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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.
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 behaviour (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.
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.
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.
Telemetry is the in situ collection of measurements or other data at remote points and their automatic transmission to receiving equipment (telecommunication) for monitoring. The word is derived from the Greek roots tele, 'far off', and metron, 'measure'. Systems that need external instructions and data to operate require the counterpart of telemetry: telecommand.
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.
The point of sale (POS) or point of purchase (POP) is the time and place at which 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, as proof of transaction, which is usually printed but can also be dispensed with or sent electronically.
Database marketing is a form of direct marketing that uses databases of customers or potential customers to generate personalized communications in order to promote a product or service for marketing purposes. The method of communication can be any addressable medium, as in direct marketing.
Data management comprises all disciplines related to handling data as a valuable resource, it is the practice of managing an organization's data so it can be analyzed for decision making.
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.
In computer network research, network simulation is a technique whereby a software program replicates the behavior of a real network. This is achieved by calculating the interactions between the different network entities such as routers, switches, nodes, access points, links, etc. Most simulators use discrete event simulation in which the modeling of systems in which state variables change at discrete points in time. The behavior of the network and the various applications and services it supports can then be observed in a test lab; various attributes of the environment can also be modified in a controlled manner to assess how the network/protocols would behave under different conditions.
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 is a segment of electronic signage. Digital displays use technologies such as LCD, LED, OLED, 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 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.
Self-service is the practice of serving oneself, usually when making purchases. Aside from Automated Teller Machines, which are not limited to banks, and customer-operated supermarket check-out, labor-saving which has been described as self-sourcing, there is the latter's subset, selfsourcing and a related pair: End-user development and end-user computing.
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.
In business intelligence, location intelligence (LI), or spatial intelligence, is the process of deriving meaningful insight from geospatial data relationships to solve a particular problem. It involves layering multiple data sets spatially and/or chronologically, for easy reference on a map, and its applications span industries, categories and organizations.
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 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, sometimes abbreviated to CX, is the totality of cognitive, affective, sensory, and behavioral customer responses during all stages of the consumption process including pre-purchase, consumption, and post-purchase stages.
InetSoft Technology Corporation is a privately owned multinational computer software company that develops free and commercial web-based business intelligence applications. The company was founded in 1996, and currently has over 120 employees between its corporate headquarters in Piscataway, New Jersey, and development offices in Beijing and Xi'an, China.
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.
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 Internet of Things (IoT). The rapid increase in the volume of raw event data generated by the digital world enables methods that go beyond 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 predictions about how they are likely to act in the future. It enables marketers to make the right offers to 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.