#1 - Joe Shasteen, Global Manager of Advanced Analytics at RetailNext
Slice of Retail Team
08/19/2024
Join us on this week's episode of the Slice of Finance podcast, hosted by Jared S. Taylor! Our Guest: Joe Shasteen, Global Manager of Advanced Analytics at RetailNext.
What you’ll get out of this episode:
- Introduction to RetailNext: Joe Shasteen explains how RetailNext offers e-commerce-style analytics to brick-and-mortar stores, providing real-time insights into customer behavior.
- Impactful Projects: Joe shares how RetailNext’s traffic data aids retailers in optimizing labor allocation, boosting conversion rates, and enhancing overall store performance.
- AI in Retail Analytics: An overview of how RetailNext uses AI and machine learning to refine data accuracy and track customer engagement in-store.
- Future Trends: Joe discusses emerging trends in retail analytics, such as digital media networks and data partnerships, that are shaping the future of the industry.
- Communication and Data: The importance of internal communication in successfully implementing retail technology, highlighting a humorous anecdote about employees covering sensors.
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Introduction to RetailNext's Role in Retail Analytics
In the rapidly evolving retail landscape, understanding customer behavior within physical stores has become increasingly critical. Joe Shasteen, the Global Manager of Advanced Analytics at RetailNext, joined us on our first Slice of Retail podcast episode to share how RetailNext is transforming in-store analytics. As Joe explains, RetailNext provides a cloud-based platform that enables retailers to gain real-time insights into customer traffic patterns, product engagement, and overall store performance. This innovation bridges the gap between e-commerce analytics and brick-and-mortar retail, allowing brands to make informed decisions that enhance the shopping experience.
Leveraging Data to Optimize Retail Operations
One of the key projects Joe highlighted involves optimizing labor allocation by using traffic data rather than relying solely on sales transactions, which are lagging indicators. By analyzing customer traffic patterns, retailers can better allocate their workforce, ensuring that staff levels match peak shopping times. This shift not only improves efficiency but also significantly enhances conversion rates. Joe emphasized the importance of such data-driven strategies in helping retailers capitalize on every sales opportunity and improve their overall operational efficiency.
The Role of AI in Enhancing Retail Analytics
Artificial intelligence (AI) is a game-changer in retail analytics, and RetailNext is at the forefront of this innovation. Joe touched on how the company incorporates AI and machine learning to refine its sensor technology, improving the accuracy of customer tracking and behavior analysis. By filtering out non-human objects and focusing on actionable customer data, RetailNext’s AI-driven approach ensures that retailers receive the most relevant and precise insights possible.
Emerging Trends and Future Directions in Retail Analytics
Looking to the future, Joe discussed several emerging trends that RetailNext is poised to address. These include the rise of retail media networks, which turn physical stores into ad spaces, and the growing importance of data partnerships. By sharing data across brands and retailers, businesses can make better-informed decisions, leading to enhanced customer experiences and increased sales. Joe also noted the potential of data monetization, where retailers can capitalize on the wealth of data they collect to create new revenue streams.
The Importance of Communication in Implementing Retail Technology
Throughout the conversation, Joe stressed the importance of internal communication when implementing new retail technologies. He shared an amusing yet telling anecdote about employees who, out of fear or misunderstanding, covered sensors to avoid their conversion rates being tracked. This story underscores the need for clear communication and education about the benefits of data analytics, ensuring that all employees are on board and can leverage the technology to improve their performance.
As RetailNext continues to innovate and push the boundaries of in-store analytics, it’s clear that the future of retail is data-driven, and companies that embrace these technologies will be better positioned to meet the evolving needs of their customers.
