The Retail Renaissance – How data and analytics are reshaping retail

The retail landscape is in the midst of a dramatic, data-driven renaissance. New tools help to build new connections — between consumers and retailers, and across supply chains. Data analytics and machine learning further these connections to better understand and predict customer behavior and improve demand forecasting.

In this emerging era of smart retail, organizations have access to a range of powerful new capabilities and tools. 

Data generated by beacons, sensors, and streaming video within the store can offer valuable insight into store traffic patterns, hotspots and dwell times. Retailers can leverage this information to map the customer journey and drive conversion rates. In-aisle robots meanwhile can boost efficiency by automating routine tasks such as capturing inventory levels, identifying out-of-stocks and alerting store personnel to replenish shelves.

The retail renaissance is happening now. Watch this short video to learn more.

Some of the most cutting-edge use cases help to demonstrate the ways in which technology is dramatically enhancing the customer experience.

  • Smart mirrors use digital technology to offer customers personalized options and recommendations, for example by superimposing different clothing choices on the wearer, thus eliminating the need for the fitting room.
  • Heat maps leverage sensor data to build a picture of the customer footfall analytics, helping retailers to understand how shoppers move through the store and thus enabling them to position promotions and other elements of the shopping experience.
  • Cashless checkout offers ease of use to customers looking to make a quick and simple purchase. Higher efficiency at the transaction level can also help the retailer to better manage personnel.

Technology is driving improvements on the logistics side as well. Connected trucks for example help ensure the retailer can optimize staging locations and efficiently route goods, establishing optimal timing for deliveries and providing new levels of visibility into the precise location as well as the condition of goods in transit. The near-term rise of drone delivery promises to extend this kind of real-time, super-efficient fleet management out to the customer.

Smart retail promises to make retailers more efficient and effective in their efforts at customer engagement. At the same time, this emerging in-store approach is dramatically improving the shopping experience. A data-driven smart store meets the rising demand among customers for a personalized, customized and highly intuitive retail environment.

Convenience is key for today’s consumer, and the smart retail experience answers that call. Cashless transactions, drone delivery, smart mirrors that let you try on multiple outfits in just a few seconds: It’s all about making the shopping experience quick, easy and intuitive.

Cloudera is helping drive the rise of smart retail by enabling the data and analytics that help to drive some of the most compelling industry use cases. Retailers are using Cloudera Data Platform to ingest and capture data from a range of sources, data that can then be stored, processed, and analyzed using the platform to drive actionable insights in real-time. With the rise of machine learning, data scientists can continuously build and train models to deliver an ever-improving customer experience. In this way, an enterprise data cloud powered by Cloudera enables smart retail from the Edge to AI.

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Learn more about the data-driven retail renaissance here: https://www.cloudera.com/solutions/retail.html

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