For a long time, online stores have had the upperhand in providing personalized customer experience. However, a startup Boston, Massachusetts named Spaces aims to tackle this issue and bring an affordable personalization solution to physical retail stores. In an age where consumer interest lies in a retail experience that’s both personalized and organic, Spaces introduces a concept termed Personalization as a Service – a fusion of analytics, artificial Intelligence, retail technology, machine learning, and e-commerce techniques, tailor-made for in-store applications.
Spaces uses a suite of interconnected software and hardware products to curate relevant product recommendations for customers as they navigate through the store. This solution is able to do this by equipping the retail stores with sensors and beacons that are triggered as customers roam. It captures the analytics of customer’s behavior, resembling the in-depth analytics normally reserved for e-commerce platforms.
Key Takeaways
- Spaces offers a unique blend of technology and in-store customer experience to bring Personalization as a Service.
- The startup utilizes an interconnected suite of hardware and software products to translate in-store customer habits into valuable analytics.
- Spaces provides this service as an affordable monthly subscription that any retail store can benefit from.
What sets Spaces apart is its democratic approach to retail personalization. While historically, this level of personalization was only accessible to high-end retail stores or online platforms, Spaces offers this solution as an affordable monthly subscription for any retail store, regardless of their size or turnover. This opens up a transformative new frontier in retail where smaller local businesses can compete with multinational chains on an equal footing using the power of data analytics.
Another distinguishing element about Spaces is its seamless integration into the retail environment. Sensors and beacons are installed in-store, which trigger personalized product recommendations as customers walk by or pick up an item. The Spaces app then uses this information to provide the customer with more details about the product, enhancing the overall shopping experience.
As physical stores continue to search for ways to compete with the ecommerce giants, Personalization as a Service could very well be the ‘next big thing.’ For the future, Spaces vision is to continue helping retailers leverage the power of data and AI to understand and serve their customers better. Their innovative approach could serve as a key driver for closing the information gap between online and physical retail, making brick and mortar stores a more competitive option for consumers once again.
A positive outlook for the future of retail industry, Spaces is at the forefront of innovation. With retail industry players aiming for a more personalized customer experience, Spaces stands poised to lead the evolution with their Personalization as a Service solution. Check out more on their website and follow them on Twitter, Facebook, and LinkedIn.
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