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Retail Chains Worldwide Use RetailNext In-Store Analytics To Optimize Their Physical Stores
NEW YORK, Jan. 13, 2014 /PRNewswire/ -- RetailNext, Inc., the in-store analytics market leader, today announced the addition of a number of new brand name customers to its roster, including Avenue K Mall, The Cellular Connection (TCC, a Verizon Wireless retailer), Home Decor Outlets, and Pressed Juicery. RetailNext enables these organizations to tie shopper traffic and demographics, engagement times, shopper path analysis, and many other shopper behaviors to actual sales at the register - giving brick-and-mortar retailers and mall operators visibility into customer analytics previously reserved for ecommerce sites.
"From TCC's 300 Verizon Wireless storefronts to the vast footprint of the Avenue K Mall, RetailNext's in-store analytics provide an in-depth view into customer behavior and engagement to optimize the in-store experience, evaluate staffing decisions, boost shopper acquisition and conversions, and increase the profit per shopper," said RetailNext CEO Alexei Agratchev. "RetailNext is growing more than 100% year over year with an increasing number of new global retailers partnering with us each month."
Avenue K Shopping Mall
Avenue K, a newly refurbished shopping mall in Kuala Lumpur, Malaysia, houses H&M's flagship store, the largest Cotton On outlet, the largest Muji store in Southeast Asia, Hush Puppies, Leica, Crocs, SEEN, Redeye and many other brand name retailers, spanning eight floors and covering more than 400,000 square feet of retail space. With 32 video cameras, Avenue K has installed RetailNext's platform for in-mall traffic management and plans to install comprehensive analytics for measuring consumer behavior in 2014.
"With the newly remodeled Avenue K, understanding shopper engagement and acquisition is more important than ever before," said Sue Wang, General Manager, Avenue K. "So much more than just door counting, RetailNext's in-store analytics suite will offer us the ability to examine shopper behavior and uncover opportunities to improve the in-mall shopping experience, driving visitor traffic and consequently luring big brands eager to hit the Malaysian shopping scene. With RetailNext, we are gaining deeper insights that were never before possible, enabling us to optimize business strategies."
The Cellular Connection (TCC)
TCC is the largest Verizon Premium Wireless Retailer with more than 300 Verizon Wireless retail stores nationwide. With a new store design, the company selected RetailNext to develop staffing models, help with store design by analyzing customer's path to purchase, and monitor traffic and conversion rates to help gauge the success of advertising campaigns. This will include testing and optimizing store layouts and product placements for their interactive touch screens, device wall, KidZone, and smart accessories (e.g. headsets, speakers, etc.) in order to offer customers the best in-store experience. With RetailNext, TCC gains insights into where customers spend time in the store – walking, stopping, looking, staying, and how patterns connect to conversions at the register.
"The traffic counting tool we used before RetailNext was largely ignored as it was often confusing and offered no credibility. RetailNext provided people counting plus a full suite of in-store analytics products that empower TCC to leverage a single system for traffic and conversion monitoring, shopper engagement, staffing models, loss prevention, POS exception reporting, and interior shopper analytics through the shopper's path to purchase," said Jason Buck, TCC Vice President of Marketing. "Through RetailNext's unified platform, we can gain valuable intel like when a store sells 150 SKUs with half the traffic of other stores, so we can take a closer look and replicate that success. We can also map staffing models to traffic counts to put the best people to work during the busiest times."
Home Decor Outlets
Home Decor Outlets, one of the largest retailers of discount furniture in the U.S., selected RetailNext for more visibility into store traffic to accurately measure conversion rates, and therefore hold sales associates more accountable for their stores' performance. By having real-time visibility into traffic, Home Decor has also been able to make adjustments to training, staffing, and benchmarking to influence conversion rate and improve the customer experience.
"With RetailNext, in just three months we increased our conversion rate by 2.3% at one store," said Joel Fulghum, Home Decor Outlets Chief Operations Officer. "Combining this variable with our consistently strong average transaction value and better visibility into shopper traffic, we project the RetailNext system will help drive over seven-figures in additional sales across all of our locations. Now we have an accurate, objective way to measure traffic, and automatically combine it with our sales data to maximize results."
Pressed Juicery, a cold-pressed juice bar expanding to 50 locations this year, selected RetailNext to maximize operational efficiency and the consumer experience. By collecting data from front door traffic analytics, gender detection, mobile device detection, and dwell time at the point-of-sale, Pressed Juicery stores can measure customer behavior and engagement. Because RetailNext can import data from any staffing software, Pressed Juicery can also measure conversion by time period and staffing level to identify opportunities to increase sales or reduce costs.
"Pressed Juicery stores have a unique concept size – under 1,000 square feet," said Pressed Juicery Senior Director of Finance, Vance Chang. "With such a small footprint in each store, we saw a big opportunity with installing RetailNext to ensure we were providing customers with the best possible experience within our space. By gleaning valuable insights into who is visiting, when, and how long and where they dwell, we can uncover whether staffing is fulfilling customer needs."
RetailNext is the leader in Applied Big Data for brick-and-mortar retail, delivering real-time analytics that enables retailers, shopping centers, and manufacturers to collect, analyze, and visualize in-store data. The company's patented solution uses best-in-class video analytics, Wi-Fi detection, Bluetooth, data from point-of-sale systems, and other sources to automatically inform retailers about how people engage with their stores. The highly scalable RetailNext platform easily integrates with promotional calendars, staffing systems, and even weather services to analyze how internal and external factors impact customer shopping patterns, providing retailers with the ability to identify opportunities for growth, execute changes, and measure success.
RetailNext measures the behavior of more than 800 million shoppers per year by collecting data from more than 65,000 sensors in retail stores and analyzing trillions of data points. Headquartered in San Jose, CA, RetailNext is a growing global brand operating in 33 countries.
RetailNext, Inc. and RetailNext are trademarks of RetailNext Inc. in the United States.
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