Palo Alto, Calif.-based data analytics and technology start-up Euclid Elements has aligned itself with Claris Solutions to drive in-store performance and customer retention rates through a Claris-Euclid Store Experience Program.
"We're not changing any fundamentals of retailing, which is still marketing, merchandising, and customer service," Will Smith, chief executive officer of Euclid Elements, said Monday at the National Retail Federation expo at the Jacob Javits Convention Center in New York City. "What we're [trying to allow retailers] to do is to acquire more customers and make them come back more frequently. Those are the two things that drive your revenue. If you have more customers, you have higher sales."
Euclid's sensor technology and analytics platform aggregate customer data in-store to improve customer intelligence, something online retailers have boasted a competitive advantage over traditional retailers in.
"In [online] there's tax loopholes, price, and there's inventory, but really—the biggest advantage is data," Smith says. "Amazon is effective because they can optimize their experience with data. They can acquire customers more cheaply because they can figure out what's working, what's not, and offline just really has nothing to counter that with."
Euclid's analytics package includes features like:
- Customer loyalty/frequency, which measures things like daily deals, promotions, and whether or not customers returned based on those factors
- New versus repeat visits, which measures how many times a customer visits a store and whether or not the customer has been to another store location
- Window conversion rate, which measures how many people passed by a location and how many people came in
- Dwell time, which measures how long customers shop
Euclid Elements received $5.8 million in financing from New Enterprise Associates, Harrison Metal, Triple Point Capital, and other investors at the time of its public launch this fall. Euclid cofounder and chief operating officer Scott Crosby was cofounder of Urchin Software [originally Web Depot] a Web-analytics platform, which underwent a CRM system implementation in-house in 2002. Urchin was acquired by Google in 2005 with the on-demand version ultimately renamed Google Analytics.