Business Intelligence / Data / Analytics

In order to be successful in today’s omnichannel retail marketplace, merchants must collect information from numerous internal and external sources, then analyze that data. New solutions can help to optimize incoming data in order to deliver the business intelligence and analytics needed to move retail businesses successfully into the future. This section offers feature articles, special reports, industry viewpoints and the latest news to help retailers make sense out of the growing influx of information.

For 42% Of Consumers, Amazon Will Be The Prime Holiday Destination

As the holiday season nears, retailers’ concerns about Amazon’s dominance are no joke: 42% of U.S. consumers reported that the e-Commerce giant will be their primary holiday gift destination, according to research from Signal. So why are all these consumers making the decision this early to flock to Amazon? They prefer Amazon to other e-Commerce sites because:

Infor Acquires Predictix

Six months after investing $25 million for a stake in retail analytics firm Predictix, Infor has acquired the entire company for an undisclosed amount. Predictix will become part of Infor CloudSuite Retail. Predictix experienced more than 40% growth in SaaS subscriptions in 2015 and is growing at a 60% rate this year following the investment from Infor. The company manages more than $60 billion in weekly forecasts, with customers including Home Depotand Whole Foods Market as well as five of the top 15 global retailers.

Brexit: What Does It Mean To U.S. Retailers And The Payments Industry As A Whole?

You’ve likely heard all of the talk about Brexit — the vote that was held on June 23 in Britain to determine whether or not the country should remain part of the European Union (EU). With voters deciding that they would like Britain to “exit” the EU, it will have many implications not only for businesses in the UK but also for companies around the world, including in the U.S. First off, it’s important to note that while there was a majority of people in the UK in favor of Brexit, most outside of the country were against this happening, as the potential for causing a significant amount of chaos is quite high, including in terms of payments and operating cross-border. With Brexit passing, it may not have an immediate impact, but there will be many changes required over time, and at a minimum it will add a lot of…

Three Ways to Supercharge Sales With First-Party Data

Going back just a few years, the hype over third-party data was in full swing. Back then, third-party data was seen as a way to reach more potential customers with the hope of increasing sales. While third-party data still has its value, today there’s a bigger focus on utilizing first-party data. This is because third-party data is used by everyone (including your competitors), and people are generally more skeptical of online advertising. It’s increasingly harder to get users to engage with ads, unless, of course, they’re relevant to each individual consumer and provide some amount of value.

Cali Bamboo Manages Rapid Growth With Electronic Order Tracking Solution Featured

After doubling its sales from $22.3 million in 2013 to $45.6 million in 2015, and building a valuable partnership with Lowe’s, sustainable flooring manufacturer Cali Bamboo needed to scale up its electronic order tracking operations to match its rapid growth. By selecting an electronic data interchange (EDI) system from TrueCommerce in early 2015, Cali Bamboo sought to eliminate any bottlenecking potentially caused by the company’s increasing sales volume. The solution also helped Cali Bamboo adhere to diverse technical requirements of its retail partners and third-party logistics (3PL) providers.

Online Activewear Retailer Selects RetailNext For Planned Stores

RBX Active, currently an online-only activewear brand, has plans to stretch into brick-and-mortar retailing by opening stores across the U.S. As its first step, RBX has signed a multi-year contract with RetailNext for in-store analytics services. "Integrating RetailNext into our new store locations allows us to test concepts and layouts, similar to what can be done with our online store, in the interest of delivering true inspiration to our community of passionate, active customers," said Adam Hanan, Director of Retail at RBX Active in a statement.

Why Retailers Are Upgrading Their Retail Management And POS Systems

Generally speaking, retailers have three primary objectives in mind when it comes to new technology deployment. The first is to streamline business operations with the goal of increasing management and staff productivity and overall efficiency across the organization, leading to greater cost savings. The second is to drive revenue growth, which is accomplished through improved marketing and sales effectiveness. The third objective is to enhance the customer experience, which should improve customer satisfaction, loyalty and brand advocacy — and, ultimately, of course, increase revenue and profitability.

Attention Entrepreneurs: 5 Tips For Attracting VC Investment Featured

Significant venture capital (VC) investment in retail and its associated technologies traditionally has been the exception rather than the rule. In 2015, VCs invested just over $1 billion in retail and distribution, according to MoneyTree. While that figure represented an increase over 2014's $776.7 million, retail is still far from a VC favorite. By comparison, software attracted $23.6 billion in VC funds in 2015, with biotechnology nabbing $7.7 billion. But there are signs that VCs' interest in the retail industry is on the rise, particularly as emerging technologies lower barriers to entry for new companies. One indication is the number of new forums designed to connect "idea people" with "money people," including:

PureFormulas Bulks Up AOV 25% With Personalized Engagement Featured

PureFormulas makes every effort to match the right health and supplements products with every customer. "In the supplement world you don't like a product based on looks, and it's important to get the one that is right for you," said Lars Furtwaengler, VP of Ecommerce and Merchandising for the online retailer. At PureFormulas, personalization efforts go beyond matching people and products. The brand uses a range of techniques from the moment a customer lands on its site through checkout and beyond. The retailer manages products and promotional offers that it presents based on broad categories like gender and age as well as specific actions taken by users, including their browsing and purchase behaviors.

Despite Rise In Data Breaches, Retailers' Confidence In Handling Them Increases Featured

Retailers are gaining confidence when it comes to handling cybersecurity issues even as data breaches continue to increase. As many as 75% of IT professionals within retail believe their organization would detect a data breach on their critical systems within 48 hours, according to the Tripwire 2016 Retail Security Survey. The figure represents a huge jump in confidence compared to two years ago, when 42% of respondents expressed confidence about detecting a breach that quickly. In fact, 2014 totals indicated that 20% of retail IT reps had no confidence at all in detecting these kind of breaches, a number that has since shrunk down to just 5%.

Under Armour Leverages 170 Million Users' Data To Power Mobile Shopping App

  • Published in News Briefs
Under Armour has launched its UA Shop mobile app as part of its Connected Fitness health and fitness network. The custom shopping app integrates data from the brand's 170 million+ existing users to create a personalized experience based on athlete inspiration, workout history and previous purchase history. UA Shop will connect consumers to gear through in-app recommendations. For example, a consumer living in a warm climate who has logged several runs through the MapMyRun app might be exposed to UA CoolSwitch apparel and running footwear. A customer in the Northeast who prefers hiking, in contrast, might get a recommendation for baselayer and outerwear.

Dillard's, Levi Strauss Honored For Inventory And E-Commerce Innovations

The information standards organization GS1 US honored four retailers for innovations that promoted greater inventory accuracy, supply chain visibility and sustainability. The winners of the 2016 GS1 US Apparel and General Merchandise Retail Industry Achievement Awards were recognized during the GS1 Connect Event on May 31 in Washington, D.C. They include:

The Naked Truth: Retailers Have No Idea Which Recommendation Approach Will Work

Online product recommendation has been around for several years, and nearly every retailer is employing some kind of recommendation strategy on their site. After all, the product shown is one of the most powerful factors influencing a purchase decision. There are many types of recommendation algorithms available, including those based on popularity, situational context, and behavior. While retailers absolutely should be using recommendation strategies on their sites, they cannot simply pick a single recommendation strategy themselves. Instead they must let the customers’ position in the purchase journey influence the type of recommendation strategy that will yield the best results. To get the absolute best results, retailers must personalize their recommendation strategy.

Small Solutions Can Mean Big Business For Retail

The bigger the business, the bigger the security system, right? Wrong. There’s been a long-standing misconception that large-scale retailers need large-scale surveillance solutions, and small systems are strictly for the mom-and-pop shops. Oftentimes, retailers feel “trapped” by their size and forced into generic solutions because they think there is no other way. That is certainly not the case anymore. As retailers become more diverse by the day and adopt a variety of cutting edge business models, store set-ups and customer experiences, the ideas of big and small have gone out the window. There is no one-size-fits-all approach to retail security, and luckily, security and surveillance technology has adapted alongside this new era of retail. With IP-based systems becoming baseline, we are seeing the advent of out-of-the-box solutions that have the ability to scale to a large enterprise, opening up new doors for retailers of every size who take this hybrid…

SCOTTeVEST Unveils Point of Purchase Display With Biometric Scanners

SCOTTeVEST (SeV), a manufacturer and seller of garments designed to hold electronic devices, has released a Point of Purchase (PoP) display that uses personalized videos and biometric scanners to create a guided shopping experience in stores. The PoP detects when a customer approaches the display and activates a video tailored to each store to greet the consumer. The display then uses biometric scanners to estimate the shopper’s correct vest size and guide the shopper through the SeV catalog. If the shopper has any questions, the PoP will open a live video chat with an SeV customer service representative to help guide the purchase.
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