RetailNext Granted Patents for Full Path Analysis
Technologies Power Advancements in Understanding Consumers’ In-Store Behaviors and the Impact on Connected Shopping Journeys
SAN JOSE, Calif. - Jan. 11, 2019- Today, RetailNext Inc., the worldwide expert and market leader in smart store retail analytics for optimizing shopper experiences, announced new patent grants for conducting full path analysis of in-store shopper journeys and enhanced processes to improve accuracy of tracking solutions. RetailNext will be showcasing its innovative solutions, complete with its full path analysis and interior analytics capabilities, at booth #3473 at NRF 2019, Retail's Big Show & EXPO, presented by the National Retail Federation in New York City, January 13-15.
"RetailNext was created and built on the premise of developing and delivering the technology solutions necessary for retailers to compete in this new era of retail," said Arun Nair, co-founder & CTO of RetailNext. "These two new additions into the company's patent portfolio are further evidence of the company's commitment to break through the established boundaries and tired paradigms of the industry and solve for retail's greatest challenges and opportunities."
Full Path Analysis and Interior Analytics
United States patent 10,163,031 empowers RetailNext's full path analysis capabilities, allowing retailers to measure the complete in-store shopping journey by mapping the entire sales floor and stitching together data streams from different video sensors. Combined with RetailNext's powerful suite of interior analytics solutions, including dwell conversion and merchandising, retailers are able to determine how shoppers, over time and at scale, navigate and shop through the store, including engagement with various displays, product merchandise and service areas.
"Retailers strive to understand shoppers' full connected journeys, both online and in-store, and the largest data void is what happens in-store, from the front door to the register," said Lauren Bitar, head of retail consulting at RetailNext. "Full path analysis unlocks the mystery of in-store shopping, allowing retailers the ability to further test, learn and improve upon the delivered shopping experience. RetailNext's ability to take full shopper journeys and segment them based on criteria such as age or gender, buyer versus non-buyer, or staff versus shopper takes the level of understanding to the next level and allows retailers to analyze their in-store activity in the way they've become accustomed to with digital mediums."
United States patent 10,134,146 covers the detecting, tracking and counting of objects in videos, and is used to establish the market-leading accuracy of RetailNext's shopper traffic counting solution with its Aurora all-in-one sensor.
"When it comes to shopper traffic counting and advanced retail analytics, accuracy is everything," continued Bitar. "Retailers are making strategic and tactical decisions on data insights, and the effectiveness of any corrective action is only as good as the data driving the decision-making processes. When this precise measurement is combined with our team's deep understanding of today's retail, we get closer and closer to the elusive understanding of the full shopper journey and how it can be optimized to drive shopper experience."
The first retail vertical IoT platform to bring e-commerce style shopper analytics to brick-and-mortar stores, brands and malls, RetailNext is a pioneer in focusing entirely on optimizing the shopper experience. Through its centralized SaaS platform, RetailNext automatically collects and analyzes shopper behavior data, providing retailers with insight to improve the shopper experience real time.
Over 425 retailers in more than 75 countries have adopted RetailNext's analytics software and retail expertise to better understand the shopper journey in order to increase same-store sales, eliminate unnecessary costs and mitigate liability risks. RetailNext is headquartered in San Jose, Calif.
Learn more at www.retailnext.net.
RetailNext Inc. and RetailNext are trademarks of RetailNext Inc. in the United States.