Innovation is ingrained into the culture here at RetailNext. Since the firm created the in-store retail analytics space in 2007, the company has invested heavily in developing new technologies, software platforms and data streams, all with the aim of helping brick-and-mortar retailers become better retailers.
At the end of the month, the United States Patent and Trademark Office will issue RetailNext patent 8,989,775 for “Method and system for wifi-based identification of person tracks.” This new, proprietary technology more fully empowers RetailNext’s in-store analytics platform, and allows retailers to better understand their shoppers and how they, in turn, shop stores.
Wireless tracks of all types (Wi-Fi, BLE, Zigby, etc.) suffer from a lack of precision due to the nature of the tracking technology. Video tracking is extremely precise, but doesn’t allow for easy identification of subjects – “identification” being the separation of employee versus shopper in our use case, rather than the personal identification of any individual shopper.
By bringing these two data sources together, we achieve more descriptive power than either source can provide alone. This combination of data streams and sources is what is represented in this patent.
This technology is fundamental for RetailNext’s Full Path Analysis capability, where our platform provides insights into how shoppers navigate throughout the store and engage with displays, fixtures and sales associates. Through the application of this patented technology, we can effectively exclude employees from the data sets, providing the retailer an accurate picture of where shoppers go and what they do in store.
Of course, that’s just one use case. We can also accurately determine when an associate first interacts with a customer, and for what duration, as well as if there are repeat interactions and/or guided ‘tours’ through the store. Essentially, whatever is most important for retailer to deliver its in-store value proposition, we can measure it and help them evaluate it and continuously improve.
And, that’s just plain cool. It’s the passion that underlies the R&D team here at RetailNext, and I can hardly wait to tell you … in time … what we’re working on next.
Have a question about the new patent or want to talk cool, techy R & D stuff? If so, please drop me a line on Twitter @Kngpengwin.
Join the #retail and #backtostores conversations on Twitter @RetailNext and at www.facebook.com/retailnext.