Retail’s annual The BIG Show concluded last week, and coming on the heels of another busy and blustery Holiday season, it’s now time for the retail industry to catch its collective breath and focus on a New Year and its new opportunities.
RetailNext had its biggest-ever presence at The BIG Show this year, and the show was a resounding success. The booth was crowded with engagingconversations, and it was clear that retail analytics has become entrenched in the industry. No longer are the conversations about what retail analytics is, rather discussions are pointed toward how retail analytics can benefit a retailer’s business.
At The BIG Show, RetailNext introduced predictive simulation as a new capability of the RetailNext software platform. You’ll see more on this next week and throughout the course of the year, but, in a nutshell, predictive simulation empowers retailers to simulate the impacts of potential store layout and operational changes in an efficient manner – and without expensive investments.
Considering changing fixtures and merchandising displays, or the location of POS terminals? Wondering about how high volume traffic days affect shopper flow? Want to evaluate the effect of a promotion in one department on the rest of the store, or maybe an expansion into a bigger store footprint?
With predictive simulation based on traffic pattern modeling, retailers can now assess the impact of potential changes on traffic, conversion, and sales. It’s a great way to determine feasibility of projects – even multiple variables at once – without incurring costs.
An expanding platform
With the RetailNext platform a de facto standard, centralized analytics platform in the retail industry, a key area of growth for coming years is the lateral expansion to integrate third-party applications. At the RetailNext booth, we partnered with two companies to demonstrate value-added applications to our retail clientele and their shoppers
Theatro demonstrated its wearable computer, a little device greatly empowers the hourly sales associate, not just with communications with other staff members, but with queries to, and alerts from, the RetailNext platform.
On the other side of the shopper-retailer value chain, StepsAway demonstrated its market-first, in-mall solution for offering shoppers smartphone access to hyperlocal in-store deals, using data analytics on both ends – first driving the offers extended, then closing the loop with metrics for promotion evaluation (and continued refinement and improvement).
RetailNext was proud to have branded presence in partner booths at AT&T, Cisco and Tyco (Tyco is not only a partner, but also an investor in RetailNext). The integration partnerships are valuable, as it allows the partner ecosystem to leverage its client relationships and bring additional added value to solutions.
Product demonstrations were going on nearly non-stop at the partner booths, and well as the conversation at the AT&T Venue Analytics station inside the RetailNext booth. It’s an exciting time to be in the space, and RetailNext is increasing leadership position in both the innovation and market share arenas.
Putting the finishing touches on Holiday
Be certain to join us for the next installment of the RetailNext Webinar Series on Tuesday, February 3 – “Holiday ’14 Results and New Metrics for ’15.” Bridget Johns and Chitra Balasubramanian, two of our retail experts, will report out final metrics on the Holiday season, review the lessons learned that retailers should carry forward through 2015, and introduce new metrics for brick-and-mortar’s new retail realities. Register now.
Join the #retail conversation on Twitter @RetailNext and @RayHartjen, as well as at www.facebook.com/retailnext.