A new start up called Euclid Elements has launched last week to provide detailed data analytics about in-store foot traffic to physical retailers and merchants. The company describe itself as “Google Analytics for the real world“.
The company also announced completion of its $5.8M Series A round of financing led by New Enterprise Associates with Harrison Metal, Triple Point Capital and other investors.
Euclid is using Wi-Fi signals on consumer smart phones to map shopper traffic patterns in retail spaces and aggregae this data to provide actionable information to store marketers.
The data provided include window conversion rate, store hours optimization, new versus repeat visitors, dwell time, customer loyalty/frequency.
The company also announced completion of its $5.8M Series A round of financing led by New Enterprise Associates with Harrison Metal, Triple Point Capital and other investors.
Euclid is using Wi-Fi signals on consumer smart phones to map shopper traffic patterns in retail spaces and aggregae this data to provide actionable information to store marketers.
The data provided include window conversion rate, store hours optimization, new versus repeat visitors, dwell time, customer loyalty/frequency.
Obviously the accuracy of the metrics offered depends on the number of customers wearing a device with WiFi switched on.
According to Euclid Elements “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).“
Euclid Elements analytics service costs $200 per store for a self installation package. For larger and multi level stores the company customizes its offer.
While analyzing in-store customer behaviour is far to be a new discipline for big box retailers, this type of service is great for small stores.
According to Euclid Elements “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).“
Euclid Elements analytics service costs $200 per store for a self installation package. For larger and multi level stores the company customizes its offer.
While analyzing in-store customer behaviour is far to be a new discipline for big box retailers, this type of service is great for small stores.
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