Today, SwiftIQ is introducing a suite of innovative applications that transform transaction data into actionable daypart insights. The applications include a responsive, web-based heatmap visualization with detailed filters to derive region or store-level intelligence by item and an application programming interface (API). Now, retailers, distributors, manufacturers and category captains can analyze dollar and unit sales by item, category, and/or location criteria to drill down and understand the most contextually relevant products, basket characteristics, and inventory levels across each of the 168 hours in a week.
SwiftIQ is one of the few platforms capable of collecting billions of granular point-of-sale (POS) records by timestamp by store, and programmatically identify daypart trends. With these powerful insights now accessible at a user’s fingertips, managing store level layouts, promotions and inventory on-hand by specific daily trends is possible. Combined with the SwiftIQ pattern mining algorithms that detect co-occurences, users can even see what categories and items sell most frequently together by time of day. For retailers, especially convenience stores with little space to carry additional inventory, these insights could save millions of dollars by preventing out-of-stocks. Furthermore, as more retailers seek to employ contextually relevant digital experiences and personalization initiatives, the SwiftIQ Dayparts API will be a critical element serving as the intelligent data layer that powers content recommendations for interactive shopper experiences. Retailers and marketers can leverage the API to activate content and targeted promotions delivered via mobile beacons, programmatic ads, interactive displays, and other media.
View Summary and Store-Level Insights
Dynamic filters allow users to browse performance for executives and store managers to access the insights most important to them. The dayparts can be filtered by item, category, brand, manufacturer and other location options, such as by chain, region, state or even down to a single store.
Bring the Heat
The Dayparts heatmap offers simple-to-interpret tables via an angular widget with relative shading to indicate signal strength.
How the Dayparts API Works
The Daypart API provides access for a user to retrieve sales dollars and units for all hours in a week filtered by product and location level criteria. For example, a developer could request dollar sales for Bud Light 25oz singles, all Bud Light products, or all beer products by store, region or chain. Within seconds, JSON results are available via a REST API.
Daypart Insights Translate into Interactive Retail Experiences
What impact will dayparts have on the modern shopper experience? Check out these use cases below:
Interactive Digital Signage
Photo source: Digitalsignagetoday.com
Digital signage, a rapidly growing Internet of Things application, can use the dayparts API to display the most relevant content, depending on where it is placed (above an item, upon store entrance, etc). The market for digital signage is predicted to reach $4.5 Billion by 2016. (Smartplanet and ABI Research). A few recent examples of brands and retailers increasing investment in digital signage are below:
- Anhueser-Busch recently rolled out 1,000 digital coolers with LCD displays in convenience stores, entertainment and sports venues, and beverage stores known as the ThruVu Digital Cooler. See the video:
- Coca-Cola recently partnered with Microsoft to engage consumers by flashing digital images on the glass cover of refrigerated coolers. See the video:
- Photon and Panasonic teamed up to deliver smarter signs in stores to learn more about the customer to deliver targeted offers, as well as check in, make purchases and more.
With access to on-demand data and the dayparts, retailers can manage inventory intelligently, such as:
- Identifying peak and off-peak times for product sales to optimize inventory and prevent out-of-stocks;
- Moving high volume items near the cash register during peak times to promote impulse sales, such as beer singles during peak buying hours.
- Creating promotions for items that co-occur often at times when one item is at peak volume and the other has slower turnover.
According to a study by Pew in 2013 and Business Insider, the number of consumers using their mobile devices in-store to assist with purchase decisions is increasing and beacons open a new market for mobile engagement. While companies like Macy’s are in the process of rolling out 4,000 beacons in nearly 800 stores, many other retailers are testing beacons. Unfortunately, due to a lack of contextually relevant content, beacons have lacked the ability to show the right message to the right user at the right time. As a result, the consumer experience largely suffers from content and offers are being pushed out continuously with limited logic behind the message, causing many consumers to opt-out. We are optimistic that insights like dayparts will change the experience to a positive one.
While beacons may deliver timely digital messages, traditional in-store marketing can benefit from dayparts insights, such as creating multi-sided print messaging and fixtures that can be turned around by time of day or day of week (like promoting coffee in the morning and sandwiches at lunch).
Future Use: Electronic Shelf Labels
Image source: smartplanet.com
More commonly found in Europe, U.S. retailers like Kroger and Whole Foods are beginning to experiment with electronic shelf labels. Could a better understanding of daily supply/demand by daypart and programmatic insights help facilitate dynamic price changes in retail store environments? It sure occurs in the eCommerce space.