InvenSense’s Powerful Combination of Insight and Innovation to succeed in the Retail Location Intelligence Market
InvenSense’s Coursa Retail technology enables smarter and more profitable stores by identifying and analysing customer patterns
Based on its recent analysis of the retail location intelligence market, Frost & Sullivan recognizes InvenSense with the 2016 North America Frost & Sullivan Company of the Year Award. InvenSense, a leading provider of motion sensing and tracking technology, has altered dynamics in the market by launching Coursa Retail–a remarkably simple and effective retail location intelligence solution.
Coursa Retail ingeniously taps into the sensors (accelerometer and gyroscope) embedded in customers’ smartphones. It relays in-store customer activity to retailers, generating analytics similar to those of online browsing. InvenSense’s cutting-edge technologies are also used in wearables, drones, gaming devices, optical image stabilization-enabled cameras, and automotive and industrial applications.
“The Coursa Retail solution levels the playing field for retailers by giving bricks-and-mortar retailers new insights into their customers’ in-store individual and aggregated shopping behaviors,” said Frost & Sullivan Senior Industry Analyst Brendan Read. “These include shopper visits and dwell times at aisles and products, purchase sequences, checkout duration, queue measurement, and store traffic flows. With these insights, Coursa Retail can identify the shoppers who browse, but don’t buy certain products, enabling retailers to more effectively target shoppers with the right offers and incentives that drive increased sales. It also gives omnichannel retailers a complete in-store and online view of customers’ shopping behaviors.”
The InvenSense Coursa Retail solution consists of a mobile software development kit (SDK) and server solution that integrates with retailers’ mobile loyalty apps and operates as a background service. Retailers need to have no infrastructure other than Bluetooth beacons at store entrance and exit points to identify when customers enter and exit the store.
Coursa Retail’s algorithms then formulate raw data into actionable insights that it makes available to retailers through dashboards or application programming interfaces (APIs). The insights then help retailers improve in-store sales, conversion rates, customer loyalty, and attract new customers. The data helps optimize merchandising, store planning for maximum appeal, staffing, and convenience. Moreover, the system does not require access to in-store data networks. This reduces IT complexity by avoiding lengthy integrations with stores’ systems. With bricks-and-mortar retailers facing stiff competition from each other, and from online and pop-up stores, there is a potentially strong market for Coursa Retail.
Initial pre-pilot testing results in retail stores have validated the efficiency of the Coursa Retail technology. As more retailers tie loyalty programs into mobile apps, they will be able to combine online and in-store data to obtain a 360-degree view of customer behavior. This huge product advantage sets the Coursa Retail solution apart from its peers. It also illustrates its focus on driving business performance by innovating for the future.
“The success of Coursa Retail will allow InvenSense to diversify from its wireless device base and expand into new markets, thereby acquiring additional and recurring revenue streams,” noted Read. “This is critical for the company as its smartphone and tablet markets begin to mature.”
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in devising a strong growth strategy and robustly implementing it. The recipient has shown strength in terms of innovation in products and technologies, leadership in customer value, and speed in response to market needs. In short, the award looks at the emerging market participants in the industry and recognizes their best practices that are positioned for future growth excellence.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
InvenSense, Inc. is the world’s leading provider of MEMS sensor platforms. InvenSense’s vision of Sensing Everything™ targets the consumer electronics and industrial markets with integrated Motion and Sound solutions. Our solutions combine MEMS (micro electrical mechanical systems) sensors, such as accelerometers, gyroscopes, compasses, and microphones with proprietary algorithms and firmware that intelligently process, synthesize, and calibrate the output of sensors, maximizing performance and accuracy. InvenSense’s motion tracking, audio and location platforms, and services can be found in Mobile, Wearables, Smart Home, Industrial, Automotive, and IoT products. InvenSense is headquartered in San Jose, California and has offices worldwide.
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