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.

Drive Sales The Data Way

Historical sales and pricing information. Remember when “knowing your customer” was limited to these two metrics? We had no way of knowing just how important data would become in today’s omnichannel retail environment, an environment in which retailers meticulously develop customer engagement, retention and loyalty through everything from transactions and demographics to what consumers express and share through social media. And while information has always been equated with power, it’s now essential to survival. That’s because Big Data is now “big business.” Hotel chains harness data to create digital engagement with their customers to increase bookings; professional sports teams use data to attract more fans; and retailers use data to drive traffic, increase sales and improve margins.

Analytics That Make A Difference: Data Shows Increased Conversion Rates For Staffed Fitting Rooms

It’s a constant struggle for retailers to protect margins. If it’s not global macro-economic concerns, it’s unseasonable weather, intensified competition, multichannel conflict and inefficiencies, increased theft or any number of countless other causes. In response, many retailers have responded with short-term fixes of reducing staffing coverage and labor costs, but in doing so, have created long-term unintended consequences. Professor Saravanan Kesavan and a team of researchers at the University of North Carolina’s Kenan-Flagler School of Business recently published a paper that considered the case of a large Midwestern department store chain that changed its operational models to include a self-service fitting room. The research findings illustrate the need to complement value and intuition with hard data in making decisions to optimize retail store operations.

ModCloth Taps Customer Feedback To Design Namesake Label

Every shopper wants to feel like her favorite brands and retailers understand her, including her preferred size, and favorite colors and silhouettes. As a result, some retailers are leveraging customer data to craft more relevant assortments. ModCloth takes this concept to the next level by using this information to design its own namesake label. Offering a versatile line of tops, bottoms, cardigans, coats and dresses, ModCloth relied on feedback from its growing online community to understand the features and design elements that mattered most to customers.

Why Intelligent Alerting Beats Predictive Analytics

A news headline from June 2015 reads: “Why investors can’t stop investing in predictive analytics.” This makes me scratch my head, because in my view, most predictive platforms promise negligible increases in conversion. I wonder: Why not just ask the non-buying shopper what she wants to buy next and why? But the tide is turning, and some retailers who profess to be “customer-centric” realize that expensive predictive platforms using past-history browse, CRM, purchase and other data sets, while improving, are still merely ‘guesses’ at future purchase intent. And, even worse, they often irritate shoppers when un-requested retargeting emails and ads plead for a second chance to sell them something.

Retail Automata Analytics Offers Unified Predictive Analytics Ecosystem

In order to craft more effective marketing campaigns, retailers need to fully understand consumers’ preferences and purchase histories. With these detailed insights, they can predict consumers’ future behaviors and, in turn, develop the optimal campaigns and offers. Retail Automata Analytics, marketed under the brand name RetailReco, has developed the Predictive Analytic Offerings suite, which is designed to provide retailers of all sizes with a complete predictive analytics product suite. Through the suite’s campaigning system, users have the ability to design campaigns based on segmentation criteria such as customer price sensitivity and product seasonality.

The FaceShop Acquires 50,000 Loyalty Program Members With DataCandy Platform

  • Published in News Briefs
The FaceShop, an all-natural cosmetics brand, has secured 50,000 loyalty program members across 30 store locations within four months of launching its Beauty Circle program on the DataCandy customer engagement software platform. Beauty Circle members generate approximately 50% of The FaceShop’s sales, according to a statement from DataCandy. Their average…

Vision Critical Brings Intelligence Suite To CPGs

Today's digitally savvy customers lack product loyalty, shop across a variety of channels and rely on peer recommendations. To survive and thrive, CPG companies must possess insight into consumer shopping preferences and then tailor products, campaigns and experiences accordingly. Vision Critical, a customer intelligence platform provider, has launched the Consumer Goods Intelligence Suite, which is designed to help CPG companies make customer-centric business decisions. The solution enables brands to anticipate customer preferences, forecast trends to improve products and understand new purchasing behaviors.

Is Your Advertising Campaign As Stale As That Ad?

In the age of Big Data, most brands have access to a plethora of consumer information. Though many use this intel to enhance campaign targeting, few are leveraging these insights to create truly engaging and relevant display ads. If your brand is still serving up static display ads to a broad base of consumers, you’re stuck in 2010 — and you’re not getting the most bang for your buck.

Mastering The Data-Driven Customer Experience

Delivering superior customer service has been a focus for retailers since the dawn of modern shopping. We’ve all heard the phrase, “the customer is always right,” an indicator of the importance retailers put on delivering an excellent shopping experience. After all, a happy customer means a loyal customer, which in turn, means more sales. That said, what constitutes a great shopping experience has dramatically changed over the years. With the rise of e-Commerce, more and more consumers are researching their purchases at home before they ever visit a store. The ability to investigate and compare products from the comfort of your home — or even from a mobile device — minimizes time spent visiting stores and gives consumers the freedom to browse at their convenience.

SmarterHQ Helps Retailers Understand Customer Relationships

Because consumers interact with numerous retail channels at different times, retailers must acquire detailed data about these shopping journeys and share key takeaways across the entire enterprise. SmarterHQ is a multichannel behavioral marketing platform designed to help retailers better understand the relationship consumers have with their brand. By tracking data and measuring engagement across all channels, retailers can create personalized experiences for individual customers.

Tyco Retail Solutions Acquires FootFall For $60 Million

Tyco Retail Solutions, the retail performance and security business of Tyco, has acquired FootFall from Experian for $60 million in cash. Based in the UK, FootFall provides end-to-end technology, services and analytics solutions to help retailers collect, measure and analyze customer traffic. Currently, FootFall manages 50,000 devices installed in up to 13,000 locations. These devices capture more than 15 billion shopper visits across 11 markets in the U.S., Europe and Asia Pacific.

The Merchant In The Machine

The retail trade has been around for thousands of years. For most of that time, local merchants brought in products to meet the needs and wants of their town’s population. The face of retail has changed unrecognizably since those days, for better and worse.  Consumers have more choices than ever before, and a shopping experience their forebears would marvel at. But something precious has been lost in the process. With so many locations, so many options, and so many factors affecting consumer preferences and demand, today’s merchants are simply overwhelmed. Retailers all too often miss the mark, as evidenced by unacceptably high levels of out-of-stocks, markdowns, abandoned shopping carts and many other disconnects between retailers and their customers.

WalmartLabs Rolls Out New Product Content Collection System

  • Published in News Briefs
Walmart is testing a new program designed to help suppliers send their catalogs directly to the retailer, according to a WalmartLabs blog post.For the pilot program, called the Product Content Collect System (PCCS), Walmart will provide a framework for sharing catalog data based on a specification, including a list of…
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