Kerry Nel, COO and Elad Segev, Global CEORetail businesses thrive on data today. While online businesses are leveraging data to ensure customer satisfaction and boost sales, their brick-and-mortar counterparts are struggling to even collect this data, let alone find trends and implement meaningful insights. Aggregating data from the physical space and ultimately deriving value out of this data remains a conundrum. Syenap strives to change this scenario for the benefit of retailers. “Identifying and understanding customer patterns within the retail stores and anticipating the trends in their movement is the most crucial factor to strategic planning and the ongoing success of any retail business,” says Elad Segev, Global CEO at Syenap. The company brings the power of real-time analytics to the retailers’ fingertips with powerful tools that can record and scrutinize the data, including details like the number of shoppers frequently visiting—not only the stores but also certain areas within the stores—as well as their movement and duration of stay in the store.
Pair these tools with Syenap’s underlying market analytics technology, and retailers have clear insights into sales patterns and customer behavior in brick-and-mortar stores that can drive sales and boost revenue. Syenap’s cutting-edge, technology-agnostic platform first collects data from multiple sources like in-store videos and data feeds. These sources are then integrated and analyzed to provide actionable insights into details, including how customers behave and engage with displays and merchandise. The platform automatically understands, predicts and measures customer behavior by analyzing their path to purchase, including all their deviations in the physical space. By understanding customer movement, the path to cross-selling becomes clearer. Furthermore, the underlying ‘customer aware’ technology can seamlessly integrate with a client’s existing infrastructure, greatly reducing the cost.
“Analyzing the statistics is where our solutions really come to the fore,” says Kerry Nel, COO at Syenap. This ultimately gets translated into real-time predictive and actionable information to streamline management with valuable insights.
While helping retailers count and track their customers, Syenap’s technology also assists them to understand foot traffic at any given time of the day, week or month.
Identifying and understanding customer patterns within the retail stores and anticipating the trends in their movement is the most crucial factor to strategic planning
“This not only helps store managers appropriately gear-up their supporting staff and avoid unproductive scenarios but also measures the success of their marketing promotions and campaigns with respect to traffic rate,” says Segev. Syenap measures conversion rate and reduces abandonments of the shoppers leaving the store without purchasing anything. It also influences the store design based on real data and gives retailers the ability to manage queues and wait times with predictive capabilities. Retailers can access these reports as and when they need it, along with additional information on how they can improve the store performance.
The powerful capabilities have helped Syenap garner a loyal customer base as well as resellers around the world. In one instance, Syenap assisted a client that was struggling to find their lost sales opportunities. The client’s conversion rates were falling below average during specific hours in the day. Syenap’s platform helped them understand the real-time performance of the store, enabling managers to communicate with employees on the floor well in advance regarding the impact in the next few hours and implement simple steps to increase customer conversion rate. This, in turn, reduced the client’s lost opportunity hours, directly boosting their bottom line.
Syenap has its ear pinned to the ground for emerging trends and technologies that will allow organizations to nestle in the spectacle of retail paradigms, giving retailers the ability to make decisions with real-time data. Going forward, the company plans to continue its focus on closing the gap that exists between shoppers and the retail companies.