SAN FRANCISCO, CA--(Marketwired - Jun 23, 2015) - Euclid Analytics, the leader in location analytics, today announced the release of Euclid EventIQ™. The Euclid EventIQ solution measures the impact of marketing and operations events against actual customer activity within stores and other brick-and-mortar locations. Empowered with this new insight, retailers, quick service restaurants, shopping malls, auto dealerships, and other businesses with physical locations will pinpoint how specific activities and operational events drive in-store traffic, influence customer behavior and impact sales. Most importantly, Euclid EventIQ helps managers and executives make data-driven decisions to optimize customer loyalty, engagement and in-store conversions.
Today, most stores, quick service restaurants and brick-and-mortar businesses are flying blind when trying to measure the impact of marketing or operations activities. For example, after mailing a new promotional catalog or implementing a new merchandise display, brick-and-mortar businesses can't measure the in-store impact and efficacy of the specific event with the same precision as their online counterparts. Did the events drive new customers into the stores? Did customers spend more time in the stores? Did a boost in customer traffic ultimately generate greater sales conversions?
Introducing Euclid EventIQ
Euclid EventIQ is based upon Euclid's powerful location analytics. Brick-and-mortar businesses can easily and affordably deploy Euclid EventIQ by leveraging their existing Wi-Fi system to detect and analyze in-store customer patterns (traffic, new and repeat shoppers, storefront conversion, bounce rates) within the bounded time frame of an event. Once Euclid EventIQ correlates this analysis with relevant business data such as point of sale (POS) results, brick-and-mortar locations can assess the true business impact of an event through an intuitive dashboard interface.
For example, a specialty retailer would use Euclid EventIQ to know how its "Summer 2015 Handbag Sale" impacted shopper behavior and sales results by first specifying the time interval for when the event occurred and projected sales results. If the event exceeded or fell short of anticipated goals, Euclid EventIQ would identify the underlying in-store patterns to pinpoint the influencing factors. At the same time, the solution would identify how the sale performed against similar store promotions, or against the entire chain.
For operations, Euclid EventIQ helps brick-and-mortar businesses make more educated business decisions by understanding how any changes to the "status quo" impacts visitor behavior. Typical operational changes include training initiatives, new restaurant menu items or store merchandise, or enhanced floor sets. Finally, Euclid EventIQ empowers executives by identifying the best performing stores, and gathers best practices to improve how their physical stores are run.
"Brick-and-mortar businesses need to make every in-store visit count, which requires a change in strategies and tactics," said Brent Franson, CEO of Euclid Analytics. "Unfortunately, making a significant change within a store or physical location is useless without accurately knowing its impact on customer behavior and sales. With Euclid EventIQ, brick-and-mortar businesses now have the powerful analytics capabilities to make smart and data-driven decisions -- all through their existing Wi-Fi infrastructure."
Euclid EventIQ is Free to Try for 60 Days
To learn more about Euclid and Euclid EventIQ, please visit http://euclidanalytics.com/eventIQ. Euclid is free to try for 60 days across an entire chain of brick-and-mortar locations -- all through the existing Wi-Fi infrastructure. Activation is fast and easy -- no new hardware is required.
About Euclid Analytics
Euclid Analytics is the world leader in location analytics. The company provides answers and insights for the physical world in the same way that web analytics does for e-commerce. By accurately analyzing visitor traffic, behavior and shopping patterns, Euclid helps the world's leading brands design the perfect customer experience for their brick-and-mortar locations and drive better business results.
Euclid's network captures billions of measurements per day, analyzing hundreds of millions of potential shopping sessions per year across tens of thousands of locations including retail stores, quick service restaurants, airports and shopping malls. Only non-personal data is collected and only aggregated trend data is shared for analysis.
Euclid is backed by leading venture capital firms Benchmark Capital and NEA.
For more information, visit http://euclidanalytics.com.