Short answer: Angie Westbrook says it is the in-store version of a digital impression; if a new product gets engagement but no sales, that signals a product or pricing problem, while no engagement points to placement or marketing.
Watch this answer from Episode 21 (starts at 17:04) · Episode 21 notes and transcript
From Episode 21: Not your STANDARD Market, starting at 17:04.
Angie Westbrook [17:04]: Did someone view your content? Did they click on it? Did they share it? Right? There's, like, a level of engagement that's different. That's what we bring. So this is a really interesting and important distinction if you're trying to determine how that display is performing or that new product. Like, the new product example for me is a really interesting and one, because it captures exactly what we're talking about here. You introduce a new product into market. If it's selling, then great. Right? But I think it's, like, more than 85, 90% of the time a new product fails, and all you do is get the sales data that says it didn't sell. Well, did it did people see it and not like it, or did they just not even have awareness of it? So we can give you that that, mid middle of the funnel metric to tell you where to invest to make it work. So if you're getting a lot of engagement and it's not converting, that's telling you've got a product problem or a pricing problem.
Angie Westbrook [18:07]: Right? But if there's just no engagement, no awareness, now you know it's placement, marketing, those signage, those kind of things where that's in the right place, you know what you're doing, and you can see those results then faster. And you put that in you know, that's just one example of many where you can apply that type of data to just make better decisions faster so you're investing and ultimately growing revenue.
Jordan Metzner [18:33]: Obviously, as you mentioned, kind of the company started as, like, just walk out and now kind of focused on kind of bringing analytics to retail a little bit. But, how has AI had a impact over that time frame since you guys were kind of early into the AI business, obviously doing a lot of computer vision, and kind of, how does AI have an impact today, and kinda where do you think it's going on the impact of your business?
Angie Westbrook [18:55]: I mean, the breakthroughs in computer vision are what enable this technology to even exist, you know. Security camera footage has been around for a long time, but the problem is you just could never process that much data in a way that made it consumable and usable. And so without AI and without these breakthroughs in how we are, able to process data and use it, none of this would be possible. So it's it's really incredible to see what that facilitates and allows moving forward. And, we didn't even get into the sort of predictive piece of it, but, like, the longer that we're running in a store because it's you know, because we have AI, we can start to run predictive models and make more predictive, behaviors in terms of what is gonna drive those sales or simulate making changes instead of having to even do them in a physical store. So the not only what it unlocks now, but what it's gonna do as we continue to iterate and change and bring new technology into physical stores is just really incredible to think about all we can do.
Jordan Metzner [20:10]: That's awesome. Really cool product. Super exciting. Seems like just the early days. And, yeah, probably it'll lead to better customer experience in the long run of more personalized, more tuned shopping to what customers love. Right?
Angie Westbrook [20:25]: Yeah. Let's get them let's get every you know, the last thing I'll say on that is too, I mean, I think there is a little bit of a misconception about in store shopping. Most retailers that you talk to are still experiencing something like 85 to 90% of their sales are still happening inside the store. So this is an area that we need to be investing in. You know? And as a consumer, I love going in and being able to interact in the store and make those decisions live, and I really appreciate the merchandising that happens inside stores. I'm definitely a sucker for impulse buys. So, anytime that we can continue to invest in that the retail industry, which is incredibly important for lots of reasons for the economy, I think it's it's a great place
