Attending another lively year at the Retail Expo at London Olympia, we found the progression of analytics in the physical space impressive and exciting. Our end goal as marketers, is to tie ROI to our marketing efforts; simple as. This is why we’re so excited to share some of the point of purchase analytics developments showcased at the Retail Expo this year.
A theme across our favourite companies, was not new technology but rather, better executed technology. Below we'll give you a run down of some of the companies and solutions that stood out from this year's crowd at the expo.
Worldpay - adding value with payment behaviour data
Worldpay adds functionality to your payment processing technology (card machines) that allows you to ask your customer a multi-choice response question at the point of sale. This question can be dynamic, so that it changes dependent on the product that is being purchased.
What more efficient way could there possibly be to get actual, real data about your customer’s purchase experience? All you need to do is work out what point of sale question does your business most want to understand.
Worldpay have also used their data to give us more industry-wide information on consumer motivations in their ‘The Worldpay Consumer Behaviour and Payments Report 2018’. Check out their site for more on their data analytics offering.
InVRsion - Virtual reality for CPG industries
The InVRsion claim is to “Enhance your product experience with hyper-realistic, interactive #3D products in #VR”. This Milan based VR company has created realistic replications of retail spaces. The most frequent use case for their company is the ability for potential third-party sellers to make merchandising decisions based on their virtual experience, before any stock is physically added to stores. For a large-scale retailer with multiple locations, this is highly valuable. We were really impressed with the quality of the experience. Our in-house audio team who have worked with Dell on their VR and immersive experiences, were also very excited about the potential to build on UK location recordings to create add an additional sensory layer.
What we were even more excited after talking with Matteo Esposito, CEO and founder of InVRsion; he told us that they’ve tested integration with up-and-coming neuro-technology and have successfully collected data on the emotional response of a customer’s in-store experience. Really exciting and impressive to see at the expo.
Biometric tracking improvements
We were also impressed at the level of improvement in biometric tracking integrations in retail marketing technology solutions. Demographic recognition tracking data in a physical store context has improved estimate 80%< accuracy of gender and age (verbal quotation, not based on qualitative research that we have seen). This isn't completely new, but it's impressive to see the accuracy of demographic recognition continue to improve at such a fast pace.
Back again next year!
All and all it was great to see another year jammed pack with innovation driven by digital technology across such a wide range of retail executions. Retail is prime space for continued innovation and new applications for digital technology. We'll let you know what's new again next year!