SAN FRANCISCO, CA--(Marketwired - Feb 8, 2016) - Euclid Analytics, the leader in location analytics, today released a study in partnership with EKN Research, revealing that Wi-Fi will play an increasingly strategic role across retailers and quick service restaurants (QSRs). Over the next 12-24 months, retailers and QSRs plan to leverage their existing Wi-Fi infrastructure to deliver personalized in-store customer experiences and deploy advanced analytics.
The study shows that brick-and-mortar retailers and QSRs already have the power to bolster personalization and loyalty across online and offline worlds through Wi-Fi, but have not yet fully leveraged their existing investments. In fact, over 53 percent of retailers and QSRs today have deployed in store Wi-Fi, while 33 percent have plans to deploy the technology over the next 24 months.
Based upon the Euclid/EKN study, most companies recognize the strategic benefits of Wi-Fi. From the 60 retail and restaurant executives (who have already deployed Wi-Fi) surveyed for this report, over 80 percent currently leverage or plan to deploy in-store analytics to identify and segment customer behavior. These companies will also leverage the Wi-Fi-based insights to deliver new in store services and personalized experiences.
Key Findings and Recommendations
Over the next 12-24 months, the top 3 areas of focus for retailers and Quick Service Restaurants include:
1. Customer opt-in: Wi-Fi provides an easy vehicle to capture customer credentials via an opt-in process. Once opted-into the network, customers can be identified to receive offers, promotions and enhanced services (i.e. in-store concierge). Best of all, shoppers and patrons will immediately be recognized through the Wi-Fi the next time they enter the store or restaurant.
2. Targeted in-store and -restaurant location-based messaging and marketing: By identifying specific customers and segmenting them by purchase history or preferences, retailers and QSRs can send targeted messages, promotions or services via the Wi-Fi to a mobile device.
3. Measure and report Wi-Fi usage metrics (frequency of visits, repeat visits, etc.): Retailers and QSRs can leverage the location-based data from the Wi-Fi infrastructure to identify traffic patterns and customer behavior across the chain of stores or restaurants.
"2016 represents a transformational year for retailers and quick service restaurants," said EKN's VP of Research and Principal Analyst, Sahir Anand. "As businesses retool their physical stores and restaurants to cater to the mobile consumer, Wi-Fi presents the easiest, and most powerful and affordable way to deploy new customer-centric services and operational insights. Ultimately these new Wi-Fi based capabilities will enable retailers and QSRs to deliver a unique, consistent, and 'frictionless' customer experience."
"This research validates Euclid's Wi-Fi vision, focus and strategy," said Brent Franson, CEO of Euclid Analytics. "With the proliferation of Wi-Fi, most retailers and QSRs already have the means to transform their stores and restaurants to deliver personalized experiences. Euclid's 100% software and Wi-Fi approach that requires no new hardware will accelerate this transformation process as businesses reimagine their physical stores."
The report recommends that businesses incentivize Wi-Fi usage for their customers to create personalized in-store experiences. At the same time, businesses should integrate Wi-Fi analytics tools to realize operational efficiencies and measure marketing effectiveness. Finally retailers and QSRs should disseminate key Wi-Fi and location based metrics across the chain to empower employees, managers and executives and facilitate data-driven decision-making.
To view the full report from EKN Research, please visit http://info.euclidanalytics.com/WC16-01EKNWhitePaper_2016LP.html. To learn more about Euclid's Wi-Fi-based location analytics solutions, please visit http://euclidanalytics.com.
About EKN Research
EKN is a research and content service that was built based on feedback and advice from retail executives. Part of the Edgell Communications family, EKN is a subscription-based portal that provides retailers with access to the site's powerful decision-support and data analysis tools, allowing them to leverage EKN's industry-leading database of original research, user-generated vendor indexes and market trends. EKN also lets members share insights and real-world experiences through ongoing peer forums, both virtual and in person.
Euclid Analytics is the world leader in location analytics. Over 500 brands across retail, banks, quick service restaurants, airports and shopping malls are using Euclid to understand customer behavior in their physical locations to optimize marketing, operations and staffing. Affordable and requiring no new hardware, Euclid is easy to deploy on leading Wi-Fi systems in less than 48 hours. Euclid's growing network captures billions of measurements per day across 65 countries and tens of thousands of locations, analyzing hundreds of millions of physical customer touch points per year.
Euclid is backed by leading venture capital firms Benchmark Capital and NEA, as well as Cox Enterprises and Groupe Arnault, the controlling shareholder of LVMH - Moët Hennessy Louis Vuitton, the world leader in luxury products.