Data analytics is the next big thing for businesses. It helps businesses understand data to improve their processes. A company called RetailNext assists stores collect data and use the data to make improvements and changes. RetailNext is about In-Store Analytics. It has worked with Bloomingdale’s, Gander Mountain, Procter & Gamble, Frito Lay, and many other companies. For example, RetailNext could help improve sales by 8-10%.
RetailNext follows four steps to provide data to companies. They collect data, perform analysis, provide visualization, and give insights. The ways that RetailNext collects data is through video cameras, Wi-Fi, point of sale systems, weather, and calendars. They use devices inside and outside of stores to collect data. RetaiNext performs analysis through its software. It is a secure software that can analyze data for more than one store location and bring it all together. Then, RetailNext provides visualization of the data. The data can be viewed on the web or on a phone, it creates reports, and alerts can also be created. Trends can be identified through the visualizations and comparisons can be made between new and old data. Finally, RetailNext provides insights to stores. The stores can use this insight to make improvements. The insights can include things about who customers are, how many customers come to the store, what do customers when they are in the store, how does a store’s staff affect the store, and overall store performance. Data about the customers could be about their gender, where they go when in the store, and whether or not they have been to the store before or not. Data about the staff could include how they treat customers and how that helps or does not help sales.
I think RetailNext is a great way for companies to collect data, and use the data to improve their operations. Stores could improve their revenue, the layout of their store, the products being sold, and customer experience. It is a benefit for companies to have all their data in one place in an easy to understand way. Companies cannot make improvements if they do not understand the data, so it is beneficial that RetailNext provides the data in multiple different ways. I think the reports generated are the most useful because companies can look at the graphs and numbers and figure out what is really going on in their store.
What do you think about RetailNext? Do you think the data collected can actually help stores improve?