One of the greatest challenges facing those working within retail when advocating for greater adoption of technology - particularly if that technology is yet to reach ubiquity - is proof of ROI. In retail, profit margin is king, and the ability to prove a new piece of technology or in-store innovation is going to widen that margin instead of eating into it is rightly critical.
Complicating matters is the fact that no two retailers are the same - even those operating within the same product vertical may have radically different approaches to the number of stores they have, the size of those stores, the number of staff they have per store, and numerous other factors, all of which can have a huge impact upon whether a certain piece of technology will enhance their business, or cost more than it adds.
It was with this in mind that we created our Store Mode retail ROI calculator. Built upon third party studies and data, the calculator allows you to input information about your retail business, including the number of stores you operate, the average annual visits to each store, the uptake of your retail app, the average basket size for each shop, and the average number of store associates per location.
Taking this data, the calculator then provides you with an estimate for the potential increase in revenue, increase in repeat customers, and increase in app users. Studies have shown that:
- Customers who use their phone in-store are likely to spend 40% more than customers who don’t [source]
- Retail app users were twice as likely to return to make additional purchases than those using a mobile site [source]
- A 5% increase in customer retention can improve profits by up to 25% [source]
With these data points and others in mind, we’ve built a calculator that shows just what an impact improving your retail app with an interactive Store Mode could have. (To learn more about what Store Mode is and what it can do for your business, download our guide here).
Among other features, our Store Mode includes beautiful, interactive maps that are kept up-to-date automatically (courtesy of our pioneering MapScale® product), pinpoint indoor navigation, and navigation-adjacent features, such as the ability to construct a shopping list and have the navigation guide you through the store to each item in the most efficient manner possible. Our Store Mode features are designed specifically to ensure that shoppers have the most enjoyable, efficient visit to a retail store possible, encouraging them to use your app and leading to enhanced repeat business, average basket value size and profits .
Ready to try out our retail ROI calculator? Click here.
For a more in-depth discussion with our team about the precise ROI you could expect to see from implementing a location-enabled Store Mode in your retail app, get in touch with our team today!