22 May - The Ultimate Triple Play: 3 Aspects Autonomous Stores Need to Have in Stadiums to Maximize Revenue Growth
Shorter lines + better customer experiences = increased revenue.
Autonomous stores in stadiums are changing the game for fans purchasing their favorite snacks and beverages at an event. Let’s be real—the last thing any fan wants to do at a game is spend too much time waiting in line for concessions. Autonomous stores offer a convenient and efficient shopping experience, eliminating wait times and enabling fans to get back to their seats to watch their favorite team win (fingers crossed). Autonomous stores not only benefit fans, they also provide significant revenue gains.
In fact, if wait times were shorter, 59% of fans would actually spend more on food and beverage items. A study from 2018 proves long lines can cost businesses $37 billion in sales every year. As technology has advanced, consumers have come to expect instant gratification and now demand seamless and quick shopping experiences. So there’s no doubt that long lines today can still cost businesses billions of dollars in lost revenue.
The math is simple: shorter lines + better customer experiences = increased revenue. We know autonomous stores offer convenient and efficient shopping experiences, driving revenue. But to truly maximize revenue growth, there are three essential aspects that these stores need to have. In this article, we’re covering all the bases and sharing the ultimate “triple play” (store placement, shopper analytics, and scalable technology) your store needs to increase revenue.
1. Strategic Placement of Autonomous Stores Within the Stadium
Location, location, location. It’s one of the most important factors in an autonomous store’s success. While stadiums are typically active across all levels, there are usually hot spots where a lot of foot traffic takes place. It’s important to identify the most trafficked locations to ensure the store is accessible to the most fans and event goers. For instance, if foot traffic at a stadium is known to be greatest at, let’s say, Gate 6, implementing an autonomous store near Gate 6 would obviously be a smart choice and will likely be the most lucrative. The more throughput, the more revenue!
Keep in mind that certain autonomous stores, such as the AiFi To-Go solution, enable businesses to tap into previously unusable space. AiFi To-Go offers a fully assembled, portable store that is customized to match your needs and brand in any commercial space. This portability enables businesses to maximize their reach while providing customers with personalized and convenient shopping experiences.
Check out the portable Hard Rock Stadium Express Shop powered by the AiFi To-Go solution at the Miami Grand Prix 2023.
2. Shopper Analytics & Shopper Journey Insights
Where would businesses be without analytics and insights to inform what’s working and what’s not? Probably out of business. That’s why the critical aspects of an autonomous store’s success in a stadium include shopper analytics and shopper journey insights to track product awareness, consideration, and conversion.
Shopper analytics, such as AiFi’s Store Analytics Data Platform, provide business owners with insights on:
- Sales performance to monitor basket size and overall revenue
- Shopper conversion rate to track how many people enter the store and make a purchase
- Transaction time to oversee how long shoppers spend in the store
Additionally, AiFi’s Shopper Behavior Data Platform provides:
- Heatmaps to showcase “hot spots” where most customers spend their time in the store
- Dwell time which details how long shoppers spend inside the store
- Shelf location interactions to illustrate which shelves get the most action
Tracking all of the above enables business owners to enhance:
- Planogram planning to optimize the store layout, placing the most wanted items in the places with the most throughput
- In-store promotions by understanding which products are flying off the shelves and which shelves are getting the most attention
Get deeper insights and discover the 3 Types of Customer Data That Businesses Should Collect and Analyze.
3. Scalable Technology to Grow as the Business Grows
Above all else, autonomous stores are only as effective at driving revenue as the technology powering them is strong. That’s why we’ve put together a few must-haves for autonomous store technology:
The store’s operating system must integrate with your APIs, such as an existing retailer app, payment terminals, and entry systems. To scale and grow your business, you may also want to consider leveraging an operating system that integrates with your:
- Store planogram
- Order lists
- Product details
- Customer lists
- 3rd party suppliers
You’ll also want to be sure the technology you use offers multiple and flexible access solutions (i.e. via credit card or app). These options will enable your customers to choose the point-of-entry solution that works best for them. On the topic of accessibility, you’ll also want to ensure that your autonomous store is designed with inclusivity in mind for customers who may have special needs.
Last, but certainly not least, camera-only computer vision is a non-negotiable technology for autonomous stores. Computer vision is a field of artificial intelligence (AI) that enables machines to interpret and understand visual data gathered from their environment. AiFi’s camera-only AI platform begins tracking shoppers as they enter the store using keypoint tracking technology that creates a unique individual. The result? Enhanced product and shopper tracking that easily identifies items customers interact with, offering heightened scalability and receipt accuracy.
With these three technologies, customers are enabled to have a seamless and convenient shopping experience and the store is equipped to scale.
Learn more about AiFi’s camera only computer vision technology.
Final Thoughts
Autonomous stores in stadiums present a game-changing opportunity to enhance fan experiences and maximize revenue growth. By incorporating three key aspects—strategic store placement, shopper analytics, and scalable technology—businesses inside stadiums and other event venues can increase profit margins nearly twice as much as traditional stores.
Interested in discovering the revenue growth AiFi can bring to your stadium? Book a demo! We’d love to show you what AiFi can do and discuss how it can benefit your organization.
