Latest BI Tool Targets Online Retailers
A market analysis tool that combines self-service data management and “analytics at scale” targets online merchants looking to measure how they stack up against competitors over time in local markets.
The market insights tool released this week by New York-based 1010data Inc. underscores the growing availability of ever-more granular data down to the metropolitan market level.
The company said its browser-based approach is geared to highly competitive retail, restaurant and direct-to-consumer businesses, enabling merchants to gauge performance in metropolitan markets over time against their competitors. The local market platform is billed as allowing businesses to spot what’s working and what’s not, and then adjust business strategy accordingly.
The tool leverages data on consumer spending patterns, store location information and consumer demographics such as age, gender and household income. Consumer data is refreshed on a monthly basis, the company said.
The delivery of local consumer and demographic data also is designed to provide key performance indicators such as local market share, trip-related metrics and what shoppers purchased and the size of their basket. The metrics are then charted by “metropolitan statistical area” and can be tuned to an individual company’s performance to view a direct competitor’s sales.
As brick-and-mortar retailers battle a growing number of online merchants, analytics tools are emerging to parse local markets and, according to 1010data, “understand granular merchant performance.”
The data platform vendor’s twist on retail analytics is a near-real time platform capable of analyzing and sharing more than 29 trillion rows of market data. The output can then be used to gauge performance against direct competitors in the exact markets where businesses operate. The company also offers proprietary datasets to fine-tune the analysis of local retail data.
Along with heavyweights such as IBM, Microsoft, Oracle, Salesforce and SAP, 1010data is among a growing number of up-and-comers in the cloud-based business intelligence platform sector. Others include consumer enterprise data leader Birst Inc. and MicroStrategy (NASDAQ: MSTR).
The balance of power in the business intelligence and analytics space has been gradually shifting as providers of easy-to-use tools such as Tableau Software (NYSE: DATA) and Qlik (NYSE: DATA) have gained market share at the expense of public companies like IBM (NYSE: IBM), SAP (NYSE: SAP) and Oracle (NYSE: ORCL), as well as privately held stalwarts like SAS, Information Builders and Tibco Software.
Meanwhile, market watchers report that the cloud business intelligence segment continues to expand as application development and delivery users hunt for new platforms to roll out cloud strategies. In its recent market analysis, Forrester Research noted that agile provisioning via the cloud combined with more enterprise features are among the primary differentiators in the expanding business intelligence market segment.