Data Is Driving Retail. Who Is Winning?
Shakeups and Disruptors: Success Stories in Retail Data Analytics
It has quickly become clear that the impact of big data on most industries simply has not been fully understood yet. Every few months a new trend or innovation completely shifts the direction and standard operating procedures for both the companies that conduct this data analysis and for those that rely on it. Apart from the constantly evolving field of data, retail is a space that is already in flux. The companies working to provide the best and most complete information to the foremost retailers must think on their feet and five steps forward, simultaneously. Those companies that succeed in this space do exactly that. Who are these companies and what defines their success for retail data analytics?
Euclid and RetailNext: Complete Customer Profiles
Inexpensive and easily integrated Bluetooth technology has allowed companies like RetailNext to track over 500 million shoppers in real time. In-store Bluetooth beacons connect with customer smartphones to provide upwards of 10,000 data points that can shape a customer profile within the store, highlighting actionable information about browsing habits, the effectiveness of promotions, the physical layouts of stores, and more. Euclid Analytics performs similar services and their its extends to more than six billion customer data points a day. Each profile becomes more accurate and informative the larger the comparative database is.
MiNODES: Tracking Individual Promotional Materials
Germany’s MiNODES collects data via in-store beacons as well, though its success is found in a narrower focus: individual promotional materials. Its collection practices help to optimize not only the contents and design of a physical promotional item, like an LED screen or sandwich display, but also helps to place it in the store where foot traffic is densest or customers to whom that promotion is relevant spend most of their time.
SAS: Understanding Omnichannel
Omnichannel is a concept that is still being adapted to throughout the retail space. Customers are opening competitor websites on their smartphones while at a brick-and-mortar location to compare prices, check sizes, and read reviews. SAS Analytics help stores track and conduct predictive analysis around the “buying journey,” maximizing the effectiveness of the omnichannel approach while helping to tailor future online portals to better facilitate purchasing behavior.
The most successful retailers in this dynamic age will be those that not only embrace ideas like omnichannel but aim to dissect it, shaping their business before the trends take hold rather than following what has already been proven. When data is moving this fast, there is no time to lag.