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.
For small retailers to grow, they need to keep track of foot traffic and in-store customer interactions. Bluetooth-enabled devices that transmit data between smartphones and tablets in close proximity allow you to keep track of performance metrics in real time. When linked to your POS system, these apps can show you the number of customers who came into your store, conversion rates and other important information that will help you make strategic, educated decisions about your business.
Examples: RetailNext, Swarm Portal
The key things that every business or business owner needs to know relate to who their customers are. As a retail professional, having a clear focus on exactly who buys from your business and how this group of people changes over time can really make or break your sales and profitability levels.
Maria Fernandez Guajardo, Head of Product at RetailNext, a startup for interpreting data, told Evigo “When shoppers agree to opt-in and engage with a retailer through mobile technologies, it offers a few different advantages for retailers. First, mobile opens up a path for two-way communication; it’s a means for a retailer to not only send out communiques, but to listen and better understand shoppers and what they want. Mobile analytics offer a wonderful method to integrate loyalty and other shopper retention programs.”