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While in-store data is continually hyped for its potential to improve marketing approaches, many stores are viewing such data as vital to enhancing store operations. The findings come from a survey of the nearly 100 retail executives that attended the RetailNext Executive Forum held in Santa Cruz from May 1 to 3. When asked who were the most important stakeholders for in-store data, ranked in order of importance, store operations came in first at 81 percent followed closely behind by marketing at 76 percent.
Despite common wisdom, much of the in-store data retailers are collecting isn’t being used for marketing. Instead, it’s helping improve retailer operations. New research is providing insight into how companies are using that data. There are two predominant areas where businesses look to employ the data they collect from customers. First and foremost, businesses look to improve the store operations from in-store analytics.
Shopper yield is emerging as the metric of the moment. The measurement, which calculates a store’s dollar volume based on the number of shoppers who walk through the door, is gaining traction among retailers, according to a recent survey by RetailNext, the San Jose, Calif.- based firm that collects and analyzes data at brick-and-mortar stores. When asked which two metrics are most important to the measurement of retail performance, 89 percent selected conversion, the percentage of customers walking into a store who actually buy, with shopper yield getting the second-highest response, 53 percent.
RetailNext has been selected as a finalist for the Red Herring 100 top companies for 2013.
The fourth annual AlwaysOn OnDemand 100 represents a list of vigorous emerging and mature companies that are going beyond creating new business opportunities. The AlwaysOn editorial team and industry experts across the globe went out into the entrepreneurial ecosystem to find the top 100 private companies that are disrupting the entire computing paradigm. These startups are bringing a new world of highly nimble, versatile, and mobile services to everyone participating in the new digital era. While these businesses are transforming the way we interact with computers and computing resources, they are also creating high-growth businesses that offer huge upside potential for investors.
Big Data startup RetailNext has raised another $15 million and expects to sign a lease for new space in downtown San Jose quite soon.
Software company RetailNext, which helps brick-and-mortar retailers analyze how shoppers behave inside their stores, has raised $15 million in a Series C round of funding led by new investor StarVest Partners. Prior backers August Capital participated in the round as well. The Series C round brings the total capital raised by RetailNext to $29 million.
One company that’s combing through various data streams so that retailers can make better staffing, layout and promotion-related decisions is RetailNext. In fact, the 6-year-old, San Jose-based outfit now counts 70 retailers as customers, including American Apparel and Brookstone. And its revenue is growing quickly enough — it rose 235 percent last year and looks to triple again this year, says the company — that investors have just given it $15 million to expand. The Series C round, from StarVest Partners, Nokia Growth Partners and Commerce Ventures, along with previous investors that include August Capital, brings RetailNext’s total funding to $29 million.
RetailNext Inc., a provider of software to help brick-and-mortar retailers analyze customer visits, has completed $15 million in Series C financing led by new investor StarVest Partners. All existing investors including August Capital participated in the round, which also added strategic investments from Nokia Growth Partners and Commerce Ventures, a company news release said. Laura Sachar, a StarVest general partner, said the Series C was a “significant up round” from RetailNext’s prior funding.
EyeOnLP interviews RetailNext CMO Tim Callan on the applications of in-store analytics for preventing theft.