Experts View

Data analytics revolutionizes the traditional retail sector

The retail sector has grown dramatically over the past ten years, thanks to the advent of technology. Every brand is vying for the coveted space to create an impression as the competition grows everyday. For businesses it has now become imperative to utilise cutting-edge marketing tactics to reach their target demographic. The retail industry has discovered the power of data analytics to better understand consumer behaviour, purchasing habits, requirements, and preferences, and then use this information to increase the possibility of a purchase. Those organisations which provide data analytics services, have increased the retail sector’s efficiency and are in high demand.
Payoda Technology:
Payoda Technology has impacted the manufacturing, banking, healthcare, and retail sectors as a partner in digital transformation. Thanks to their most recent solution, Magento 2.X, a US-based retailer’s online portal now has 40% more registered users. Faster online portal checkout times as a result of task automation improved user experience and drove more traffic. The retail giant, which has more than 15,000 multiformat outlets spread over about 44 states, aims to achieve zero downtime in order to assist more customers save time. Automated checkouts and safe payment options are always a good way to attract customers and support the growth of an online store. By expediting the checkout procedure, automating address verification, and streamlining product management, it ultimately increases the number of registered customers.

Shop Advisor:
With ShopAdvisor, consumers can easily conduct one-way video chats with business experts to get personalised shopping recommendations. Apart from offering live demonstrations and sharing supporting images and videos from social media, the professionals can help clients reduce the number of options they have by letting them co-browse. ShopAdvisor facilitates the implementation of proximity marketing techniques for agencies, brands, restaurants, and retail venues. The company offers a comprehensive end-to-end solution that covers audience and geographic targeting, rich media creative creation and delivery, post-campaign analysis, and campaign administration, execution, and optimisation.

Infinite Analytics:
With its cutting-edge AI platform, Sherlock, which offers an unparalleled level of customer knowledge, Infinite Analytics, a Boston-based company, owes its existence to the strong technological skills of MIT. With the use of cutting edge machine learning, Sherlock is able to track and interpret the everyday actions of over 350 million people globally. You can uncover a multitude of consumer signals and make very smart, game-changing judgements with the aid of this cutting-edge technology. They could totally alter your retail strategy by choosing well-considered sites in key places. You can learn how to launch marketing campaigns to increase foot traffic and revenue at all of your present sites, increase earnings, improve your product strategy to showcase outstanding products, use reasonable pricing alternatives, and more from this.

Retail Next:
Retail Next provides an extensive selection of goods for the modern retailer. IT tracks foot traffic to your establishments in real time using the most powerful traffic technology ever developed. Quick access to high-definition recorded video allows you to perform independent audits anytime and wherever you choose, without incurring additional costs. It protects your workers, customers, and property with comprehensive video coverage and easy, fast access to photos and video on desktop and mobile devices. Modern cloud-based technologies enable you to get point-of-sale information, video, and image snapshots rapidly, reducing the amount of time needed for an investigation from days to hours. You can provide your customers with the most recent information on traffic, dwell periods, and product category conversion rates in the interim.

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