Geolocation: Bridging realities, empowering decisions.
Retail Sector's Struggle and Store Closures
The retail sector faces challenges, with over 7,000 stores closing in 2017 due to e-commerce, direct-to-consumer brands, and surplus retail space. Declining customer traffic and margins further impact brick-and-mortar store viability.
Data Limitations and Strategic Options
Some retailers lack data visibility and analytics capabilities. They must identify minimum data needs and consider partnering with external providers or acquiring analytics capabilities.
Misguided Store Closure Decisions from Outdated Metrics
Retailers make mistakes in store closures and miss growth opportunities due to outdated metrics. Relying solely on 'four-wall economics' neglects cross-channel shopping behavior, hindering accurate store performance evaluation.
Location data: Guiding retailers to success through footfall insights, optimized stores, and targeted marketing.
Transformation of Physical Stores
Physical stores now serve diverse roles, moving beyond transactions to become experiential showrooms, fulfillment centers, social hubs, and sources of inspiration.
Leveraging Data for Retail Success
Retailers leverage varied datasets like point-of-sale and demographics, while new sources such as e-receipt programs and mobile location data offer valuable insights for data-driven decisions.
Geospatial Analytics as a Secret Weapon
Geospatial analytics unveils store value and hidden opportunities, guiding strategic decisions with consumer behavior, demographics, and competition insights.
Data-Driven Insights & Geospatial Analytics in Retail
Data-driven insights and geospatial analytics are crucial for retail success, helping retailers thrive amidst changing customer demands and market dynamics.
How Retailers Use Geospatial Data and Location Analytics
Site Analysis and Planning
Digital transformation drives proactive brick-and-mortar expansion in retail. Geospatial solutions, leveraging mobility data, enhance market analysis and decision-making.
Last Mile Delivery
Geospatial technology improves supply chain profitability with efficient delivery routes and ideal operational locations.
Market Segmentation
Geospatial technology provides vital customer insights in a competitive market, helping businesses tailor effective marketing strategies.
Service Area Qualification
Profitability for quick-service restaurants relies on understanding local customers' income, demographics, and travel preferences. Geospatial technology aids in consumer targeting and optimizing delivery services to reduce cart abandonment rates.
Customer Insights
Holistic customer view and geospatial solutions integrate physical and digital channels for an 'endless aisle' experience, enhancing merchandising and pricing strategies.
Tax Jurisdiction Assignment
Geospatial technology helps businesses tackle tax complexity by accessing tax district boundary files for accurate tax collections and reporting based on asset locations.
How does VCIS use predictive geospatial analytics?
Geospatial Analytics for Retail Growth
Retailers can identify opportunities and performance gaps using geospatial analytics. Successful pilot initiatives in specific markets can drive global expansion, capturing the omnichannel customer.
Empowering Retailers with Data-Driven Decisions
Advanced geospatial techniques and machine learning enable informed choices in store networks, action plans, and investments. Retailers leverage data to drive business growth and optimize sales strategies.
Customer Mobility Data and VCIS's Patterns
VCIS's Patterns data provides aggregated insights into customer mobility, including residential areas and visitor origins. Data cleansing and aggregation ensure accuracy.
Enhanced Store Insights with Geospatial Tools
Visualizing visitor block groups on a map offers precise trade area depictions, surpassing traditional methods. Valuable insights into customer characteristics and variances aid strategic decision-making.
How does VCIS use predictive geospatial analytics?
Valuable Insights through Geospatial Data
Analyzing geospatial data provides valuable insights about footfall and visitation patterns for retailers. It helps determine optimal store locations, identify high-traffic areas, and understand customer behavior within stores.
Targeted Marketing Strategies
Dwell time analyses offer insights into customer duration in stores, enabling targeted marketing strategies. These strategies encourage increased dwell time, boost sales, and create personalized experiences for customer preferences.
Enhancing In-Store Customer Experience
Optimizing customer experience through geospatial data insights. Identify congestion points, optimize product placement, and increase dwell time for more effective promotions and displays.
Maximizing Customer Flow and Sales Performance
Optimize store locations with footfall data to maximize customer flow, brand visibility, and sales. Uncover expansion opportunities through competitor footfall analysis.
Geospatial data role in retail world
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The Value of Geospatial Data
- Geospatial data, encompassing raw geospatial data and points of interest data, holds immense value for businesses seeking actionable insights. This section emphasizes the importance of analyzing geospatial data to gain detailed information about consumer behavior, market trends, and the competitive landscape. It highlights how businesses can make informed decisions and optimize operations effectively by leveraging this data.
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Strategic Store Expansion and Marketing
- Geospatial data plays a crucial role in strategic store expansion and developing effective marketing strategies. This section focuses on how businesses can analyze geospatial data and consumer demographics to strategically open new stores in high-demand areas with a potential customer base. It also highlights how analyzing consumer behavior patterns and location-based insights enables businesses to tailor marketing campaigns, align messaging, and promotional efforts according to specific regions or target audiences.
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Optimizing Supply Chain Management
- Geospatial data is instrumental in optimizing supply chain management. This section highlights how businesses can utilize this data to optimize networks, transportation routes, delivery times, and costs. By adopting a data-driven approach, companies can streamline logistics operations, improve inventory management, and enhance overall efficiency in their supply chains.
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Insights for Retailers and Enhanced Customer Experiences
- For retailers, geospatial data provides valuable insights into foot traffic patterns, in-store movement, and customer preferences. This section emphasizes the significance of analyzing geospatial data to identify peak shopping hours, popular product categories, and customer behavior. It showcases how retailers can leverage this data to refine store layouts, strategically place products, and create personalized shopping experiences, ultimately leading to enhanced customer experiences and overall success.
Location-based Advertising and Marketing
Targeted Marketing Campaigns
Geospatial data enables businesses like supermarkets, pharmacies, and restaurants to create highly targeted marketing campaigns. By segmenting target audiences based on geographic location, proximity to stores, and shopping preferences, businesses can achieve impressive engagement and conversion rates.
Geofencing and Promotions
Retail marketers can leverage geospatial data to develop geofencing campaigns that trigger promotions and offers when potential customers are near a store. This strategy drives foot traffic and increases the likelihood of in-store visits, enhancing customer engagement and sales.
Effective Out-of-Home Advertising
Geospatial data enhances out-of-home advertising by strategically placing ads in high-traffic areas based on foot traffic patterns. This maximizes visibility and effectiveness while providing accurate measurement of ad views and in-store visits, optimizing spending and maximizing ROI.