The recent advances in related technologies created the opportunity for retailers to take what already works online, namely personalization and product recommendations, and use them to enhance their traditional, brick-and-mortar businesses.
That’s the kind of service that Gravity B&M, subsidiary of Gravity R&D provides for its clients. In order to introduce the technology and its capabilities to the broadest possible audience of traditional retailers, we’re proud to announce that Gravity B&M engaged in a strategic partnership with leading global consultancy firm Deloitte.
“With this new service, we provide our clients with an end-to-end solution that enables all kinds of brick-and-mortar businesses, electronic retailers, DIY stores, hyper and supermarkets to serve personalized product recommendations in their physical stores, on top of their web and mobile platforms. Simply put, it’s like if the store assistants knew every shopper really well.” – described the solution briefly Ákos Demeter, Advisory Partner at Deloitte Hungary.
The reason why this new service is revolutionary in the retail sector is that it creates the kind of smooth and personal shopping experience in traditional stores that today’s customers get more and more used to online – up to the point of actually greeting shoppers by their name when they enter a hypermarket. This enables brick-and-mortar retailers to help their customers find the products they’re looking for quickly and easily, much as most online shops do. Also, such a system creates the possibility to provide shoppers with personalized offers and discounts that can further help them with product discovery and purchase decisions. For the retailer, this obviously means increased cross-sell and upsell potential.
The solution collects, handles, and analyzes all the data that is used to calculate recommendations and then provides product suggestions in real time, based on information such as online and offline purchase histories, time spent in store and even the specific sections of the shop where the customer has shown elevated interest and engagement levels (i.e. spent time looking at certain selves or products).
“From the retailer’s perspective, this recommender system is an excellent tool to significantly boost revenues by increasing average basket values and the total number of purchases. On the other hand, it is also convenient and useful for the customer if he receives perfectly timed and personalized offers. According to market statistics, systems like this can result in up to 10-20% growth in yearly revenues.” – added Ákos Demeter, summing up the merits of the system.