RetailNext: Comprehensive Vision for In-Store Analytics
Alexei Agratchev, CEOAlexei Agratchev, CEO, RetailNext states, “RetailNext is a retail technology company, built by retailers for retailers, solving retail’s biggest opportunities and challenges.” The company’s retail IoT platform integrates data streams from a variety of in-store sensors. The platform even connects to systems including POS, workforce and task management, and weather systems. All these together facilitate the platform to merge data on a centralized platform, enabling collation, organization, analysis, and reporting.
To eliminate the loss prevention concerns of the retailers, RetailNext’s flagship retail analytics platform is built-in with a powerful Loss Prevention module. The features of the module include advanced video management, POS exception reporting, in-store ‘dwells’, and security event monitoring that minimizes theft by up to 75 percent. This module replaces several single-point solutions as well cuts down capital and operational expenditures. Such scalability of LP expands the overall capabilities of RetailNext’s retail analytics platform, later increasing the ROI of retailers.
Being a hardware-agnostic company, RetailNext’s easy-to-use analytics platform adds value to license holders every time. “RetailNext’s world-class engineering team works not in isolation, but rather in collaboration with RetailNext’s team of veteran retail industry professionals,” expounds Agratchev.
Understanding retail store traffic is of utmost importance to make better informed business decisions for the retailers.
The Traffic 2.0 solution from RetailNext allows retailers to precisely identify the age range and gender of its shoppers, repeat versus new visitors, the duration of shopping visits and the interactions with sales associates. Retailers can also observe a shopper’s full path and their choices, as well as the reason behind their choice. The collection of data streams as well as valuable insights into today’s new shopping journeys and shoppers' behaviors empower retailers to become better retailers, and improves bottom-line profits. However, for some retail customers the data delivered by the company is entirely new, and risks being not actionable if not understood completely. The company’s commitment to empower retailers to deliver a holistic shopping experience led to the creation of the RetailNext Training Institute. By offering training to its clients, it equips retailers to make the most of the insights and use the solutions in the most optimal ways possible.
Since its inception in 2007, RetailNext has gained a long list of clientele of more than 300 brands in nearly 70 different countries by deploying its comprehensive solution. Of late, the company has invested close to $100 million to develop and deliver its SaaS platform, and has also completed its first foray into hardware by creating the Aurora sensor— an all-in-one sensor integrating stereo video analytics, Wi-Fi and Bluetooth technologies to mitigate common impediments faced by retail clients. The company has also built a partner ecosystem to render customers value-added applications, right from supply chain through the store to post-sales service. As tech-savvy shoppers’ expectations for easy, convenient, and friction-free shopping continue to rise, RetailNext too is pushing its boundaries to aid retailers to build smart stores.
Understanding retail store traffic is of utmost importance to make better informed business decisions for the retailers.
RetailNext’s commitment to deliver a holistic shopping experience led to the creation of the RetailNext Training Institute
The Traffic 2.0 solution from RetailNext allows retailers to precisely identify the age range and gender of its shoppers, repeat versus new visitors, the duration of shopping visits and the interactions with sales associates. Retailers can also observe a shopper’s full path and their choices, as well as the reason behind their choice. The collection of data streams as well as valuable insights into today’s new shopping journeys and shoppers' behaviors empower retailers to become better retailers, and improves bottom-line profits. However, for some retail customers the data delivered by the company is entirely new, and risks being not actionable if not understood completely. The company’s commitment to empower retailers to deliver a holistic shopping experience led to the creation of the RetailNext Training Institute. By offering training to its clients, it equips retailers to make the most of the insights and use the solutions in the most optimal ways possible.
Since its inception in 2007, RetailNext has gained a long list of clientele of more than 300 brands in nearly 70 different countries by deploying its comprehensive solution. Of late, the company has invested close to $100 million to develop and deliver its SaaS platform, and has also completed its first foray into hardware by creating the Aurora sensor— an all-in-one sensor integrating stereo video analytics, Wi-Fi and Bluetooth technologies to mitigate common impediments faced by retail clients. The company has also built a partner ecosystem to render customers value-added applications, right from supply chain through the store to post-sales service. As tech-savvy shoppers’ expectations for easy, convenient, and friction-free shopping continue to rise, RetailNext too is pushing its boundaries to aid retailers to build smart stores.
retailnext News
CAMPBELL, CALIFORNIA, USA, -- RetailNext, the leading in-store traffic analytics provider used by 450+ of the world’s most loved brands, today announced... d its partnership with MarketDial, a prominent A/B testing solution for physical retail. This partnership aims to provide retailers with an unprecedented 360° view of the customer journey.
Harnessing its AI-powered heat-mapping technology, RetailNext pinpoints in-store foot traffic patterns, offering actionable insights such as dwell time, engagement metrics, and shopper exposure. By integrating this extensive data into MarketDial's platform, retailers can instantly establish in-store tests, while concurrently gauging shopper reactions to an array of stimuli. This joint offering positions retailers to unlock unparalleled insights into the evolving customer experience.
"In our collaboration with MarketDial, we envision arming retailers with the tools to experiment dynamically and observe tangible impacts on foot traffic and customer engagement,” said Sergio Gutierrez, RetailNext CRO. “Many of our esteemed clients already leverage the combined strengths of both platforms, underscoring the symbiotic nature of this partnership".
“We believe partnering with RetailNext is a game changer when it comes to optimizing the customer experience,” said Johnny Stoddard, MarketDial Chief Customer Officer and Co-founder. “RetailNext brings quality data; MarketDial helps retailers act on it.”
As the retail landscape rapidly evolves, RetailNext's consistent endeavors in in-store analytics offer an empirical foundation for retailers navigating these changes. The company's solution suite, from in-depth shopper journey insights to real-time analytics, has been instrumental in assisting retailers in understanding their customers better and optimizing store operations. In collaboration with MarketDial, RetailNext's analytics serve as a crucial base for data-driven in-store experimentation.
Furthermore, with changing customer preferences, MarketDial’s platform provides a timely solution for retailers seeking evidence-based insights. By focusing on thorough testing, the platform brings to light concrete data on aspects such as pricing, promotions, and loyalty programs. For instance, after implementing improved sales training tactics, one retailer noted a 6% increase in revenue per visit. Similarly, another retailer was able to make informed decisions by identifying a -3.5% sales dip through proactive testing.
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