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Not that long ago, it wasn’t uncommon for loss prevention offices to have VHS surveillance tapes stacked up in their corners. Now retailers are using video analytics to capture customer trends, track traffic, catch shoplifters and reduce fraud. At NRF’s Loss Prevention Conference, three retail LP leaders shared their experiences with implementing video analytics: Kenneth Boremi, Director, Loss Prevention, Brookstone Stores; Michael Burch, Director, Loss Prevention and Safety, Tilly’s Clothing & Shoes; and Blue Montez, Director, Asset Protection, American Apparel.
RetailNext 4.0 innovations – including gender demographics, employee detection and full-floor heat maps – help retailers more effectively test and measure activity within stores, increase sales, reduce theft, and improve the shopping experience.
RetailNext has been selected as one of Red Herring’s 100 top private companies on North America for 2013.
RetailNext is a “big data” startup that has just raised an extra $15M and is about to sign a lease for a new space Downtown. They will be doubling their footprint from around 8,000 SQFT to between 15,000 and 16,000 SQFT.
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.
This article on using video surveillance systems to learn more about how stores can operate better features heat map images from RetailNext.
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.