The retail industry has seen immense growth in the past decade. With more brands coming up to entice the consumers, each brand is jostling for that coveted space to create a mark. This has led to brands utilising innovative marketing techniques to reach out to the intended customers. However, data analytics is also being utilised by the retail industry to understand consumer behaviour, buying patterns, understanding their needs, choices and then presenting the same to the consumer to increase the chances of a sale happening. Here are some companies who have made the retail industry more efficient with their services based on data analytics.
Companies using data analytics to make retail industry more efficient
Payoda Technology
Payoda Technology is a digital transformation partner and has impacted the healthcare, fintech, manufacturing as well as retail industry. Their latest solution Magento 2.X has successfully increased registered users on the web portal of a US based retailer by 40%. Automating tasks, leading to faster checkouts on the web portal improved the consumer experience and hence the spike in consumers. The retail giant has more than 15,000 multi format stores in about 44 states wants to attain zero downtime, enabling more customers to save time.
Automated checkouts and secure payment options always attract customers and help to achieve scalability on eCommerce platform. It makes product management easier, automates address verification, eases checkout process and ultimately increases the registered users. It has shown the capability to handle more than 50 thousand SKUs that can be asset in today’s times.
Infinite Analytics
Infinite Analytics, founded on MIT’s strong technology skills and headquartered in Boston, introduced Sherlock, a pioneering AI platform that provides an unparalleled level of customer comprehension. Sherlock uses cutting-edge machine learning to monitor and decode the daily behaviours of over 350 million users worldwide. This cutting-edge technology uncovers a treasure mine of consumer signals, giving you the ability to make really informed, transformative choices.
They may transform your retail strategy by making sound site selection judgements in prominent areas. This can help you maximise profitability, acquire insights into launching marketing initiatives to increase foot traffic and revenue across existing locations, and optimise your product strategy to promote better products, use effective pricing alternatives, and improve inventory management.
Shop Advisor
ShopAdvisor allows e-commerce shoppers to make fast one-way video chats with industry experts to get personalised shopping advise. The experts can answer questions related to products, show live demos, share supporting images and videos from social media and also enable co browsing with the customer to help them narrow down their choices. ShopAdvisor enables proximity marketing initiatives for agencies, brands, restaurants, and stores. The company offers an end-to-end solution that includes audience and geographic targeting, rich media creative design and delivery, campaign execution, administration, and optimisation, and post-campaign analysis.
Retail Next
Retail Next is a complete suite of products for the modern retailer. IT Measures foot traffic to your stores in real time using the most powerful traffic technology ever developed. Enjoy quick access to high-resolution recorded video, allowing you to do your own audits whenever and wherever you want, at no additional cost. It protects your staff, customers, and merchandise by providing comprehensive video coverage and easy, rapid access to photos and video on desktop and mobile devices.
With advanced cloud-based technologies, you may reduce investigation time from days to hours and have fast access to video, image snapshots, and point-of-sale data. Meanwhile, you can provide your purchasers with real-time information on traffic, dwell periods, and conversion rates down to the product category. They can utilise consumer Journey to assess the influence of product selection and positioning on consumer engagement and purchasing behaviour.
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