Retail Analytics SaaS

It's the perfect business idea for entrepreneurs with commerce and technology experience.

Retail Analytics Overview


Problem
It's nearly impossible for retail stores and other physical locations to obtain useful analytics about their walk-in customers. Having access to this type of data can help store owners make more informed decisions about future marketing strategies, product inventory, and improve the overall customer experience.
Solution
Build software that uses machine learning to analyze video from in-store security cameras. It can anonymously track customer movements as they walk around in the store to calculate metrics like walk-ins per hour, time spent in each department, average checkout time, etc. Think Google Analytics for physical locations.

Business Model


Revenue Stream
B2B › Subscription
Charge business users a monthly or yearly subscription fee for software usage. You can create different packages with specific features that target different types of businesses like SMBs and enterprises.
Marketing Channels
Affiliate Marketing
Conferences
Content Marketing
Direct Selling
Email Marketing
PPC Advertising
Referral Program
Social Media
Telemarketing
Television
Word of Mouth

Buyer Persona


Demographics
Occupation Chief Marketing Officer
Personality Analytical
Age 21-55
Gender Male, Female
Location World
Education Undergraduate Degree
Income $80K - $350K
Motivations
Goals
  • Achieve revenue and profit growth
  • Improve customer experience
  • Maximize impact on the business
Frustrations
  • Discover meaningful KPIs
  • Meet growing customer expectations
  • Continually prove marketing value

SWOT Analysis


S
Strengths
  • Perfect time to take advantage of cloud services like Amazon Rekognition for API-based video analysis
  • Low overhead and ability to execute quickly as a startup
  • Other strengths your team may possess
W
Weaknesses
  • May require funding or personal capital for processing large amounts of video data from in-store cameras
  • Difficult to reach and market to offline businesses
  • Other weaknesses your team may possess
O
Opportunities
  • Number of physical businesses are growing across the world
  • Broad market includes cafes, restaurants, hotels, schools, hospitals, day cares, department stores, jewelers, etc
  • Very low competition for physical business software
T
Threats
  • Customers may not like being recorded anonymously
  • Unforeseen partnership issues like co-founder leaving or Amazon shutting down thier video analysis API
  • Competitors offering similar software in the future

Market Size


Total Available Market
$7.1B
Potential Available Market
$1.4B
Target Market
$50M
Total Available Market
Total market you can theoretically reach if there were no competitors like all retail stores across the world. Also called Total Addressable Market (TAM).
Potential Available Market
Segment of TAM you can potentially reach if you were a market leader like most retail stores in North America. Also called Serviceable Available Market (SAM).
Target Market
Portion of SAM you can realistically reach in the first few years of your business like specific department stores the US. Also called Share of Market (SOM).

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Potential Business Names