Business problem: Retail crisis is opportunity for transformational change for brick and mortar retailers
As consumer buying habits becomes increasingly digitized- ease of convenience, accessible information, and available stock make shopping online or on a mobile device hard to beat- brick and mortar retailers must adjust to the way consumers shop and buy. U.S. retail stores took a major hit during the 2013 holiday shopping season when they experienced approximately half the holiday foot traffic compared to three years ago (ShopperTrak). Retailers have begun changing store layouts, driving new marketing initiatives and other campaigns to draw foot traffic into stores. In the race for customers, the biggest differentiator for brick and mortar stores will come from leveraging technology that allow them to understand customers and evolve the in-store experience accordingly.
Solution
The NexVisionIX solution leverages data collected from point of sale, in-store sensors and video camera to transform today’s in-store retail environment by improving merchandising, operations and marketing. This in essence gives brick and mortar stores the same type of valuable insights typically available only to online merchants.
Merchandising
NexVisionIX In-Store intelligence reveals crucial information like shopper movement through the store and areas of high engagement, enabling retailers to make strategic product placement decisions.
Operations
The solution delivers a quick and intuitive workflow process, enables managers to engage with customers more effectively, and improve customer service by adjusting staff schedules.
Marketing
NexVisionIX builds effective campaigns and marketing using customer segmentation and data like location and average dwell time.
Success.
Won Most Transformative Solution by SAP Startup Focus, an award recognizing it for its great potential to change an industry and how end users or consumers
perceive it.
Watch.
CEO Rick Dutta discusses how the NexVisionIX solution enables retailers and consumer brands to drive revenue and cost management with intelligent decision making, powered by SAP HANA technology.
NexVisionIX and SAP Startup Focus -- Enabling retailers with real-time insights - YouTube