NRF 2022 Solution Spotlight: Springboard.
RETHINK Retail’s Solution Spotlight shines a light on industry vendors and what makes them distinct.
Springboard measures pedestrian traffic (footfall) in retail stores, shopping malls (centres), and downtowns (high streets).
Their expertise in site implementation and operations makes installation seamless. They can leverage your current security hardware and expand site coverage through integrating their own technology, providing customers with a flexible, scalable retail counting solution that works in real-time with pinpoint accuracy.
To learn more about Springboard visit: http://www.spring-board.info
My name’s Steve Booth and I’m the CEO of Springboard Research Incorporated.
So, we’re a global business. We’ve got offices back in Europe and here in North America, and we specialize in counting the actual number of footfall visits to retail environments. It’s not just retailing, it’s also the retail property as well.
So we’re pretty unique in the fact that we have a very large data set of people attending downtown, shopping malls, neighborhood centers, and strip malls, as well as retail units themselves.
So the kind of trends we’re seeing today in post-pandemic footfall patterns is we’re seeing a large increase of customers returning to our downtowns and our shopping malls and our retail parks. But of course it’ll be nothing like what we have pre-pandemic. And so we’re operating in what I would term as a economy of scarcity. So we really need to understand our customers better.
A really good example of what worked for a large retailer across the whole of the United States that are primarily engaged in ladies apparel. And we noticed from our data that we were having multiple visits of people entering the store. But with our AI learning technology, we were able to identify that it was actually male and a female that were accompanying each other.
And so we notified the retailer and they skewed their merchandise and just slightly towards male orientated as well as female orientated. And then you see an increase in your basket size. So it’s important that you understand the actual values of your customer and respond accordingly.
And I think because we’re operating in this economy of scarcity that we’ve really do have to understand our customers a lot better than we did pre-pandemic.
So our key benefits is understanding the wider context, because we’re counting so many shopping malls in so many downtowns, and we have actual physical numbers of male and female, and shopper patterns that we really can contrast and compare the number of people to the number of people that are passing the store, as well as the number of people that are entering the store.
And so really understanding that capture rate of the number of people that you could be encouraging into your store rather than ones that you’re missing. So you can increase your conversion rate in the store.