US-based provider of real-time in-store analytics RetailNext has partnered with The University of Chicago Booth School of Business to perform a deeper analysis of customers' shopping and purchasing behaviour in retail stores.
With critical data sources such as video incorporated for the first time, the new technology from RetailNext is set to study the actual in-store behaviour of customers in real-world environment in a granular pattern, thereby helping the retailers to understand the decision drivers better.
The full path study of in-store shopper behavior is proposed to be done at more than 50 retail chains, said RetailNext.
University of Chicago Booth School of Business marketing professor Gunter Hitsch said, "We're excited to have this opportunity to explore a new view of retail and see what lessons can be learned."
RetailNext co-founder and CEO Alexei Agratchev said the partnership helps the Booth School faculty to use its deep marketing and business knowledge to answer critical questions about the sources of retail success.
"In the long term, this information-sharing initiative should offer up new insights that will be to the benefit of retailers everywhere," Agratchev added.
The partnership with Chicago Varsity marks the first-ever exposure of RetailNext's measured data to academic researchers, the company said.
Headquartered in San Jose, California, RetailNext is present in 18 countries and examines the behaviour of about 25 million shoppers per month with the help of data collected from more than 15,000 sensors in retail stores, and trillions of data points per year.