{"id":9009,"date":"2024-05-01T05:05:30","date_gmt":"2024-05-01T05:05:30","guid":{"rendered":"https:\/\/economicherald.net\/?p=9009"},"modified":"2024-05-01T05:05:30","modified_gmt":"2024-05-01T05:05:30","slug":"beonic-and-new-balance-partnership-transforms-brick-and-mortar-retail-with-google-analytics-for-physical-spaces","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=9009","title":{"rendered":"Beonic and New Balance Partnership transforms brick-and-mortar retail with \u201cGoogle Analytics\u201d for physical spaces"},"content":{"rendered":"

New Balance has deployed Beonic\u2019s IoT\/AI platform across 234 stores in 16 countries
\nAdvanced sensors capture anonymised in-store foot traffic, dwell times, conversion rates
\nData insights to optimise store performance, compete with e-commerce analytics<\/p>\n

\u00a0<\/p>\n

Special Report: <\/em>In a move that could shake up the physical retail landscape, footwear giant New Balance (NYSE:NB) has doubled down on brick-and-mortar store analytics through a global partnership with Australian-listed IoT and AI firm Beonic.<\/strong><\/p>\n

The collaboration integrates Beonic\u2019s (ASX:BEO)<\/strong><\/a> cutting-edge technology platform across New Balance\u2019s 234 stores in 16 countries, including Australia.<\/p>\n

By capturing a range of shopper movement and behavior data, New Balance now rivals the rich customer insights that have given e-commerce vendors an edge. Metrics like foot traffic, conversion rates, dwell times, queue lengths, and product category engagement can now be precisely measured.<\/p>\n

\u201cWith Beonic\u2019s Retail solutions, if a product line or store isn\u2019t performing, we can pinpoint exactly where things are going wrong,\u201d said Beonic CEO Billy Tucker. \u201cThis data allows optimising everything from staff levels to merchandising based on shopper patterns.\u201d<\/p>\n

Jonathan Clark, New Balance\u2019s APAC Direct-to-Consumer Director, lauded Beonic\u2019s \u201crobust all-around solution\u201d combining people counting sensors and point-of-sale data integration. \u201cWe receive customer traffic and occupancy data, which assists in understanding conversion metrics,\u201d he stated.<\/p>\n

\u00a0<\/p>\n\n

Billy Tucker \u2013 CEO of Beonic (ASX BEO)<\/em><\/p>\n

\u00a0<\/p>\n

While people counting technology is not new, Beonic separates itself through anonymised tracking capabilities that bypass privacy pitfalls. Sensors simply capture the paths of people or shopping carts without identifying individuals.<\/p>\n

\u201cThis style of anonymous data collection ensures there are no privacy concerns like the e-commerce space,\u201d Tucker explained. \u201cWe map movement patterns but never capture any personal identities.\u201d<\/p>\n

\u00a0<\/p>\n

Established Footprint<\/h2>\n

The strategic partnership taps into Beonic\u2019s established global footprint. Its software is already deployed across 11,000+ venues in over 35 countries. Beonic counts major retailers like IKEA, Woolworths, and David Jones among its clients.<\/p>\n

For New Balance, the play is a calculated shift to bring physical retail into the data-driven age dominated by e-commerce\u2019s analytics advantages. With $4.7 billion in revenue in 2022, capitalising on these shopper insights could uncover significant operational and merchandising opportunities.<\/p>\n

Billy Tucker said Beonic\u2019s retail insights platform offered brick-and-mortar retailers the opportunity to compete with their online counterparts. He said a partnership could be considered a potential \u201crenaissance for brick-and-mortar.\u201d<\/p>\n

\u201cThe holy grail of foot traffic data has been a blindspot, putting physical stores at a disadvantage to digital platforms. If New Balance can effectively leverage behavior analytics at scale, we could see a renaissance for the in-store experience and store economics.\u201d<\/p>\n

Tucker says that his company\u2019s technology transforms physical spaces where people work, travel, play, and shop with its AI-driven platform. Through IoT and AI, Beonic aims to help customers understand how visitors interact in their spaces.<\/p>\n

Through that understanding, Tucker says, the company is able to empower businesses with real-time information to optimise resource allocation, enhance business operations, and elevate visitor experiences, which is why its technology is already being used across multiple industry verticals, including airports, shopping malls, restaurants, and hotels.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/strong><\/p>\n

This article was developed in collaboration with Beonic, a Stockhead advertiser at the time of <\/em>Publishing.<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining <\/em>independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Beonic and New Balance Partnership transforms brick-and-mortar retail with \u201cGoogle Analytics\u201d for physical spaces<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

New Balance has deployed Beonic\u2019s IoT\/AI platform across 234 stores in 16 countries Advanced sensors capture anonymised in-store foot traffic, dwell times, conversion rates Data [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":9010,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nBeonic and New Balance Partnership transforms brick-and-mortar retail with \u201cGoogle Analytics\u201d for physical spaces - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=9009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beonic and New Balance Partnership transforms brick-and-mortar retail with \u201cGoogle Analytics\u201d for physical spaces - 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