Executive Briefings

Start-up Says That Data Collected on Customers In-store Can Boost Retail Sales

Alexi Agratchev was working on a video securitysystem to help casinos catch criminals, as part of an internal start-up at Cisco Systems, when an idea popped into his head. He wanted to apply the same concept – extracting data from technology such as video cameras – to help retailers better serve their customers and drive sales in stores.

If you look at Amazon, Macy's.com or any e-commerce site, they have so much data and they use analytics to constantly improve the way they run their websites," he said. "Then you walk through the front door of Nordstrom or Victoria's Secret and nobody has any idea what happens."

In 2007, after spending more than seven years at Cisco, Agratchev left the company to co-found RetailNext, a San Jose tech firm that collects, analyzes and packages data about shoppers, including the time they spend at a store and whether they're a new or returning customer. The company, which has about 190 employees, recently announced $125m in funding and some of their biggest clients include Bloomingdale's, Brookstone, American Apparel and Pepsico.

Read Full Article

If you look at Amazon, Macy's.com or any e-commerce site, they have so much data and they use analytics to constantly improve the way they run their websites," he said. "Then you walk through the front door of Nordstrom or Victoria's Secret and nobody has any idea what happens."

In 2007, after spending more than seven years at Cisco, Agratchev left the company to co-found RetailNext, a San Jose tech firm that collects, analyzes and packages data about shoppers, including the time they spend at a store and whether they're a new or returning customer. The company, which has about 190 employees, recently announced $125m in funding and some of their biggest clients include Bloomingdale's, Brookstone, American Apparel and Pepsico.

Read Full Article