Retail analytics company Euclid has launched Euclid Zero, a product it says gives retailers, malls, and other venues the ability to measure in-store behavior using existing wireless infrastructure from Wi-Fi providers Aerohive Networks, Aruba Networks, Fortinet, and Xirrus.
Since November 2011, Euclid has provided information for retailers such as how many people walk by a given store, how many people come in to the store, and how long the latter group stays in the store, says CEO Will Smith. In turn, the retailer can look at data like bounce rate and try to determine what it correlates with to make in-store adjustments such as how many cash registers are open.
In providing metrics like engagement rate, visit duration, and visit frequency, Euclid says it helps retailers optimize the performance of their marketing, merchandising, and operations. With an easy-to-use web dashboard, stores can boost traffic, engagement, loyalty, and revenue, the company adds.
Like its existing offering, Euclid Zero measures the activity of all shoppers carrying a Wi-Fi-enabled mobile device, without requiring them to connect to the in-store network or run a mobile app. As the name implies, Euclid Zero requires zero dedicated sensors, in-store installation, or configuration. To use, IT managers turn on the Euclid feature in their Wi-Fi management console, Euclid says.
To ensure shopper privacy, Euclid says it provides only aggregated, anonymous insights to its clients and offers an easy opt-out for individuals with concerns.
"We contractually require our customers to provide notice at the store and it basically tells [shoppers] they are using Euclid and to learn more or opt out, they can scan the QR code or follow the link," Smith says.
The self-proclaimed "Google Analytics for the real world," Euclid was created to help brick-and-mortar retailers use analytics to compete more effectively with online retailers. According to a press release, the company has more than 30 customers, including apparel chains, quick-service restaurants, shopping malls, and department stores.
Philz Coffee is one such customer. Smith says Euclid will be expanding into conference centers and event venues with Euclid Zero. He declined to mention any specific retailers actually using Euclid Zero.
The Euclid team includes a co-founder of Google Analytics, COO Scott Crosby.
Euclid is backed by $6.3 million to date, including an initial seed round of $500,000 and $5.8 million in Series A funding in November 2011, led by New Enterprise Associates and Harrison Metal. TriplePoint Capital is also an investor.
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Lisa Lacy is senior staff writer at ClickZ. In addition to ClickZ, her work has appeared in The Huffington Post, The Luxury Spot, LearnVest, MarthaStewart.com, GoodHousekeeping.com, amNewYork, and The Wall Street Journal. She's a graduate of Columbia's School of Journalism.
December 12, 2013
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