As mobile shopping, omnichannel retailing, and demand for a personalized customer experience grow, retailers more than ever need to be able to connect the dots from the mounds of data that their customers and systems are generating. But they are facing multiple challenges due to the limits of the scalability and performance of their data infrastructure. It is difficult, yet critical to know, for example, whether customers visited the company website before they walked into the retail store. It is likewise critical to know what their preferences are, or what they are posting about the business to their social circles.
Moreover, there is also the challenge of tracking inventory in real time and being able to predict orders and shipment logistics to maximize service.
To address the needs of today’s digital customers, an online business needs to be always on, always available, and transactions need to be processed at the speed of customer demand. With InsightEdge, a highly scalable in-memory real-time analytics platform, retailers and CPG firms can capture real-time data in-store to help automate planning, and create more accurate forecasts, going beyond retrospective data analytics. This way, they can guarantee a smooth, consistent customer experience, regardless of the amount of traffic on the website, with an always-on infrastructure that will scale to ever changing needs.
To complete the experience, you can assure that the right items are in stock at the right time by optimizing the digital supply chain, and when your customer decides to purchase, you can detect fraud at the time of payment before it happens and reduce risk for all involved.
Determine your future inventory with the ability to ingest and analyze streaming data from billions of sensors for real-time inventory monitoring and management.
With InsightEdge’s real-time inventory management capabilities, you can track and analyze orders, shipments, and stock, and more, for effectively stocking products to avoid excess inventory and stock-out and optimize shipments.
InsightEdge, unifies AI, machine learning with transactional processing to, deliver real-time insights that are required for staying ahead of the competition and for delivering a seamless, personalized, and convenient customer experience across all channels, both digital and in-store.
The platform can run event-triggered real-time machine learning models on data from various sources such as CRM, geo-location, social feeds, weather and more and enrich the insights with historical information.
The result is improved understanding of the customer and personalized offers at the right time for high satisfaction rates, conversion rates, revenue, and brand credibility, along with reduced churn.
InsightEdge allows the ability to generate real-time insights by analyzing both data on the move and in rest, help to boost consumer price perception, identify key value items (KVIs), set and validate prices for long-tail items, and drive retail profitability and growth through dynamic pricing.
Moreover, machine learning and deep learning models for predicting pricing trends and evaluating real-time information, helps to generate offers on-the-spot, changing consumer consideration about what they are purchasing, in the moment.
Real-time insights extracted from data on the move in combination with data at rest provides retailers with strategic information about where consumers are geographically, along with their purchase preferences, habits, behaviors, and potential intents.
This way, they can set-up and deliver highly targeted mobile marketing campaigns to the right audience, at the right time.
With relevant, contextual ad content and promotions that is based on the specific intent and location of each individual consumer, new revenue streams can be generated, dramatically impacting the topline.
InsightEdge can run event-triggered real-time machine learning models on data from various sources such as CRM, geo-location, social feeds, weather and more and enrich the insights with historical information to power location-based marketing programs.
Learn how InsightEdge is being used by Retail to become insight driven.
A leading department store retail chain offers exclusive and national brand apparel, shoes, accessories, beauty and home products with stores across the United States
Retail organizations not only want to improve their eCommerce traffic but also their business via Brick and Mortar shops. Traditional architectures have challenges supporting hundreds of thousands of users and promotions. This customer wanted to shift to modern architectures is via a transitional strategy.
The customer also wanted to implement machine learning and analytics for location-based advertising in order to provide its customers with location-based recommendations in real-time.
With GigaSpaces’ in-memory real-time analytics platform, this customer was able to increase in-customer visits to stores, in purchase volume (in $) for coupon-based customers, and in coupon usage (in %) by customers.
A leading retail company in the United States
The customer wanted better visibility of the customer to provide personalized offers. At the same time, the customer wanted to improve business operations across the different divisions.
Main goals included:
With GigaSpaces’ in-memory real-time analytics platform, this customer was able to run real-time application on terabytes of data – providing unified view across the different business units such as commerce, finance, marketing, distribution and more. TCO was greatly reduced due to a lower number of servers required.
Personalized offers were integrated into the customer experience, impacting business results.
Black Friday/Cyber Monday sales were bigger than ever in 2017, as sales for the holiday hit about $3.34 billion on Black Friday and even higher on Cyber Monday: $3.45 billion. That’s $6.79 billion in two days.
With such record-breaking online sales, it’s a real shame if your site is down.
Peak load performance often tends to stretch any system behavior in areas that are least expected and thus are often hard to handle. Quite often, peak loads lead to unexpected downtime.
With GigaSpaces you can avoid eCommerce crashes or slowdowns and ensure business continuity. Download our case study to learn about how GigaSpaces can help retailers prevent downtime more effectively and achieve 100% uptime at all times.
In today’s “Now Economy,” consumers demand highly relevant and hyper-personalized experiences as they interact with brands on a multitude of devices and channels, expecting a seamless shopping journey. Online retailers must consolidate and analyze the customers’ real-time and historical data from all engagement channels, in the moment, to offer a highly personalized shopping experience.
This case study discusses how PriceRunner, a leading price comparison site in the Nordics and UK, provides consumers impartial, real-time comparisons, and how they support high peak periods such as the night before Black Friday without compromising performance. The solution leverages GigaSpaces always-on in-memory computing platform with Apache Kafka stream processing and Elastic search’s search engine. The GigaSpaces Platform provides a load-balanced environment that can flexibly and quickly scale out when necessary without compromising performance and speed.