¿Optimize Retail business? Do it with Big Data + RTLS
The main idea of Big Data is to transform data into knowledge, and knowledge into impact. Big Data has a lot of applications to many sectors but now we are going to see five situations about how big data can positively affect to retail companies.
- Optimize logistic systems and storage costs: that will allow the company to increase profits and reduce costs.
- Predict consumer demand: that fact affects directly to the last situation because if you know what and when the consumers are going to buy you can reduce storage costs.
- Cross-selling: with the correct data recollection, a company can know the habits and behaviour about his customers. So that information makes easy to the company to provoke a cross-selling and complementary sales.
- Customer loyalty: find what influence into the customer’s loyalty and analyze what makes them to go to their installations.
- Finally big data can optimize other marketing actions like for example to improve the product placement, retail marketing, product catalogues, etc.
RTLS is related with Big Data because with the real time location systems it’s possible to know the “movements” about products, assets, employees and customers; and after that gather all the information.
Now let’s see an example about how RFID system can be applied to a supermarket.
In 2008 a regional American supercenter called Meijer decides to implement RFID tags at the shopping trolleys in one of their stores. That fact allow the company to know when customers takes trolleys, how much time they spent in the store and when the customers go to the cash registers.
With this information the company can reduce queues, implement new merchandising techniques and also develop a complete behaviour analysis based on customer location and displacements.
If you want to read more about apply RTLS at supermarkets, please click here.
In Tracktio we combine data analysis information with RFID technology that is connected to IoT. This will enable companies to automate their store, increase sales and other benefits like track the customer behavior, product recommendations, guide customers inside the store, reduce queues, and much more.
If you want to know more about how RTLS can help your business please contact us.