BY NOW, KEEN OBSERVERS of technology and the future of retail recognise Foresense Technologies as a game- changing turning point for businesses as they fight to maintain profitability with emergence of e-commerce and online retail.
The Foresense platform quantifies real-world behavioral data utilising a proprietary Artificial Intelligence presence detection system to analyse how people act – and interact – on-site in real world settings.
It allows accessibility in real time so highly-informed, proactive decisions can be executed as trends are actually emerging to increase sales and revenue at low investment.
Much has been made about how the Foresense platform applies the cornerstone data currencies of the online world to brick and mortar retail spaces.
Bounce rate. Dwell time. Impressions. Unique and return visitors. Session duration.
These are the currencies upon which internet marketing is valued and traded.
In a similar way to how behavioural data is utilised online the Foresense platform collects data through sensors integrating with visitors’ smartphones.
With Foresense the rulebook that governs the success and accountability of online marketing is made tangible in the real world.
ONLINE VS REAL WORLD: BLURRING DISTINCTIONS
More recently, a marked shift towards omnichannel commerce, where the goal is a seamless customer experience regardless if they choose to shop online via mobile, online via desktop, tablet, or laptop or physically in a brick and mortar shopfront has gained credence.
In fact, PWC reports that the number of companies that now recognise and are investing in the ominchannel customer experience has increased four- fold form around 20% to 80%.
While online purchases are often about convenience, high-ticket items are often made instore in person.
This means interaction with sales staff and actually experiencing what a store offers in knowledge and service and its culture or vibe.
With the time spent interacting with customers and greater overheads such as rent on floor space and cooling/ heating costs it is actually more costly for each abandoned sale than it would be online.
This new paradigm for retailers adds a lot of complications in making sense of online data compared to real world data, which has traditionally proven difficult to reliably extract and interpret.
Getting it right online means a far greater chance of success.
But in real world settings, retailers often don’t even know where they are getting it wrong.
With Foresense, AI can assist retailers to get it right in the real world too.
IF AT FIRST YOU DON’T SUCCEED…TRY AND TRY AGAIN.
One key advantage that online retailers have over physical retail spaces is the ability for remarketing channels and maintaining communications whether a prospective buyer has simply visited a website to browse, or has gone so far as to place items in their cart.
Saved cart reminders, ’can we help’ chat-bots, push notification technology, paid digital remarketing, and invites to mailing lists and social media channels all serve to inform, educate, persuade and influence positive brand association and purchase decisions.
In the real-world, once someone with buying intent leaves a store there is next to no possibility of establishing any lines of communication to keep a potential sale alive.
In the online world, once someone actually places an item in their cart the possibility of making the sale can actually increase with targeted messages and incentivisation.
Many would be surprised to learn that online cart abandonment in retail currently sits at around 70%.