Needs determine market innovation. It should come as no surprise, then, that traditional brick and mortar retail is seeking ways to evolve and keep pace with the level of service and personalization offered by online shopping. The ability for retailers to provide that kind of marketing intelligence has until recently been limited by technology and associated costs. That’s changing. Craig Cotton, VP of Marketing for item intelligence platform company Impinj, joins Moneyball for Marketing to discuss the capabilities becoming possible in brick and mortar retail at the fascinating junction between Big Data and the Internet of Things. Key topics include:
Omni Channel Inventory: Retailers surprisingly have only a 60-70% accurate knowledge of store inventory. With the cost and size of Radio Frequency Identification Chips now at a practical level, Craig shares how some retailers are using RFID supported marketing intelligence to find items in store, track hard to find items within the retailer’s store network and even identify the location of items within five feet.
Cart Smarts: Craig demonstrates examples of how technology is allowing retailers to develop incredibly accurate marketing intelligence on store traffic patterns, buyer behavior such as “how many times a pair of jeans were tried on” and even what items are in a particular shopper’s cart at any given time. What’s more, Craig explains how this is revolutionizing traditional product marketing of brand sponsored end cap and eye level promotional display by delivering data on the efficacy of such programs.
Personal Shopping: Smart displays in fitting rooms that help shoppers find alternate sizes and items they need and make data driven suggestions for accessories that might accompany a potential purchase…. loyalty card FOBs that help serve instant promotional offers based on shoppers’ purchase history and precise location within a store…associates that know you’ve arrived and exactly what you are looking for— these are but some of the upcoming innovations in retail marketing that Craig reveals.
Craig Cotton leads the Marketing and Product Management teams for Impinj. He’s responsible for corporate brand and product marketing, as well as advising on market interests and requirements to inform product development.
Impinj’s mission is to deliver the world’s Item Intelligence–by wirelessly connecting everyday items, they capture in real-time each item’s identity, location and authenticity and provide organizations around the globe with actionable information so they can make better business decisions and enhance consumer experiences. Impinj works at the intersection of Big Data and the Internet of Things to identify, locate and authenticate billions of items, and their Item Intelligence platform comprises the most comprehensive and widely adopted RFID product portfolio in the world.