Company News • 11.03.2015
In-store retail analytics leader expands breadth of patent portfolio
Essential for developing full path analysis of shoppers’ store experiences
RetailNext Inc. announced an expansion of its intellectual property portfolio to include newly granted U.S. patent 8,989,775 for “Method and system for wifi-based identification of person tracks” to be issued by the United States Patent and Trademark Office on March 24, 2015. The proprietary technology more fully empowers RetailNext’s in-store analytics platform, allowing retailers to better understand shoppers and how they shop stores.
“This new patent is a foundational patent for the further expansion of the RetailNext analytics platform,” said George Shaw, RetailNext’s head of Research and Development. “It covers technology innovations that are core to the growing needs of retailers to develop an accurate understanding of how shoppers navigate their stores and engage with displays and store associates, and coupled with existing patents and those pending, provides RetailNext a distinct technology competitive advantage.”
Brick-and-mortar retailers are increasingly attempting to more fully understand shoppers and their in-store behaviors. A critical component is Full Path Analysis, a RetailNext platform capability that provides an in-depth look at how shopper traffic flows through the store, how shoppers engage with displays and other floorset features, and how shoppers are influenced by sales associate interactions. With complete and accurate Full Path Analysis, retailers can more easily improve merchandising, staffing, new in-store concepts and, ultimately, the shopping experience.
“This is an important patent for RetailNext, as it ties together different data streams to produce a singular comprehensive set of real, actionable insights,” said Alexei Agratchev, Chief Executive Officer and co-founder of RetailNext. “No other competitor in the retail analytics space is as well-funded as RetailNext, and as a result, no other company can approach RetailNext’s level of investment in engineering resources and our commitment to research and development. The company’s continued innovation of its hardware-agnostic software platform provides retailers greater value and a quantifiable return on investment, and has enabled the RetailNext platform to emerge as the industry standard.”