In her post last week for The Wall Street Journal, “RetailNext Bags $125 Million for International Expansion, Acquisitions,” Lizette Chapman wrote that RetailNext acts “like a Google Analytics for brick–and-mortar retailers,” and a more apt description of both RetailNext and the retail in-store analytics industry has yet to be written.
Next $1B startup? RetailNext Bags $125 Million for International Expansion, Acquisitions http://t.co/u0C1fhDhm1 via @WSJ
— Lizette Chapman (@lizette_chapman) April 15, 2015
At RetailNext, we’re fond of asking, “Would you trade today’s online shopping experience for that which you ‘enjoyed’ 15 years ago?”
The answer, of course, has been unanimously “no.” Online merchants have done an incredible job in transforming the online shopping experience from what it was to what it is, and they’ve done it through data. Simply put, online retailers know their shoppers and how they shop online, their preferences and their history – and have enough shopper data to develop customizable and personalized shopping experiences.
Advanced in-store retail analytics levels the playing field between a brand’s online and physical channels. Today’s retail reality has demonstrated that brick-and-mortar stores can no longer compete on product, price and availability alone – there are just some areas that online retailing has an inherent advantage.
However, physical retail possesses its own inherent advantages, and, coincidentally, they also include the opportunity to deliver customizable and personalized shopping experiences.
Three years ago, the retail industry was building its education and awareness of what advanced in-store analytics was, how it could be deployed, and what results could be realized. Retailers were on a short, but steep, learning curve.
Today, retailers fully understand how in-store analytics delivers critical insights into shoppers and their shopping behaviors, and they’re rapidly adopting analytics solutions to bring this hard data to complement the time-honored and treasured values of retail experience and “gut feel.”
Modern retail and its omnichannel is now entering a new era, one defined by shoppers possessing unprecedented power and being clearly in charge, and one where retail science meets retail art – the dawn of a retail Renaissance.
It’s an exciting time to be in retail, and the battlefields are being drawn as brands and stores look to elevate themselves as “retailers of choice” in the minds – and wallets – of shoppers. Advanced retail analytics is the platform for the fight, and RetailNext is proud and excited to be leading the charge.
Join the #retail conversation on Twitter @RetailNext and at www.facebook.com/retailnext.