Prepping for its U.S. expansion, Singapore-based indoor positioning technology firm YFind has launched a broader analytics tool so that its customers can slice and dice foot traffic information in malls.
The company’s service tracks unique visitors as they move through a mall. It relies on Wi-Fi to do this, so it can track users who have their Wi-Fi active on their phones. Because it doesn’t rely on GPS, it can track people indoors, and in dense environments with about 3-meter accuracy, says the company.
YFind founder, Melvin Yuan, said the new analytics board, called TheRetailHQ, is hoped to offer shop owners and mall operators a way to figure out where people are going in the space, and correspondingly what promotions can be run where foot traffic is heaviest. And because unique visitors are tracked, some new information can be derived, such as identifying repeat visitors and how long people spend in each store. Some predictive analytics is packed into the new dashboard as well, said Yuan.
YFind is gearing up for its US expansion out of Singapore. This year, it will set up offices in New York and Hong Kong, and next year, Sydney and London are planned.
Last June, it raised $1.22 million (S$1.5 million) from Innosight Ventures and Walden International. This, in addition to a $609,409 (S$750,000) seed grant from the Singapore government.
The new analytics dashboard showing a heat map of foot traffic in a mall