Retail Insights+
Kloudspot uses Retail analytics modeling to analyze retail data and gain insights that can be harnessed to improve various aspects of retail operations. It involves collecting, processing, and analyzing large volumes of people movement, behavior, and PoS data (historical & real-time) to identify patterns, trends, and relationships that can drive business decisions and optimize performance. These decisions can then be converted to action points to design measurable engagements at customer touch-points and further analysed for optimizations.
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Solution Overview
The retail industry continues to evolve, and new technologies are constantly emerging to address the changing needs and expectations of customers. Innovations in demand forecasting, analytics, personalized marketing, chatbots for customer service, product recommendation engines, and optimizations. Kloudspot LISA platform can be used by retailers as a customer engagement platform that help track and engage with customers, personalize offers, and build long-term loyalty.
Broadly, the Kloudspot Retail Solution consists of three parts – Customer Engagement, Retail technologies and Retail Analytics.
Kloudspot uses retail analytics modeling to analyze retail data and gain insights that can be harnessed to improve various aspects of retail operations. It involves collecting, processing, and analyzing large volumes of people movement, behavior, and PoS data (historical & real-time) to identify patterns, trends, and relationships that can drive business decisions and optimize performance. These decisions can then be converted to action points to design measurable engagements at customer touch-points and further analysed for optimizations.
The digital transformation approach
Built in Plug-and-play services
Kloudspot Retail Solution provides ready to deploy Wi-Fi Captive Portal, CMS, Digital Signage, Computer Vision based footfall and behavior tracking, security and surveillance.
360 Analytics
Kloudspot also integrates with 3rd party PoS. CRM and Staff Management systems to provide a 360 view of the business. Harnessing data from various sources such as sales transactions, customer interactions, and online behavior, retailers can gain valuable insights into consumer preferences, trends, and patterns.
Applications
The Kloudspot Retail Solution can be applied to various types of retail formats. The customer base and scenarios are important considerations for modelling, analysis and designing experiences.
The normal retail industry, also known as traditional or brick-and-mortar retail, refers to the general retail business operating outside of specific environments like airports or online platforms. Some key characteristics of the normal retail industry:
- Location-Based: Traditional retail stores are typically located in physical spaces within shopping malls, high streets, shopping centers, or standalone storefronts. The location is an essential factor in attracting customers and generating foot traffic.
- Wide Range of Sectors: The normal retail industry encompasses a wide range of sectors, including fashion, electronics, home goods, groceries, automotive, furniture, and more.
- Local Customer Focus: In most cases, retailers often target local or regional markets. This may involve adapting products, pricing, and marketing strategies to the local market dynamics.
- Operating Costs: Brick-and-mortar retail businesses have overhead costs associated with renting or owning physical spaces, store maintenance, utilities, and staffing. These costs can vary based on location, size, and other factors.
Airport retail refers specifically to the retail businesses located within airports, railway stations and even events., catering to the needs of travelers and visitors in transit. Airport retail requires deep understanding of the travel industry and there are several key differences that set airport retail apart:
- Captive audience: Airport retail benefits from a captive, known audience.
- Time constraint: Passengers typically have limited time before their flights depart, creating a sense of urgency.
- Diverse customer base: Airports attract a diverse range of customers, including domestic and international travelers, economy and business travellers etc.
- Security measures: This adds an extra layer of complexity to inventory management and store operations.
- Pricing: Airports charge premium fees for retail spaces . Retailers must factor in these additional expenses when planning their pricing strategies.
Increase conversion rates by delivering targeted buying experiences
Use the digital breadcrumbs your customers leave behind to drive real-time engagements in the real world – and increase conversion rates. With the Kloudspot Platform, you can take advantage of proximity marketing, demographics-based marketing, and personalized marketing to send targeted advertisements and offers to individuals via SMS, Wi-Fi portal, and digital signage.
Gather real-time customer insights
Create a truly customer-centric experience in any retail location. By ingesting data a variety of data points about your customers and applying machine learning and AI, the Kloudspot Platform can generate actionable insights past and real-time buying patterns – and predict future outcomes.
Optimize space performance
Monitoring key data in any retail space, such as location, foot fall and other patterns helps retailers optimize space utilization by location, department, even time of day with a data-drive approach.
Enhance operational processes
Staff allocation and planning is critical to delivering great shopping experiences and to maximizing revenue and profits. With a single-pane-of-glass dashboard, the Kloudspot Platform analytics can inform how you can load balance checkout stations, plan for shift coverage in-store or at loading docks, and predict shopper behaviors. All so you can accommodate customers and create the best (and most profitable) experiences possible.
