In an effort to compete with e-commerece, retailers are increasingly turning to big data and in-store analytics to better understand what’s going on in their stores. That’s why 64% of companies plan to invest in the technology this year.
During a panel at Street Fight Summit in New York last month led by Retail Prophet CEO Doug Stephens, experts from the retail analytics space took a deep dive into the way “big data” is transforming the retail industry. In the session, Wesley Barrow, CRO at Nomi and Alexei Agratchev, CEO at RetailNext explained how the technology in-store measurement technology is improving, and how retailers can use data about customer behavior to maximize the amount each customer spends. Meanwhile, Larry Promisel, SVP Digital Commerce at Camuto Group, offered the retailer’s perspective, saying that while privacy implications of emerging in-store technology are a concern, the overall benefit of creating a better customer experience will outweigh those limitations in the long-term.