Data makes the world go around, and the right data can be extremely valuable to businesses looking to sell a product or service. This is especially true for the retail industry, where margins can sometimes be thin and repeat business is the key to recouping what’s been invested to obtain a new customer.
We’ve gathered a list of 10 companies who make it their mission to simplify the collection and analysis of consumer data. These companies help retail businesses better understand their target audience and their purchasing habits, which in turn drives more sales, more revenue, and more business success.
Many retailers want a peek at what’s happening in-store with regard to what consumers are interested in and how they move around the site.
RetailNext makes use of some impressive technology, such as video analytics, on-shelf sensors, beacons, and data from point-of-sale systems to help retailers get a better grip on who is shopping in their stores and what these customers are drawn to.
RetailNext claims to track more than a billion shoppers each year from an array of over 65,000 sensors in stores.
Do you remember what Pandora did for music discovery with its “Music Genome” project?
True Fit aims to do the same for footwear and apparel, and it even uses a similar name for its platform: “Genome.” True Fit’s software scans data from what it calls “the world’s largest collection” of apparel to help retailers find customers the perfect size and fit in whatever they wish to purchase.
True Fit also utilizes the data it collects to offer a “Discovery Engine,” which makes personalized suggestions for each individual consumer based on what it believes he or she might like.
Every retail business wishes it could better understand customer behavior.
Euclid brings them one step closer to achieving nirvana in that regard, using specialized software to track customer trends around their visits to a retailer’s stores.
This data can not only be used to improve a retailer’s service toward the customer: it can also help shape the way a business approaches marketing and staffing decisions. Euclid currently collects several billion measurements each day and has footing in over 40 countries.
When more customers want a certain product, the wise thing for a retailer to do is procure a larger volume of it.
It sounds simple enough, but it’s not always that easy. That’s where Celect comes in.
Celect’s platform lives in the cloud, helping retailers understand interest and buying trends among customers, and automatically adjust inventory based on demand for the retailer’s products.
Even more impressive is that Celect not only uses but expands on “customer choice modeling” software first pioneered by MIT.
BeMyEye describes itself as a “DaaS (data as a service) solution for actionable retail intelligence.” What does that mean in lay speak?
The company seeks to help businesses obtain data that can help make very important decisions. In this case, the data retailers want while using BeMyEye is information on how very specific locations are operating, and interestingly, the platform turns not to employees on the ground, but instead, crowdsourcing.
This not only helps a retailer get the skinny on how a certain location is conducting business, but also helps them see things through the consumer’s eye.
Cuebiq is another company exploring the world of consumer insights and how they can help businesses experience more success.
But while some other companies in the space focus on a few areas, Cuebiq covers a wide gamut of services based around its data collection efforts.
Businesses who partner with Cuebiq can expect to receive assistance with marketing, research, publishing, and more. And the platform goes beyond merely collecting data, segmenting customers and helping businesses understand which campaigns are delivering the most value and which need to be fine-tuned.
Machine intelligence is becoming more of a force when it comes to collecting, analyzing, and understanding consumer data.
Rubikloud’s business is built on the premise that machine learning and the cloud will fuel all enterprise solutions in the future, and the company uses this belief to gather data from just about any system, old or new, to help retailers create more loyal customers, predict the success of future promotions, and increase revenue.
It’s sometimes hard for retailers to get a handle on the success of difficult-to-track metrics. For example: studying the effectiveness of a particular in-store display.
MiNODES uses beacon devices and an in-store analytics platform to provide retailers with a way to collect data on consumer behavior around these kinds of promotional initiatives and analyze their effectiveness.
With access to data they might not have otherwise been able to get previously, retailers can change what isn’t working and continue to experiment with ways to grab a customer’s interest.
Have you ever entered a large mall and had no idea how to find your favorite store?
Mappedin understands this struggle and build a software-as-a-service (SaaS) platform for mall owners, as well as owners of other large multi-business locations, to provide customers with a solution. Mappedin’s technology creates what is essentially an indoor search engine: a Google for the mall.
It helps consumers find what they’re looking for at the location and helps ensure businesses aren’t losing business when a person gets lost.
If your retail business wants to get into the deep analytics of the decisions that drive you forward, EDITED has software you’ll be interested in.
Big names like Ralph Lauren and Gap use EDITED to study pricing, product assortment, merchandising, trading, and just about everything else that goes into running a successful retail operation.
Market Analytics – EDITEDEDITED helps steer retailers toward making sound decisions that bring in the products people want at prices that keep business profitable.