As data becomes one of the most valuable assets in the world, retail foot traffic analytics has become increasingly important. The question is, are you seeing the data you need or is your retail analytics system a throwback to the 90’s?
This week, we dive into the latest trends in the retail industry, covering everything from emerging technologies to evolving consumer habits.
Today’s Rundown
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- Changing consumer habits: 3 trends redefining how consumers will spend their time and money in 2024.
- Mother of all breaches: A historic data leak reveals 26 billion records.
Trakwell.ai in person
Trakwell is making its way to a conference near you!
Come visit our booth at the FMG Symposium on January 25 – 27th at the Horseshoe in Las Vegas.
Additionally, you will find us at the Las Vegas Market on Jan 28 – February 1st. Our booth will be located in the HFA resource center.
Whether you are interested in hearing more about our AI tracking, or want to get a sneak peak of our upcoming mobile app, our team would love to talk to you.
Not planning on going to the Symposium or Vegas Market but still want to learn more about what’s new with Trakwell.ai?
The 90’s is calling and wants its retail foot traffic analytics back!
Data has become one of the most valuable assets in the world. And, collecting, analyzing, and implementing data has never been more important. The question is, are you seeing the data you need or is your retail analytics system a throwback to the 90’s?
Data analysis is the process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful insights, informing conclusions, and supporting decision-making. Similar to data analytics, retail analytics is the act of collecting, analyzing, and reporting on data related to a retailer’s operations.
Retail analytics can apply to understanding foot traffic, customer behavior, tracking inventory levels, measuring the effectiveness of marketing campaigns, and more. For example, by analyzing data from a variety of sources, such as customer purchase histories, foot traffic counters, and POS systems, retailers can gain valuable insights into their customers’ habits and preferences so they can adjust their product offerings, pricing, return policies, and even their physical and online store layouts accordingly.
Analytics also helps retailers make better decisions about which promotions to run and which marketing strategies to focus on, as well as when to staff up and down. Ultimately, data analytics helps retailers increase sales, reduce costs, and improve customer satisfaction and loyalty.
Click HERE to read our full article or retail foot traffic analytics.
The Metaverse, AI, and all things trending
Despite the promise of the Metaverse, the idea of a virtual world for retailers has fizzled away just as quick as it came. Despite the failure of the Metaverse, retailers are all over the possibilities offered by AI.
According to Forbes, over 40,000 people braced the icy conditions to attend NRF’s “Retails Biggest Show”, and AI was the talk of the show.
Anshu Bhardwaj, SVP and Chief Operating Officer, Walmart Global Technology said that AI is allowing Walmart to become what she called an “adaptive retailer”, meaning that it is able to use the technology to help intercept customers “at the best point to get you what you want”, or in other words to focus help and service at the point and time that most benefits the customer.
Macy’s CFO and COO Adrian Mitchell said that the retailer has made a “lot of progress” applying AI to pricing and was continuing to experiment with AI-powered personalization and inventory allocation.
“Number one, it can definitely make your business simpler. It can help you execute better and help you make better decisions. What we’ve also learned is you have to lean in because retail is a disruptive space. If you stand still, you’re falling behind,” he stated.
Retail Trends
Rent reaches new heights: Retail sector leasing reaches a record high in 2023.
Changing consumer habits: 3 trends redefining how consumers will spend their time and money in 2024.
Sustainable shopping: Four simple ways to make your shopping habits more sustainable.
Random Irrelevance
Mother of all breaches: A historic data leak reveals 26 billion records.
One more thing: Next generation Siri likely to be launched in iOS 18, with ChatGPT style capabilities.
New heights: Plans for the tallest building in the US are underway — and it isn’t in NYC
