This is an interesting article on how Mobile Location Analytics (aka Beacon Technology) is helping brick-and-mortar retailers compete effectively with online retailers by capturing customer behavior near and in the store.
You can read the article below, however, the question for you is how will you incorporate this new data source once it is provided to you by the retailer?
Will your rigid, difficult to modify, DSR incorporate this data stream in a timely manner – or the usual months or years that data model changes sometimes take in a data warehouse environment.
Contact us today to discover how Vortisieze analytics can rapidly adapt to new, sometimes ad hoc (think your latest spreadsheet creation), data sources.
Anticipating the winds of change, major retailers are expected to increase their investment in internet of things (IoT) technology fourfold to US$2.5bn by 2020.
In the commercial space, IoT in retail is one of the clearest examples where connected network technology could have a significant impact on customer interaction in stores.
In particular, retailers have already begun investing in IoT hardware, including Bluetooth beacons and radio frequency ID (RFID) tags that allow them to send information to them in-store and keep a tab on stock and price levels, respectively. Read more . . .
How will your DSR handle all that new, differently structured data? (Hint – it won’t!) Contact us today to discover how Vortisieze analytics can bring this, and many more, types of data to your analytics package.
From the article Nine trends shaping global retail landscape:
1) The Social Economy
The social economy places importance on gaining knowledge from customers, not just having knowledge of customers. Brands must be just as concerned with consumer dialog and feedback as they are with outbound messaging to consumers.
2) Younique (A Play on “Unique”)
Tailoring products and messages is the essence of the younique trend. Customized footwear from Nike and personalized candy from M&M are just two examples of companies already taking advantage of our desire to be recognized for our individuality.
3) Being Online All The Time
Mobile technology improvements have allowed us to be online all the time, and brands must learn to navigate the increasingly congested world of mobile communications.
Beacon technology will let retailers beam messages to consumers based on location. One example is a free app called Shop Drop that allows shoppers to opt in for special offers from stores they are passing by.
How do technology trends change the retail landscape – and using analytics helps you win.
The retail market has always been an evolving landscape. But as technology gets better every day, connecting consumers and retailers in ways that were unheard of 15 years ago, the retail environment is experiencing exponential change. The increase of new technologies will transform consumers shopping experiences no doubt, but it’s how retailers react to and navigate these retail trends that will determine the future business model of retail and the way we shop.
An Improvement Of Online Retail
There continues to be dramatic improvements to the online shopping experience.
The online marketplace is becoming the number one shopping destination for consumers
The enabling of shoppers to order online and pick up in store will be a big retail trend.
Personalised In-Store Shopping Experience
Retailers must wow the customer’s shopping experiences to prevent them from shopping online.
The innovation of in-store mobile technology will continue to accelerate.
Localised Customer Demand
Retailers will be looking at ways to tailor stores product selections to meet local needs.
Creating the right product selection for the right stores meeting local customer demands.
This customer data will mainly be leveraged through advanced analytics and will be used to personalize shopping experiences for every individual.
Retailers and suppliers must improve their execution of analyzing customer data.
Using Mobile Devices To Bring Retailers And Consumers Together
The internet has enabled any business to become a retailer.
Mobile is accelerating this change and challenging traditional retailers to re-think their strategies.
Retailers Will Entice Customers With Food
As online retail continues to surge, retailers will look to find new ways to bring customers into the store.
One way they will do this is by using food to entice shoppers.
In-store restaurants, beverages and coffee shops will begin to pop up more often within the retail space.