Indoor positioning company, YFind Technologies, has announced a new shopping analytics dashboard. TheRetailHQ collects data based on a person’s in-store shopping activities.
The Offline and Online Customer
For many businesses, analytics and other trend data is used to monitor customer and potential customer’s social media and e-commerce activities, but these are online analytics. Many shoppers still engage with a brand or company in an offline or in-store capacity. While there is technology that can provide limited in-store analytics, such as how many purchases were made in one day or how many potential shoppers walked into the store through sensor technology, there isn't a way to specifically track an individual shopper’s behavior.
This is something that YFind with its TheRetailHQ Product looks to change.
As an “indoor position system”, TheRetailHQ dashboard is a tool that helps identify a shopper’s location within the store and in other areas through zone-level tracking or section to section tracking through Wi-Fi.
“Indoor positioning is increasingly important to businesses who seek to deepen their understanding of customer behavior, and transform the shopper experience -- making it highly-targeted and relevant,” said Melvin Yuan, co-founder of YFind.
More specifically, TheRetailHQ tool uses the YFind Position System (YPS) and taps into a user’s anonymous wi-fi signal on their smartphone. From there, a business can see customer behavior data. This data can include how many times a week a particular customer enters a store, what stores had the most visits, how much time a customer spent in a particular store section, the amount of new or repeat customers and if a customer visited another the same store in a different mall.
In turn, a business will be able to use this offline data as another piece of the customer experience puzzle that once complete will improve the company’s ROI, give them better insight into customer need and demand, and help a business launch better and more targeted advertising and digital marketing campaigns.
Who are YFind?
Founded in 2010, YFind Technologies focus is on its indoor positioning technology. Acting like a indoor GPS system, the technology which works with almost all smartphones (including Window Phone, BlackBerry, iPhone and Android) enables users to, for example, easily navigate a building's interior, such as a museum or passenger terminal, which the company hopes will “make the world a more intelligent place, one building at a time.”
YFind’s technology is not only used as a navigation tool, but also has been used in location-based advertising, social networking and to gather footfall analytics.
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