Presentation on theme: "Growing importance of data in retail. Visionstate is a Canadian leader in delivering interactive information portals in public spaces. Interactive directory."— Presentation transcript:
Growing importance of data in retail
Visionstate is a Canadian leader in delivering interactive information portals in public spaces. Interactive directory technology is installed in some of the most prestigious shopping centres across Canada. Clients include Ivanhoe Cambridge, Oxford, Primeris, and RioCan, to name a few. Focus initially on efficient delivery of on-site customer service information, and advertising using interactive touchscreens What we discovered was that data was just as important as delivering better customer service. About Visionstate
Each interaction with our products records information. This can include, popular keyword searches, top categories, stores, brands, etc. Our customers never had access to that type of data before, mostly collected aggregate data. Our data provides insights into trends – what people are looking for and when. Although it is not precise data counting every visitor and their sex, our product provides important information on those trends that influence decision making. Example, is the retail makeup within a shopping centre what customers want based on what they are looking for? What information we collect
Broadcast advertising is increasingly shrinking as companies harness the ability to better define customers. Technology can accomplish this, and is doing so increasingly. Example, Facebook. Why is Facebook so valuable? Because of the information it collects from its users, then leverages that for advertising. Mobile apps have raised the bar further, enabling retail to track people through GPS, and even customize ads based on shopping history. Why is this important?
Through our experience in delivering customer service, and realizing the importance of data, we expanded our offering to customers. In the last few weeks launched WANDA, which replaces the ugly white paper and plastic in washrooms. Customer service component – yes; when the washrooms were cleaned and flag management if necessary. The real story? If our customers get sued for something that occurred in the washroom, it means digging through mountains of this paper. Visionstate changed all that. Data is also about efficiency
Its not just about customer service and giving the people what they want. It is also about creating better efficiencies. Washroom example: Not only risk mitigation but also, resources and supplies used versus traffic. Customers can now produce reports that provide an overall efficiency rating on the bathroom. So savings are found both in liability, but also in being more efficient in cleaning and maintaining. Why is that data important?
PRIVACY – the biggest challenge will be determining how much data is acceptable to collect. Example in the US over Christmas. Product launched to track your every movements, how long you spent at stores, products, etc. Facebook recently got sued for using a persons information in an advertisement where they indicated they liked the product. There has to be a balance between privacy and collecting meaningful data, which will always be the challenge. Challenges in customer data
Data collection will become increasingly important in defining customers. Data, a least for our customers, is a powerful tool for becoming more responsive to customers and more efficient. The challenge is collecting pertinent data without compromising privacy. Visionstate has benefited greatly from this trend toward bigger data, and continues to develop products with an emphasis on this. Conclusions