Retail IQ Acquires Customer Analysis Startup StoreSmarts
The Tel Aviv-based company offers retailers deep data analysis of in-store customer behavior
StoreSmarts (Analoc Ltd.), a startup providing retailers with real-time data and insights into consumer in-store behavior, was acquired by U.S. based company Retail IQ, co-founder and CEO of Storesmarts Eyal Ben-Eliyahu told Calcalist on Tuesday.
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Founded in 2013 by Mr. Ben-Eliyahu and Ilai Fallach, as Analoc, Tel Aviv based StoreSmarts counts Danish Jewelry Company Pandora and sportswear company Hummel International among its clients. StoreSmarts' software anonymously collects the Wi-Fi signals of cell phones across locations and analyses them to provide retailers with actionable insights on customers’ behavior in and around the shop.
Retail IQ, founded in 2014, is a U.S. based company developing and marketing retail technologies. In purchasing StoreSmarts, Retail IQ aims to expand its product inventory and customer base, the company said in a statement.
StoreSmarts shares Retail IQ’s technological vision, Mr. Fallach said in a statement, adding that the company is “certain that the integration between both companies’ products will double the value of our services for retailers.”