If you find yourself making a snap decision while at the checkout counter, SAP's new Precision Retailing platform could be behind that in the near future.
The SAP Precision Retailing platform is designed to offer retailers with real-time data about customers in their stores, which in turn could be used to boost sales by giving these customers personalized offers, either via in-store kiosks, mobile devices or websites.
The idea is to maximize the potential of influencing a customer's decision, really all the way up to the point-of-sale while customers are in stores -- or even after they've left thanks to the power of these customized offers along with mobile.
But hitting up consumers with personalized offers while they're in stores could really be where the opportunity lies. It basically builds on the trick of having smaller, more everyday items by the point-of-sale for customers while they're waiting around in line and realized they might need that extra pair of socks too.
SAP is simply enhancing that concept with technology and data, and it has a real shot at working. Based on test cases already, SAP boasted that companies using the Precision Retailing platform have already seen a 10 percent increase in the purchase of suggested products along with a 20 percent increase in promotional conversion rates.
The business management solutions provider also touted that there is potential for Provisional Retailing in other segments, such as transportation. SAP cited in a release that the Societe de Transport de Montreal (STM), the largest public transit corporation in Québec, has subscribed for the service with the hopes using it to boost ridership numbers while improving customer service.
In terms of how it works, Precision Retailing is built on SAP's NetWeaver cloud infrastructure while the data sits in the in-memory HANA database, which provides real-time analytics and transactional processes.
Supported on Apple's iPad, the SAP Precision Retailing solution is available now.