Retail Intelligence

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Retail Intelligence is the set of tools and applications focused on the creation and management of knowledge through the recollection, processing, interaction and analysis of information generated in all operations performed by any retailer.

Contents

Retail Intelligence applications can relate in real time and interactively, the internal variables (range, space, pricing, promotions, staff, sales) with the external variables (influence zone and its commercial mix), with different parameters of the shopper's behavior, such as pedestrian flows and magnitudes, length of stay, occupancy, hot spots, etc.

These applications provide users with a greater understanding of the current functioning of the points of sale and the buyer behavior (shopper), to anticipate future events, with the aim of improving the competitive position of its portfolio of stores increasing profitability, efficiency commercial and customer service, and identify new business opportunities.

Operation

Retail Intelligence tools combine the technology hardware (readers of traffic, people counters, motion sensors) with management software used for data access tools and provide reports, analysis, views and alerts to users.

Tools

Retail Intelligence includes the following tools:

Access to information is done interactively, via intranet and through tiered access, providing reporting, analysis, views and alerts to users.

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E-commerce is the activity of electronically buying or selling of products on online services or over the Internet. E-commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. E-commerce is in turn driven by the technological advances of the semiconductor industry, and is the largest sector of the electronics industry.

Telemetry Data and measurements transferred from a remote location to receiving equipment for monitoring

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Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.

Point of sale Time and place where a retail transaction is completed

The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed but can also be dispensed with or sent electronically.

Interactive kiosk Computer terminal that provides access to information, communication, commerce, etc.

An interactive kiosk is a computer terminal featuring specialized hardware and software that provides access to information and applications for communication, commerce, entertainment, or education.

Personalization consists of tailoring a service or a product to accommodate specific individuals, sometimes tied to groups or segments of individuals. A wide variety of organizations use personalization to improve customer satisfaction, digital sales conversion, marketing results, branding, and improved website metrics as well as for advertising. Personalization is a key element in social media and recommender systems. Personalization is affecting every sector of society -- work, leisure, and citizenship.

Servicescape

Servicescape is a model developed by Booms and Bitner to emphasize the impact of the physical environment in which a service process takes place. The aim of the servicescapes model is to explain behavior of people within the service environment with a view to designing environments that does not accomplish organisational goals in terms of achieving desired behavioural responses. For consumers visiting a service or retail store, the service environment is the first aspect of the service that is perceived by the customer and it is at this stage that consumers are likely to form impressions of the level of service they will receive.

Digital signage Sub-segment of electronic signage

Digital signage is a segment of electronic signage. Digital displays use technologies such as LCD, LED, projection and e-paper to display digital images, video, web pages, weather data, restaurant menus, or text. They can be found in public spaces, transportation systems, museums, stadiums, retail stores, hotels, restaurants and corporate buildings etc., to provide wayfinding, exhibitions, marketing and outdoor advertising. They are used as a network of electronic displays that are centrally managed and individually addressable for the display of text, animated or video messages for advertising, information, entertainment and merchandising to targeted audiences.

In mathematics and transportation engineering, traffic flow is the study of interactions between travellers and infrastructure, with the aim of understanding and developing an optimal transport network with efficient movement of traffic and minimal traffic congestion problems.

Queue management system

A queue management system is used to control queues. Queues of people form in various situations and locations in a queue area. The process of queue formation and propagation is defined as queuing theory.

A people counter is an electronic device that is used to measure the number of people traversing a certain passage or entrance. Examples include simple manual clickers, smart-flooring technologies, infrared beams, thermal imaging systems, WiFi trackers and video counters using advanced machine learning algorithms. They are commonly used by retail establishments to judge the effectiveness of marketing campaigns, building design and layout, and the popularity of particular brands.

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Customer analytics is a process by which data from customer behavior is used to help make key business decisions via market segmentation and predictive analytics. This information is used by businesses for direct marketing, site selection, and customer relationship management. Marketing provides services in order to satisfy customers. With that in mind, the productive system is considered from its beginning at the production level, to the end of the cycle at the consumer. Customer analytics plays an important role in the prediction of customer behavior.

Customer experience Interaction between an organization and a customer

Customer experience (CX) is a totality of cognitive, affective, sensory, and behavioral consumer responses during all stages of the consumption process including pre-purchase, consumption, and post-purchase stages. Pine and Gilmore described the experience economy as the next level after commodities, goods, and services with memorable events as the final business product. Four realms of experience include esthetic, escapist, entertainment, and educational components.

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Database activity monitoring is a database security technology for monitoring and analyzing database activity. DAM may combine data from network-based monitoring and native audit information to provide a comprehensive picture of database activity. The data gathered by DAM is used to analyze and report on database activity, support breach investigations, and alert on anomalies. DAM is typically performed continuously and in real-time.

In electronic commerce, conversion marketing is marketing with the intention of increasing conversions—that is, site visitors who are paying customers. The process of improving the conversion rate is called conversion rate optimization. However, different sites may consider a "conversion" to be a result other than a sale. Say a customer were to abandon an online shopping cart. The company could market a special offer, like free shipping, to convert the visitor into a paying customer. A company may also try to recover the customer through an online engagement method, such as proactive chat, to attempt to assist the customer through the purchase process.

Behavioral analytics is a recent advancement in business analytics that reveals new insights into the behavior of consumers on eCommerce platforms, online games, web and mobile applications, and IoT. The rapid increase in the volume of raw event data generated by the digital world enables methods that go beyond typical analysis by demographics and other traditional metrics that tell us what kind of people took what actions in the past. Behavioral analysis focuses on understanding how consumers act and why, enabling accurate predictions about how they are likely to act in the future. It enables marketers to make the right offers to the right consumer segments at the right time.

Mobile location analytics (MLA) is a type of customer intelligence and refers to technology for retailers, including developing aggregate reports used to reduce waiting times at checkouts, improving store layouts, and understanding consumer shopping patterns. The reports are generated by recognizing the Wi-Fi or Bluetooth addresses of cell phones as they interact with store networks.

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