Retailers will be able to tailor local offerings for existing stores and determine the best locations and most appropriate formats for new stores with new insights provided by a new business unit of Telefónica Digital, a division of telecommunications company Telefónica.
Telefónica Dynamic Insights claims it can help retailers unlock the opportunities of big data and will develop a range of products and services using different data sets, including machine to machine data, and anonymised and aggregated mobile network data.
Its first product is called Smart Steps. According to Telefónica Dynamic Insights, it will enable companies to measure, compare, and understand what factors influence the number of people visiting a location at any time.
A number of retailers are already helping with product development by providing user feedback, Telefónica Digital said. Smart Steps will also help town councils measure how many more people visit their high street after the introduction of free car parking, farmers’ markets, or late night shopping, for example.
Telefónica has also announced a global strategic partnership with GfK, a leading market research company.
GfK will work with Telefónica Dynamic Insights on product development – initially in Germany, UK and Brazil – bringing marketing expertise and a track record of providing research and analytics to a range of clients across industry sectors.
“Big data is one of the key building blocks of the digital economy. Approached in a smart and responsible way it has the potential to transform every part of business and society – providing economic growth and improving people’s lives,” said Stephen Shurrock, chief commercial officer at Telefónica Digital.
“Smart Steps will help retailers better understand and meet their customers’ needs, reduce costs through improved efficiency, and make better informed decisions.
“It will help retailers to determine the best locations and formats for new stores and tailor product promotions in existing stores. We are delighted to be partnering with GfK, a global leader in market research, on product development.”
“GfK is very excited to be partnering with Telefónica Dynamic Insights in this important area of strategic investment for both our businesses,” said Gerhard Hausruckinger, chief operating officer of GfK’s Consumer Choices sector.
“We are constantly working to help our clients understand the impact of technology on changing consumer behaviour, and particularly the unique challenges and opportunities presented by mobile. Together with Telefónica we will develop a portfolio of market-leading products and services.”
In addition to retail footfall measurement, Telefónica Dynamic Insights is also developing analytics products to help companies in a wide range of different industries. Initial product focus areas include fraud protection, and Smart City technology, including traffic management, the company said.