.
According to Walkbase CEO, Tuomas Wuoti, “The biggest benefit here is that retailers no longer need to rely on hunches and they can actually do real-life A/B testing and use actionable metrics to see which marketing strategies work and which do not.”
“Stores in the past have relied mostly on point-of-sale data, but what if you have multiple locations? With Walkbase Analytics you can spot trends and patterns before sales drop and use that data to react early.” Wuoti continued.
The new tool can be used in a number of ways. For instance, it can help shopping centers see what locations attract the most visitors, allowing them to dynamically adjust rents based on people flow and receive detailed customer loyalty reports. Meanwhile, outlet stores can use the data to optimize store layouts and compare the performance of different stores.
The device is easy to install, simply plug it into a wall socket and you’re good to go. Retailers can then login to their online accounts and start monitoring their store’s data. The starting price for shop-owners is 99€ per month which also covers the cost of the device.
When asked how much area one device covers, Wuoti explains, “One device covers up to 500m2. However, if our customer wants to get more accurate data, their store can be divided into different zones where one device is installed in each separate area.”
For people worried about privacy, Wuoti assures us they only use aggregated data and do not store any identifiable information on people thus ensuring anonymity for everyone. The Finnish startup also has an opt-out list for anyone who does not want to show up at all in the aggregated data.
Currently, Walkbase is targeting shopping centers, retail chains, outlet stores and airports. They have already signed up their first Scandinavian partner and are due to make an announcement on that in the near future.
For a glimpse into the kind of data retailers can expect, check out the numbers Walkbase collected on Slush below.
About the author
Kostas Papageorgiou is a copywriter living in Turku, Finland. He specializes in creating engaging content for technology companies and has written content for Finnish, Dutch & US startups. Kostas also maintains a blog at Kanguro Communications where he talks about marketing and innovation. You can also follow him on Twitter @k_papageo.