Wanted to share an interesting technology I ran across that uncovers detailed insight into how your product may be purchased. Real World Data – www.rwdsolutions.com – has been working with a number of major retailers to tap into their surveillance systems and instead monitoring for security they use the technology to conduct market research. Say you want to know more about the shopping behaviors of 35 year old mother of 2? Real World Data can bring that data to you and actually show you the demographics’ shopping behaviors.
They claim that retailers already understand 60% of all shoppers come to the store pre-disposed to buy something, but only 25% actually do. Needless to say increasing that conversion rate could have a huge impact on your revenue as manufacturer of consumer packaged goods.
All this is indeed a bit scary, but all in all a very creative use of technology. What is your reaction to the technology as a consumer? Is this different when you consider it with your business hat on?