Consumer Analytics Platform Gets ‘Granular’
The latest version of a retail analytics platform attempts to squeeze more insights from store loyalty programs as a way of gauging consumer preferences and whether, for example, a new product is selling and why.
New York-based 1010data Inc. said this week version 3.03 of its self-service consumer insights platform adds reporting capabilities designed to allow retailers and their suppliers to leverage loyalty programs to expand the range of analytics. The more “granular” results could be used for tighter inventory control as well as store promotions, the company said.
The upgraded analytical collaboration platform is said to track the performance of store categories and individual products with accuracy akin to SKU (stock keeping unit) inventory trackers.
The consumer-tracking platform uses data from customer loyalty programs and other store promotions to generate tailored, “pre-built” reports containing details about purchases, basket items, store departments and retail locations.
Among the platform’s new features are a “trial and repeat” report that tracks new product launches with greater detail. Other new reporting features include a sales analysis that breaks out the source of volume sales for new and existing products as well as reports on sales trends and shopper product “affinity.”
The upgraded platform is part of the company’s data management, analysis and application development offerings that also come with the company’s proprietary data sets. The company’s proprietary data feed provides customers with access to a variety of data sets while also delivering a mechanism for selling internally generated data.
Along with public data such as census counts and third-party data like credits reports, 1010data also offers what it calls “disruptive data” ranging from credit card transactions to e-commerce purchases. The company notes that the data sets are aggregated and anonymized to protect privacy and security.