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RetailNext: Comprehensive Vision for In-Store Analytics
The influence of e-commerce, most importantly mobile e-commerce, has dynamically transformed the retail landscape. Today, while online retail businesses are deploying cutting-edge technologies to thrive rapidly, pure-play e-commerce as a viable long-term business strategy has its own set of challenges. As such, brick-and-mortar retail remains a critical touch point between brands and consumers. Owing to this, physical retail stores must innovate and implement technologies that give competitive edge to their businesses. RetailNext— the San Jose, California based firm— is one such company that is focussed towards empowering physical stores by offering rich data insights that are otherwise available only to online counterparts.
Alexei Agratchev, CEO, RetailNext states, “RetailNext is a retail technology company, built by retailers for retailers, solving retail’s biggest opportunities and challenges.” The company’s retail IoT platform integrates data streams from a variety of in-store sensors. The platform even connects to systems including POS, workforce and task management, and weather systems. All these together facilitate the platform to merge data on a centralized platform, enabling collation, organization, analysis, and reporting.
To eliminate the loss prevention concerns of the retailers, RetailNext’s flagship retail analytics platform is built-in with a powerful Loss Prevention module. The features of the module include advanced video management, POS exception reporting, in-store ‘dwells’, and security event monitoring that minimizes theft by up to 75 percent. This module replaces several single-point solutions as well cuts down capital and operational expenditures. Such scalability of LP expands the overall capabilities of RetailNext’s retail analytics platform, later increasing the ROI of retailers.
Understanding retail store traffic is of utmost importance to make better informed business decisions for the retailers.
RetailNext’s commitment to deliver a holistic shopping experience led to the creation of the RetailNext Training Institute
The Traffic 2.0 solution from RetailNext allows retailers to precisely identify the age range and gender of its shoppers, repeat versus new visitors, the duration of shopping visits and the interactions with sales associates. Retailers can also observe a shopper’s full path and their choices, as well as the reason behind their choice. The collection of data streams as well as valuable insights into today’s new shopping journeys and shoppers' behaviors empower retailers to become better retailers, and improves bottom-line profits. However, for some retail customers the data delivered by the company is entirely new, and risks being not actionable if not understood completely. The company’s commitment to empower retailers to deliver a holistic shopping experience led to the creation of the RetailNext Training Institute. By offering training to its clients, it equips retailers to make the most of the insights and use the solutions in the most optimal ways possible.
Since its inception in 2007, RetailNext has gained a long list of clientele of more than 300 brands in nearly 70 different countries by deploying its comprehensive solution. Of late, the company has invested close to $100 million to develop and deliver its SaaS platform, and has also completed its first foray into hardware by creating the Aurora sensor— an all-in-one sensor integrating stereo video analytics, Wi-Fi and Bluetooth technologies to mitigate common impediments faced by retail clients. The company has also built a partner ecosystem to render customers value-added applications, right from supply chain through the store to post-sales service. As tech-savvy shoppers’ expectations for easy, convenient, and friction-free shopping continue to rise, RetailNext too is pushing its boundaries to aid retailers to build smart stores.