RetailNext strengthens its reputation as a pioneer in traffic analytics solutions for retail stores after being named a global leader in a CB Insights report.
RetailNext.Inc is proud to be named a worldwide leader in the latest CB Insights research report, Indoor Mapping Analytics – ESP Vendor Assessment Matrix. CB Insights, a prominent independent market research organization, reviewed hundreds of private technology companies and selected just 11 premium vendors, including RetailNext. Each vendor’s position was assessed based on market and execution strength, with RetailNext leading the way.
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“Throughout the pandemic, RetailNext has continued to be a trusted partner to over 400 brands worldwide. The measurement of the real-time condition of physical locations has become more important than ever. Data such as traffic and occupancy is key to the safe and efficient operations of stores and has been critical to power consumer-facing applications such as virtual queuing, store location-based occupancy metrics, dynamic digital signage, and digital marketing based on the real-time condition of the store,” said Alexei Agratchev, Co-Founder and CEO of RetailNext.
Retail stores with indoor mapping solutions, such as RetailNext, enjoy a suite of valuable benefits including increased conversion rates and labor productivity, improved shopper experience, and a reduction in operating costs. The CB Insights report indicates that these returns on investment are of particular importance to brick-and-mortar retailers amidst the rise in e-commerce.
“Customer acquisition costs for e-commerce sites have increased dramatically so brick-and-mortar stores are fast becoming one of the only ways to acquire customers in a scalable, cost-effective way for a lot of brands. In the store, you can differentiate yourself from other businesses because it’s much harder for your competitors to replicate. One of the trends we noticed rebound much faster than expected following the pandemic, is digitally native and other types of brands opening physical stores at an accelerated pace”, said Mr. Agratchev.
According to the research report, “in-store retail tech funding has already more than doubled 2020 levels to reach $9.4B in 2021 YTD. Specifically, funding to store management and planning tools has increased nearly 30%. In general, platforms that offer retailers a one-stop destination for store analytics will continue to win”.
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RetailNext has continued to lead industry innovation over the past fiscal year by constantly introducing FREE retailer-driven improvements to its product:
– A free traffic system upgrade that enables physical stores to optimize their business for the all-important holiday season.
– Access to the new Optimization Dashboard to understand how to optimize staff scheduling amidst widespread labor shortages.
– This, combined with the RetailNext Performance Dashboard which highlights the busiest anticipated time of each day in advance and indicates the weekly performance of a store, enables retailers to maximize their store’s performance heading into the all-important holiday shopping season.
– RetailNext users are also able to use the platform to understand occupancy in real-time in order to re-open stores responsibly as the retail sector recovers from Covid-19.