“With the help of the RetailNext technology solution, retailers can extract a precise, factual understanding of how shoppers move around their stores – where they go, in what order, how long they stay, when they come to the store, and how these behaviors map to actual sales,” explains Alexai Agratchev, Co-Founder and CEO, RetailNext. “Retailers today have massive appetite for fact-based insights about the physical shopping world,” adds George Shaw, Head of R&D, RetailNext. “One hundred twenty brands are using our Big Data innovations to improve staffing, store layouts, fixtures, or ma r ke t ing campaigns, based on what they learn about human behavior in their stores. We’re not looking at traffic counting or sales data alone–it’s the collection, correlation and analysis of so many disparate data sources that makes RetailNext powerful.
Currently operating in 33 countries, the company has partnered with global retail brands to help them measure store performance, identify opportunities for growth, implement strategies that drive results, increase capital savings and boost bottom-line sales.
With better understanding and the information to make betters decisions, retailers are greater equipped to improve service, retain loyal customers, and improve bottom-line performance, and RetailNext’s world-class team and collaborative partners are here to lead their way
In the American Apparel use case, the national retailer increased same store sales more than 30 percent and reduced theft 16 percent across the chain, with theft reduced up to 75 percent in some store locations. The cost savings from theft reduction alone outweighed the investment in the RetailNext platform in just four months. Additionally, America Apparel also used RetailNext to combine its people-counting and Loss Prevention platforms, saving 40 percent in capital expenditure for those two functions.
Stacey Shulman, former CIO, American Apparel, quotes “RetailNext has been a profitable investment and we are reporting better customer service and higher conversation rates than before.”
Moving forward, RetailNext strives to continue to apply the most comprehensive suite of Big Data solutions to retailers, including real-time and predictive analytics.