BVI Networks, a provider of business intelligence for retail, announced its RetailNEXT platform designed to give retailers and brand manufacturers a full BI platform targeted to their business needs. By collecting in-store data that extends beyond simple POS towards the analysis of video footage, RetailNEXT aims to help retailers make better decisions in relation to staffing, the placement of merchandise, and effective spending of marketing dollars.
With traditional BI focusing on capturing point in time sales data, many retailers were unable to look at information beyond a transaction taking place at a cash register. RetailNEXT, however, enables retailers to expand the available information they have to make informed decisions. Video surveillance can be used for more than counting the number of potential customers that enter a retail location. Information can be collected related to aisle conversion rates, what percentage of traffic is stopping to look at displays, and what are the conversion rates, etc. This enables retailers to use in-store data to increase the effectiveness of store modeling, marketing campaigns, and supply requirements.
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