Retail technology development has accelerated as a result of the pandemic. This wealth of new solutions brought to the market has prompted retailers to actively test and implement various in-store digital solutions to improve sales, operational efficiency and drive customer engagement. As a result, multiple solutions are tested in stores simultaneously, making it more difficult to measure their individual impact on sales.

Correlation analysis is often the solution when it comes to measuring effects in this situation. It allows us to look at the app usage in stores and compare it with the sales numbers including Conversion, Basket size or Average transaction value. If there is a dependence between app usage and sales results, the analysis will show it.

So how does it work?

When Mercaux carries out a Correlation Analysis, we plot the data in the form of a visual graph combining daily stores usage data and sales data. The dashboard shows a trend line and exact numbers demonstrating the impact of the active use of the solution on sales parameters: it could be positive, negative or have no influence at all.

During the report preparation, p-value, a statistical way to check how strong the hypothesis is, is also being considered (the lower the value, the stronger the evidence that the app impacts sales results).

Sales parameters that can be analysed using Correlation Analysis

• Conversion
• Basket size
• Average transaction value
  
  

Have you explored Correlation Analysis yet?

Reach out to your Customer Success Manager today to start measuring the exact impact of the Mercaux solution on your store's sales results and see what you discover!