Venture to Provide Retail Industry with Detailed View of Individual Shopper Profitability for the First Time
New York and Syracuse, NY – October 6, 2010 -- The Center for Advancing Retail & Technology (CART) today announced a new partnership with 1010data, providers of data warehouse and business intelligence products and services, to open up new frontiers in retail understanding and analysis. 1010dataʼs innovative architecture supports near instantaneous ad-hoc queries against massive volumes of transaction data, enabling retailers to get detailed views of shopper profitability based on actual behavior, not averages. CART will be demonstrating the true potential of this system at its research facility, and publishing the results through the leading universities that are CART partners.
“Just as the data gathered through early loyalty programs brought to light massive differences in customer shopping behavior measured by sales (purchasing), shopping frequency, and retention over time, 1010data will help transform the industry again by enabling the measurement of accurate shopper profitability built from item level up,” says Gary Hawkins of CART.
One of the near term goals at CART is to clearly understand not only package, brand, and category profitability, but also retailʼs final frontier: accurate customer profitability in a mass retail operation. Leveraging 1010dataʼs analytics platform, CART will be able to develop a true customer profitability metric, allowing retailers to understand margin at the individual level for the first time.
1010dataʼs technology, developed by pioneers of large-scale data systems on Wall Street, features a revolutionary, proprietary architecture that makes data available almost immediately for analysis -- with no long, up-front requirements or design phases.
“The retail industry is very important to 1010data as our service has a powerful and positive impact on our customerʼs bottom line,” says Jim Mattecheck, vice president, Retail Solutions Group, 1010data. “From a retailers perspective, when you have PCK (profound customer knowledge) you can never lose. Thatʼs what our relationship with CART is all about, bringing PCK to life in true retail environment.”
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The Center for Advanced Retail Technology brings the Retail 3.0TM vision to a live retail environment and educational center. Its mission: to enhance industry learning through hands-on, behind-the-scenes views into new and forthcoming technologies and discussion focused on changing business practices. Data capabilities at CART support relevant marketing and value to each shopper while providing quantitative and qualitative measures for everything happening in-store. Educational sessions to understand the new retail ecosystem are guided by experienced team members. Visitors are immersed in the retail experience, then shown the supporting infrastructure enabling the emerging Retail 3.0 ecosystem.