RetailNext is at the forefront of a new generation of successful businesses capitalizing on the intersection of Big Data analytics with the Internet of Things (IoT). RetailNext provides retailers, malls and manufacturers with real-time data on product consumption and shopping behavior to identify opportunities for growth.
“RetailNext is the industry leader in providing in-store analytics to retailers, and the quality and reliability of our software and service is at the heart of our business,” said Harry Manley, head of customer support at RetailNext. “Moogsoft provides our team with a critical enabling technology, helping us scale to meet our business goals while delivering the highest quality service possible.”
Tyco Retail Solutions has integrated its traffic intelligence solution with RetailNext, a provider of Big Data solutions enabling retailers to monitor, analyze, and act upon shopper behavior within the store environment.
Looking at August 2014 performance, RetailNext found that the last two Saturdays in August, which fell close the back-to-school season, experienced the highest levels of traffic, transactions, and sales in the month. Conversion and sales per store were highest on the 28th and 29th, prior to the back-to-school rush. Cool and less severe weather were experienced, supporting traffic and conversion rates for retailers.
Retail CEOs have been blaming sales shortfalls in recent months on declines in store foot traffic, with some even claiming that consumers, increasingly distracted by the 24/7 lure of online shopping, are starting to avoid the mall entirely. Is the decline in traffic really happening? Yes, according to San Jose, CA-based analytics firm RetailNext.
RetailNext’s solutions provide retailers and manufacturers with real-time data on product consumption and shopping patterns to identify opportunities for growth. Their patented solution uses video analytics, Wi-Fi detection, Bluetooth, on-shelf sensors, beacons, and data from point-of-sale systems to inform retailers about consumer shopping habits.
Tyco Retail Solutions , a leading global provider of retail performance and security solutions, today announced Tyco has made an equity investment in RetailNext, an innovator in Big Data solutions for retail. RetailNext offers unique and comprehensive real-time analytics, particularly in the traffic intelligence space, empowering retailers to collect and analyze in-store data.
The first technology platform to bring e-commerce style shopper analytics to brick-and-mortar stores and malls, RetailNext enables retailers to collect and correlate data from the broadest available set of data sources. More than 140 retailers and brands worldwide have adopted RetailNext solutions to glean the insights necessary to improve customer experience, increase same-store sales, reduce theft and eliminate unnecessary costs.
RetailNext, which provides in-store analytics to retailers, has been working with its clients to help analyze everything from shopper demographics to outside-store foot traffic to inventory management. Maria Fernandez Guajardo, vice president of product management at RetailNext, spoke with eMarketer’s Yory Wurmser about how retailers can use this data to optimize store business.
RetailNext, a provider of applied big data for brick-and-mortar retail outlets, recently hosted an annual executive forum. At the event retail executives were asked about the effects of technology on the in-store experience and the importance of collection in-store data. Here are some of their responses. When asked how in-store data collection and analysis compared from now to two years ago, 60 percent answered that data collection increased significantly, while 23 percent answered that it somewhat increased. A small number of respondents answered in the number of 17 percent saying data collection remained about the same comparing the two time frames.
Physical retail hasn’t gone away just yet, according to Ken Silay, director of technology research and innovation for Chico’s FAS. Now more than ever, retailers must leverage metrics in the moment and analyze physical data to make decisions. This was the overarching theme of the day at the 2014 Store Experience Symposium that kicked off the 13th annual Retail Executive Summit in Del Mar, CA last Wednesday. Joining Silay were Naomi Gross, professor, assistant chair and FMM at Fashion Institute of Technology, Shelley Kohan, VP of consulting for RetailNext and Sahir Anand, VP of research and principal analyst for EKN Research.