In an effort to better understand business processes and make more efficient store productivity decisions, retailers are utilizing analytics and big data to optimize the value of historical information or other data streams.
Scala, Inc., recently introduced Scala Advanced Analytics, a cloud- based predictive analytics application designed to enable retailers to integrate market and live third-party data streams into marketing messages that encourage positive buying behaviors.
The Advanced Analytics tool is aimed at providing retailers the ability to produce tailored POS digital signage that leverages key customer preference data to highlight purchase value for the shopper. By utilizing data to predict and deliver optimum sales messages, retailers can leverage digital signage to progress the path to purchase, which, according to industry analysts, is a vital to managing and catering to shopper expectations.
“As consumers have more information access points, automated multichannel marketing becomes critical,” said Steven Keith Platt, Director of The Platt Retail Institute. “Cross-channel consumers have been found to be 33% more valuable to retailers. Implementing multichannel marketing requires streamlined, Big Data management systemization.”
Scala Advanced Analytics can digest millions of data records on key topics such as sales, products, customer habits, trends, pricing changes, weather, time of day, day of week and season of the year, and more. Then the application uses predictive analytics to determine the probability of what might happen next in a retail environment, based on a retailer’s business rules and goals. Additionally, the application has an automated machine-learning feedback loop that continues to learn about the retailer’s business and customers to optimize business decisions — so the application constantly improves its recommendations.
“Powerful digital display content can grab customers’ attention, engage them with immediacy and interactivity, and present customers with multiple streams of relevant information on one or a series of displays,” said Tom Nix, CEO of Scala. “Advanced Analytics constantly monitors data to suggest changes to messages to match business rules and conditions — even the individual customer in front of the screen.”