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Retail

Leveraging Local Intelligence In The Retail Industry

In this modern era of technological advancements, it would be wrong to say that the retail market isn’t seeing similar growth. The number of online customers is evolving swiftly, and demands for more personalization are emerging. Retail industries are becoming more powerful as they are integrating with the latest artificial intelligence tools.

In 2019, the global market size of location intelligence was valued at USD 10.6 billion, and it is estimated to expand at a CAGR of 15.2% over the forecast period. Moreover, according to GSMA, the total number of IoT connections accounted for 9.1 billion in 2018 and is estimated to reach over 25.2 billion in the same period. 

Location intelligence is becoming more crucial for retailers with every passing day in providing measurable offline results, scalable audience insights, and better audience targeting. 

Here are the five ways how location intelligence proves to be revolutionizing retail industries. 

Customer Insights

If retail leaders start utilizing location intelligence, this can prove beneficial for them by provoking valuable customer insights. Technology can be used for this purpose called geo-enrichment. This technology efficiently converts customer’s residential addresses into useful insights. This way, retailers can utilize modern geographic information systems to generate smart maps and identify customer’s popular locations accurately and effectively. Retailers can accumulate information about numerous customer demographics and their behaviors. This helps business leaders to develop a better understanding of customer localities that are loyal. Business owners can optimize staff performance and have a better customer behavior experience by incorporating location intelligence in retail industries. 

Trade Area Analysis

Trade area analysis is essential for retailers to select suitable locations of a new store, define sales targets, and study competitor strength. Retailers can choose appropriate stores where they can easily access their target audience with trade area analysis. Location intelligence helps business owners have real-world insights about different customer demographics and behaviors around prospective retail sites. 

Also, business leaders can better understand which other locations their customers will consider for shopping. Thanks to location intelligence, retailers can collect data to measure customer trends and whether the customer demographic is growing or shrinking in a particular area. Location intelligence can offer data-driven approaches for trade area analysis in retails. 

Asset Tracking 

Retail businesses require a wide range of products to meet the ever-changing demands of customers. Late product delivery set’s a wrong impression on customers. This immensely affects customer delivery and staff productivity. Retailers can continuously track the location of their delivery staff and for the management of supply chains. Thankfully, location intelligence can also immensely usher identity verification of retail store staff members during asset tracking. 

Retailers can develop custom location applications that can be easily installed on mobile devices of their delivery staff. Location intelligence helps with asset tracking and can prove to be beneficial for business retailers. Business owners can track the precise location of a delivery executive in real-time and calculate accurate ETA. This way, retailers can track the location of all delivery executives on a centralized system.

Virtual Geo-Fences

Retails can set up virtual geo-fence for marketing. Business owners have the liability to define a certain radius around their store based on their store size. By utilizing this, retailers can push notifications regarding ongoing product discounts, deals, and offers when customers get in and out of geo-fence. Retailers can alert their customers by using this approach about products and discounts when they are in proximity to the store. Moreover, retailers can utilize innovative machine learning and artificial intelligence algorithms to improve sales and product suggestions. 

Let us consider an example. Suppose a customer wants to purchase coffee. There’s a high possibility that the same customer wants sugar and milk. Location intelligence is utilized for enhanced product suggestions and allows retailers to prepare themselves for ever-changing customer preferences. 

Competitive Strength Analysis 

Analysis of the competitor market is mandatory for retailers and business owners before selecting a new retail site. Location intelligence proves to be a game-changer in this scenario. Location intelligence assists business owners in measuring competitor’s market share and perforation in a particular geographical location. Also, this helps retailers to understand customer’s loyalty to themselves and their competitors. If their customers tend to visit other stores, the retailers can utilize this opportunity in the best possible way and capture less loyal customers of their competitors. A retailer can use Data-driven approaches with the help of location intelligence. 

Invest Today For Long Term Business Protection

Location intelligence has great potential to protect your business against criminal acts and fraudulent activities in the long term. Today, everything is prone to digitization due to the rapid evolution of technologies. The utilization of data and insights from experts for efficient and accurate business decisions is becoming a new normal, proving to be revolutionizing the world. 

In this current competitive environment, if you want to enhance your business’s security, it’s high time to invest in location intelligence technology. The utilization of local-based data helps the identification of those areas where you are overspending and underspending. Moreover, it helps develop a better understanding of your business operations and identity area of enhancements and how your retail store operates. It is much more straightforward to prove your compliance to stakeholders and customers with precise and versatile map data. Just start investing today for the long-term protection of your businesses. 

Categories
Retail

Big Data In Retail – How Data Analytics Can Transform Retail

The retail industry is evolving rapidly. The way that consumers shop is changing. The line between online and offline is blurring and more retailers are adopting a data first strategy, helping to understand how their customers are behaving and ensuring that they can match the right person the best product.

Retail data analytics is the new normal. The brands that have access to high-quality data, and know how to use it, are the ones that will deliver unprecedented value to their customers. Let’s look at how big data can be used in retail analytics to gain a powerful competitive advantage in a highly competitive space.

 

Complete understanding of customers

Big data analytics can help retailers understand customer trends in great detail. Behavioural analytics help retailers to predict what the next big trend will be based on these data sets. This kind of insight can have a positive impact across the retail business strategy.

This helps brands identify new preferences much quicker, helps them to avoid churn and ensures that acquisition costs are kept to a minimum. Data sets based on how consumers behave online can help retailers to predict what will be the next must-have items, for example.

Other predictive datasets include location, which provides an understanding of the demographics that visit your stores. This allows retailers to adapt to their changing customer base. For example, there might be a growing number of millennials visiting your stores. Learning this in real-time allows retailers to be proactive. This could be in terms of the in-store experience -it could make sense to open a specific area with products relevant to these demographics.

 

Customization and personlized promotions

Retail marketing means matching customers to a product like never before. Big data is making this easier than ever before. Predictive analytics can help you to find the right customer for your product with incredible accuracy.

Data sets that include location can help you understand exactly how consumers behave. This helps retailers to create a better understanding of their customers and create better targeting solutions that provide value and personalize communications.

In-feed targeting can be a hugely effective way to reach the right customer with the right message when the right data sets are used. Data sets that can tell you how customers interact with your brand online and offline allows retailers to provide highly contextual communications.

This level of personalization also helps to optimise media spend and ensure that you are reaching the right consumers with the right message.

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Get in touch to see how data can transform your retail strategy

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Physical store layout

Personalisation also includes the in-store experience. Big data provides retailers with high-level insights around how consumers move in their retail stores.

These datasets allow brands to analyse store behaviour and measure the impact of marketing spend in store.

Big data in retail stores can provide a competitive advantage in cross-selling and it can significantly boost the power of in-store promoting.

As well as this it can provide a powerful method of understanding how to layout physical shopping experiences to maximise engagement and ensure that consumers are provided with optimal smart shopping experiences.

 

E-commerce marketing strategy

E-commerce is a huge part of the modern retailer’s arsenal. It’s vital that brands can leverage retail data analytics to help make the experience seamless.

Customers want an online shopping experience that follows on naturally from their store visits. They want the two to work together without any issues. Services like click and collect as well as abandoned baskets messages are seen as a something consumers expect from top brands.

Big data can help to fill in the gaps that allow retailers to link the Ecommerce world to the physical retail store and provide a seamless shopping experience for consumers. Linking Ecommerce to the physical store and ensuring that consumers can find solutions easily is a major benefit of big data in retail.

 

Order management

Behind the scenes, big data can help to inform the supply chain and optimize production. This means that customers aren’t disappointed when a trend takes off and the product is out of stock.

Using big data in retail supply chains is instrumental in predicting trends and ensuring stock is in the right place. When big retail events hit, such as Black Friday, data set such as location insights can be instrumental to monitor areas where there is increased demand to allow retailers to react to changing demand and trends.

 

Big data in retail helps brands to answer questions that are crucial to growing a modern retail business. It helps you to answer these questions quicker than ever before:

  • Who are your customers?
  • What motivates them to visit?
  • What engages them?
  • How do they behave outside of your store?
  • How can you target them?
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To find out how location data and location intelligence can help your business please get in touch with our team.

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