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Investing further in global expansion by extending operations and leadership teams in Hong Kong, Malaysia, Russia, Singapore, Switzerland, and the UK, RetailNext expects to evolve into a global brand that will help retailers worldwide increase brick-and-mortar profits. Currently, more than 100 retailers in 33 countries worldwide have implemented RetailNext in stores.
Based on this year’s unique holiday calendar, brick-and-mortar retailers will need to focus on how to translate fewer days into more revenue, and it won’t be easy.
Increasing numbers of companies are using the online information they collect to understand their customers better, and then capitalize on that information. These businesses are attempting to make sense of the vast amounts of data generated through personal, societal and industrial interactions such as social media, mobile devices, geolocation, media, digital sensors, and automation.
Mobile commerce solutions continue to add creative dimensions to the way goods and services are shopped and purchased – good news for the retail landscape. One hot new craze for in-store is Wi-Fi mobile detection.
Big Data startup RetailNext has raised another $15 million and expects to sign a lease for new space in downtown San Jose quite soon. RetailNext will double its existing footprint, taking between 15,000 and 16,000 square feet.
RetailNext is using mobile device detection to track shoppers in-store and deliver metrics to give brick-and-mortar retailers the chance to better understand consumer behaviour. Data up for grabs include time spent in the store, and the capture rate of pass by shoppers, with RetailNext able to deliver heat maps for viewing traffic patterns.
Mobile point of sale (POS) is still in its early stages, but in the past year it’s been gaining traction and a great deal of attention. It certainly appeals to many retailers’ intuition that mobile POS provides the opportunity for a better customer experience and increased sales by eliminating or reducing wait time at checkout. But how do we know that’s actually true?
Retailers in flood-stricken Colorado communities lost business initially but rebounded in subsequent days. Customers not only returned to stores but spent more than they typically would, said the report by San Jose, Calif.-based retail analysis firm RetailNext.
Online retailers have traditionally had a big advantage in terms of data, but in-store retail analytics company RetailNext has built a model that allows owners of brick-and-mortar stores to collect, analyze, and visualize in-store customer engagement data. The San Jose-based company, which has raised over $24 million, aggregates the data that is collected from customers and makes it actionable for retailers such as American Apparel, Bloomingdale’s, Verizon Wireless, and Family Dollar.
American Apparel CIO Stacey Shulman is honored for her use of in-store analytics from RetailNext in the Innovation category of the RIS News CIO of the Year Awards.