As the retail industry continues to work to get to know shoppers on a personal level, DemandTec has introduced a new Software-as-a-Service (SaaS) solution called Shopper Insights. The solution has been made available to the company’s retail and consumer products customers via an Internet-based platform called the DemandTec TradePoint Network. The service is deployed on the Netezza TwinFin appliance, which is designed to process high volume datasets.
Shopper Insights provides a breakdown of shopping trip statistics as well as sales trends by penetration and buy-rate, which can be analyzed to help retailers and consumer products companies customize their marketing and merchandising strategies. Retailers and their trading partners can collectively plan strategies using the secure TradePoint Network.
As part of DemandTec’s suite of SaaS solutions, Shopper Insights allows retailers to make important strategy changes in real time at the point of decision. The solution is embedded within the workflow of the company’s merchandising and trade optimization services.
This service is being introduced at a time when retailers are making data mining a number-one priority. “The effective use of advanced data mining technologies, customized outreach, and superior customer service are among the arsenal of tools that retailers will need to leverage in turning (customer) information into intelligence,” reports the National Retail Federation in its 2010 Retail Horizons study. More than two-thirds (67%) of study respondents cited Customer Databases/Data Mining as the number-one Customer Insight priority for 2010.
In addition, related activities such as customer acquisition (49%) and customer retention
(49%) formed the second front of strategic programming efforts, followed closely by customer loyalty (46%) and segmentation (46%), Retail Horizons reports.
Some current retail companies using DemandTec services include Walmart, RadioShack, Best Buy, Ace Hardware, Spartan Stores, Office Depot and Petco.