Trackometrix – (Big Data Tool Box for Retail analytics). Trackometrix is derived from the phrase Tracking omni channel retail metrics.
How did Trackometrix come about: Being based out of Singapore we were working with a diverse set of clients from different countries with different mindsets from and from diverse industries like airlines, healthcare, retail, education, Shipping, Malls etc they all had their own set ideas on business ,marketing and interaction with consumers. Most of those ideas were either interaction driven, gut driven or data driven they relied on data quite heavily because no one can argue with nos. The only problem with data is that it lies is silos or it is passive and isn’t a true reflection on what actually transpires on the floor. There are so many instances where a transaction or action was nearly carried through but was dropped at the at the last minute and there was no such count or in some cases if they did the reasons were unknown. unlike the web there was no analytics tool to track and measure this consumer behaviour on the floor in Real Time. There are companies but most measure wifi, apps, POS, Loyalty , proximity etc. but nothing that mapped every footfall instore.
When we spoke to malls on foot count they mentioned huge no of footfalls and then sheepishly mentioned they have upto 40% margin for error We literally fell of our chairs. This was an opportunity. Since we already had some time on image processing we had a fair idea on what to do next. We built trackometrix where we could tag every consumer walking with a unique id, age, gender and mood we should have heart rate up soon to understand neurological connectivity to retail something that apple does. but thats for a later conversation. Anyways we saw the cameras set up in malls and retail outlets they nearly covered every nook and cranny we rode on the existing infrastructure of CCTV IP cameras. This makes life easy for retailers and helps them understand a lot more about their store and consumers and this vital information will enable them to effectively manage depth and width of product offering and well as optimise retail operations, effectively manage the supply chain, replenishments etc.
trackometrix is a robust system that takes in the feed from all cameras and processes it on the cloud and delivers reports and analysis on consumers , employees, vendors, security etc in store in realtime. Now we are working on merging the off line with the online to better the consumer experience and enable the retailers to effectively manage operations. There are some interesting parts like market basket affinity, predictive analytics risk mitigations models we are working on. If anyone has worked in this space before we would love to hear from you.
There are some part that may seem disjointed its because we cant speak about them in detail as we have applied for patents. But to get a sense of the product please do have a look at trackometrix.com or spare a bit to read through the below.
About Trackometrix
Trackometrix is truly a real Time Retail analytics product that uses existing CCTV IP camera infrastructure. Trackometrix is a plug and play SaaS product using Face recognition, Motion detection and Object recognition to detect, track, trail, sense & connect with footfalls in “Real Time”
All vital information of consumers like age, gender, mood, day & date of visits, occupancy, purchase, abandonment, interested or bounce rate, time spent in store, loyal consumers in Real Time, Queue management, basket size, staff optimisation, cart abandonment etc. is captured and displayed on a web based dashboard. Most importantly Trackometrix tags every consumer coming into store with a unique id, this unique id remains for life and the consumer is tracked with the UID every time they come into the store.
The system is future built for retailers to understand market basket affinity and predictive analytics. Once a person is tagged in the system the system recognises the consumer and his/her patterns when every they come back to the store. There are various models for retailers to optimise consumer interaction and manage backend operations as well.
- Customer metrics
- Service Time
- Dwell Time
- People Watch List
- Shopper Activity Maps
- Display Window
- Mood Analytics
- Retail Performance Index
- Cardless Loyalty
- Gamification
To know more on the modules please visit www.trackometrix.com, Trackometrix as a platform integrates analytics from CCTV Ip camera’s, beacons, enterprise apps, Social media vending machines.
ENHANCED CUSTOMER ENGAGEMENT:
Trackometrix empowers associates with real-time access to information that’s critical to delivering a superior consumer experience We can pull up information on the customer’s purchased, abandoned etc. when they are in the store . Trackometrix takes care of end to end scenarios. We can feed data to the associates; that way we start to put them on a level playing field with these customers who carry smartphones and devices. at an advanced level the system will allow for simulation of retail environments merge the consumers offline and online world.
Incase you need any further clarifications i am available on the forum or feel free to write to me on rd@trackometrix.com (Ravneesh)
https://twitter.com/trackometrix
