Location analytics is taking its place as a key tool for identifying what consumers want and need, regardless of their wealth or demographic status. COVID-19 has led to completely unexpected behavioral changes.
How can location intelligence help in the recovery of any type of business?
COVID-19 restrictions have caused many owners to halt expansion plans, limit their operational capacity or even close their doors for good. As the world begins the transition to a post-pandemic society, retailers face unprecedented levels of uncertainty.
The pandemic accelerated the evolution of location data from a competitive advantage to a competitive necessity. Companies need to identify people, assets, and processes in real-time, to be able to analyze what they have discovered to improve both strategic and operational decision making, which is where location data and the insights that can be derived from it take on great importance.
Retailers need to understand:
- What does retail business continuity look like in the COVID-19 era?
- Does COVID-19 present an opportunity to divest unprofitable stores?
- What are the best locations from which retailers can attract both employees and customers?
These are some of the solutions that location intelligence provides to lift revenue to any type of business after the COVID-19 pandemic:
- Normalizes operations by determining how markets have changed, analyzing human movement data, transaction-level data, and customer data.
- Maximizes business operations by identifying where a problem is occurring and providing executives with key information on where problems may be happening today and where they should plan for tomorrow as restrictions are lifted and facilities reopen.
- Identifies information that helps retailers and their trading partners build more efficient and profitable businesses.
- Provides information and analysis on a broad spectrum of issues and trends in the retail sector.
- Find out who and where customers are located to find the right trade areas and optimize marketing efforts.
- Identify optimal markets, assess acquisition opportunities, and track brands.
- Find out how competitors are performing by assessing traffic and business activity and comparing with their locations.
- Finds which businesses are located where, enabling more informed market and trade analysis, leading to smarter site selection.
- Provides insight into the habits and lifestyles of consumers in the area.
- Evaluates and stabilizes remote operations at the hyperlocal level.
- Determines changes in customer buying patterns.
- Optimizes human and financial resources to support local operations and order fulfillment profitability.
At PREDIK Data-Driven we develop tailor-made solutions based on any kind of data techniques to help our clients to get back on track after the COVID-19 pandemic.