We are here at NRF 2014 and it’s such an exciting time! With thousands of retail professionals at the conference, RetailNext is keeping busy sharing the new and powerful products recently released. RetailNext announced the release of the 5.0 platform yesterday and with it we a number of unique products that are tackling some of the hardest retail marketing problems today. The 5.0 platform introduces a suite of analytics products targeted to marketing professionals including ShopperBase analytics, Department Path Analysis, Mobile Browsing analytics and personalization API’s, a custom analyst package, and a number of user interface enhancements. The new releases significantly improve the depth and breadth of customer behavior analytics available to retailers and shopping centers worldwide.
With these new features, brick-and-mortar retailers are able to gain an even more expanded, in-depth view of their customers – whether shoppers are engaged physically or through a smartphone – as we continue to bridge the gap between the physical and online analytic worlds. By using this actionable data, marketers can improve the in-store experience, optimize new customer acquisition strategies, and increase the profit per shopper.
With that, let’s jump into RetailNext’s exciting new features recently announced from NRF’s Big Show (booth #1665)! If you’d like to schedule a meeting at or after the Big Show, please drop us a note.
At the core of RetailNext’s 5.0 release is the ShopperBase analytics product suite. ShopperBase analytics addresses the needs of retail marketing professionals by uncovering valuable insights into who their shoppers are through shopper demographics, loyalty, lifestyle, and more.
The suite expands previously available insights, such as gender and loyalty (new vs. repeat visitor and frequency), by including new shopper characteristics derived from the industry’s largest variety of data sources, including:
- Gender and Age – Adds shopper age as a new metric, complementing gender demographics.
- Geo-Origin – Shows the most common cities, states, and countries where customers reside, on a store-level and chain-level basis, and for a given timeframe. Users see changes in customer geographical origin based upon changes in key performance measures such as traffic, conversion, and shopper yield. They can also quickly overlay the percentage of local vs. non-local and domestic vs. international shoppers on top of metrics within the platform’s Data Mining feature.
- Cross-Store Spending – Enables retailers to understand what other industries and stores customers shopped on the same day they shopped at a given store. As with Geo-Origin, the Cross-Store Spending snapshot lets users easily see how spending patterns change as traffic, conversion, average transaction value (ATV), and other measures change over time.
ShopperBase analytics is released in conjunction with RetailNext’s latest set of performance analysis tools that enable retailers to easily identify top performing days, stores, and areas within each store. The interactive analysis tools help retailers test and measure marketing campaigns, drive advertising strategies and real estate planning based on geo location, evaluate complementary stores for cross-promotional opportunities, and understand the link between key performance indicators (KPIs) and shopper profiles to replicate best practices across all stores chain-wide.
Department Path Analysis
Using existing Wi-Fi networks or dedicated sensors, RetailNext 5.0 can determine the position of smartphones and tablets inside a retail store and visualize the path to purchase through each department. Historical data can be used to identify a shopper’s interests based on dwell time in each department, understand traffic flow between departments, measure loyalty (repeat vs. first-time visits) by department, and identify lost purchase opportunities. Real-time department-level location data are included in RetailNext’s Personalization API to add context to in-store digital interactions, such as promoting nearby products through SMS or mobile apps.
Guest Wi-Fi and Personalization
Guest Wi-Fi is an attractive way to engage omnichannel shoppers as they look for product information and “socialize” the shopping experience. With poor cellular coverage in many shopping centers and increasingly restrictive data plans, omnichannel shoppers are eager to take advantage of Wi-Fi whenever possible.
Following the company’s acquisition of Nearbuy Systems, RetailNext has integrated the first location-based Wi-Fi Analytics platform able to manage guest-Wi-Fi services and provide a real-time personalization API that integrates shopper data for more targeted and personalized marketing. More than 100,000 new shoppers opt in daily, enabling retailers to engage with them on a one-to-one basis and influence purchases through personalized campaigns while they are in stores.
Mobile Browsing Analytics
The opt-in customer base product contributes to RetailNext’s robust mobile browsing analytics, which analyzes sites and products being browsed, search terms being used, social media activity within the store, and more. Retailers are able to quantify the impact of “showrooming” on the business, gleaned from deep insights about shopper mobile browsing behaviors while they are in the store and engaged with the brand.
Custom Analyst Package
The 5.0 release provides data to scientists, consultants, and other retail analysts with access to the underlying data that feed all the RetailNext metrics via a pre-packaged, structured format that offers the deepest understanding of how customer behavior influences buying. To optimize the value of the findings, RetailNext has formed a Professional Services Team of retail experts to aid customers in adopting the emerging technologies that are critical for today’s retail organizations.
Please stop by the RetailNext Booth #1665 for complete details. If you’d like to schedule a meeting at or after NRF’s Big Show with a RetailNext exec, please drop us a note.