What is foot traffic data and how to obtain it?
Foot traffic data has a wide variety of uses in different sectors, allowing companies to discern the activities, behavior patterns and interests of people in an POI.
What is foot traffic data?
Where does the data come from?
This data is collected at micro levels through WiFi and Bluetooth, while at the macro level, it’s obtained via GPS and can be collected in real time, making it more reliable and accurate when in large areas.
Where to get it?
There are different providers and their data quality is based on their ability to provide a large volume of reliable data at scale. One of them is Quadrant, and the accuracy and reliability of their data helps companies understand movement patterns in specific geographic regions of interest, predict future trends and effectively mitigate risk, better understand consumer behavior and conduct profitable operations.
Also Read: “Case Study: Site selection Model for retail stores“
Which sectors commonly use this type of data?
Retailers use foot traffic data together with POI data to find and connect with potential partners and resellers, or to send location-based promotional messages that drive customers to their outlets, perform footfall analysis in their own and their competitors’ stores, measure trends, adjust their strategy and analyze the advantage their competitors have over them.
Insurance providers employ foot traffic data along with property data, points of interest and meteorological data to make their risk assessments on residential and commercial properties more robust. These assessments are used to adjust policies and corresponding insurance premiums.
Healthcare facilities can also leverage human foot traffic data to improve their operations, by combining it with POI data that illustrates the distribution of healthcare providers in a city, companies can identify areas that are underserved. This information can be used to plan for expansion or allocate more emergency services.
Researchers and public planners can use human foot traffic data to minimize traffic congestion, identify and rectify gaps in public services, and increase the allocation of resources to specific urban areas.
Finance and Alternative Data
Foot Traffic data allows banks, hedge funds, lending services and insurance providers to identify trends before they are reflected in quarterly earnings reports, as well as better serve retail finance with site selection, affluence data, etc.
Advertising and Marketing
Foot Traffic data enables businesses to generate cost-effective marketing investments and improve brand visibility, promote offers and events, acquire new customers or increase visits to physical retail outlets.
Leading outdoor advertising (OOH) companies, advertising agencies and marketing teams choose this data to make informed marketing decisions, evaluate ROI, build profitable expansion plans and retain customers.
Foot Traffic data is an integral part of the transportation and logistics industry. Constant tracking of mobility patterns helps organizations plan and manage the use of logistics services such as supply chain, transportation, fleet management, etc.
Federal governments and municipal administrations can use foot traffic data to improve public transportation systems, build smarter urban systems and manage traffic, while logistics companies and transportation service providers can use mobility intelligence to improve their services and increase profits.
Travel and Tourism
By understanding how travelers interact with the commercial environments around them, businesses can measure the magnetism of places and improve business development, expansion and customer experience.
By studying mobility trends and patterns in a region, real estate companies can make better investments. Foot traffic data is valuable to architects, urban planners and investors for decision making in residential, retail, commercial and even industrial projects.
At PREDIK Data-Driven we use raw foot traffic data, and enrich it with different types of alternative data, in order to generate solutions based on accurate information and maximize the profitability of any type of business.