- New Balance has deployed Beonic’s IoT/AI platform across 234 stores in 16 countries
- Advanced sensors capture anonymised in-store foot traffic, dwell times, conversion rates
- Data insights to optimise store performance, compete with e-commerce analytics
Special Report: In a move that could shake up the physical retail landscape, footwear giant New Balance (NYSE:NB) has doubled down on brick-and-mortar store analytics through a global partnership with Australian-listed IoT and AI firm Beonic.
The collaboration integrates Beonic’s (ASX:BEO) cutting-edge technology platform across New Balance’s 234 stores in 16 countries, including Australia.
By capturing a range of shopper movement and behavior data, New Balance now rivals the rich customer insights that have given e-commerce vendors an edge. Metrics like foot traffic, conversion rates, dwell times, queue lengths, and product category engagement can now be precisely measured.
“With Beonic’s Retail solutions, if a product line or store isn’t performing, we can pinpoint exactly where things are going wrong,” said Beonic CEO Billy Tucker. “This data allows optimising everything from staff levels to merchandising based on shopper patterns.”
Jonathan Clark, New Balance’s APAC Direct-to-Consumer Director, lauded Beonic’s “robust all-around solution” combining people counting sensors and point-of-sale data integration. “We receive customer traffic and occupancy data, which assists in understanding conversion metrics,” he stated.
Billy Tucker – CEO of Beonic (ASX BEO)
While people counting technology is not new, Beonic separates itself through anonymised tracking capabilities that bypass privacy pitfalls. Sensors simply capture the paths of people or shopping carts without identifying individuals.
“This style of anonymous data collection ensures there are no privacy concerns like the e-commerce space,” Tucker explained. “We map movement patterns but never capture any personal identities.”
Established Footprint
The strategic partnership taps into Beonic’s established global footprint. Its software is already deployed across 11,000+ venues in over 35 countries. Beonic counts major retailers like IKEA, Woolworths, and David Jones among its clients.
For New Balance, the play is a calculated shift to bring physical retail into the data-driven age dominated by e-commerce’s analytics advantages. With $4.7 billion in revenue in 2022, capitalising on these shopper insights could uncover significant operational and merchandising opportunities.
Billy Tucker said Beonic’s retail insights platform offered brick-and-mortar retailers the opportunity to compete with their online counterparts. He said a partnership could be considered a potential “renaissance for brick-and-mortar.”
“The holy grail of foot traffic data has been a blindspot, putting physical stores at a disadvantage to digital platforms. If New Balance can effectively leverage behavior analytics at scale, we could see a renaissance for the in-store experience and store economics.”
Tucker says that his company’s technology transforms physical spaces where people work, travel, play, and shop with its AI-driven platform. Through IoT and AI, Beonic aims to help customers understand how visitors interact in their spaces.
Through that understanding, Tucker says, the company is able to empower businesses with real-time information to optimise resource allocation, enhance business operations, and elevate visitor experiences, which is why its technology is already being used across multiple industry verticals, including airports, shopping malls, restaurants, and hotels.
This article was developed in collaboration with Beonic, a Stockhead advertiser at the time of Publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.