Cameras aren’t just for deterring shoplifting. Video analytics can tell a retailer the age and gender of shoppers, what they touch and where they go in a store.
“We had a store targeting the Millennial crowd when it turned out it was Gen X shopping there,” said Shelley Kohan, vice president of retail consulting at RetailNext.
RetailNext, a data analytics firms that works exclusively with retailers, is one of the change agents helping retailers survive the great commerce evolution. In a podcast interview with Webster, RetailNext’s CEO Alexei Agratchev and Head of Business Analytics Chitra Balasubramanian explained that when their firm first launched 7 years ago they had a simple goal – to give physical retailers access to the same kind of information that their online counterparts routinely capture and use.
RetailNext feels that although November started off on a more difficult footing because Halloween fell on the Friday before the first holiday shopping weekend (the first Saturday in November, Nov. 1, saw sales down 10% on a 7.8% decrease in traffic), this will make for a particularly strong Thanksgiving weekend.
Dietz joins RetailNext from IBM where he led worldwide marketing for the company’s SaaS portfolio, including multiple acquisitions such as DemandTec, Coremetrics, and Silverpop. Prior to the $440 million acquisition of DemandTec by IBM, Dietz led all marketing efforts at the cloud-based analytics provider for retailers and consumer products companies. He helped grow DemandTec from an early stage through IPO in 2007, and the IBM transaction in 2012, according to RetailNext.
RetailNext Inc., a leader in applied Big Data for physical retail, named Marc Dietz as its chief marketing officer.
Dietz comes to RetailNext most recently from IBM where he led worldwide marketing for the company’s SaaS portfolio, including multiple acquisitions such as DemandTec, Coremetrics, and Silverpop.
Halloween fell on a Friday this year, producing a negative “Hollow Halloween” effect on store sales on Saturday, Nov. 1, according to analysis from RetailNext. Stores needed to make several quick changes–not only store fixtures and merchandise, but also to traffic-generating activities to transition into the holiday period.
“E-commerce is real and it is disrupting a lot of different business models,” said Alexei Agratchev, chief executive officer of RetailNext. “Customers are comparing prices, reading reviews and social media can amplify experiences that happen in stores.”
Today, the customer is in charge and retailers have to adapt to this, he said. In order to do so, companies must find the optimal mix of online, mobile and stores; maintain a branded experience across all channels, institute a flawless in-store experience and use analytics to continually monitor shoppers across channels.
It’s not as nuanced as it used to be. The RetailNext platform is a “big data” analytical platform, but it’s very much built by retailers for retailers. The last couple of years, we’ve seen a trend in the convergence and integration of data needs from across the retail organization. Loss prevention, marketing, retail operations – all the functions are realizing the benefits of making data-driven decisions, and as such, there is an emphasis on investing in solutions that can be seamlessly integrated and scaled. It’s not an “IT thing” anymore. Rather, it’s a key strategic and tactical decision-making tool across all functions. The RetailNext APIs are pretty robust, and they’re designed to seamlessly integrate, inbound and outbound, to systems. In the end, its about collecting and aggregating relevant data streams, synthesizing and analyzing the data, and facilitating better decision-making.
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.