Consumers are shifting their spending from physical stores to e-commerce, physical stores will only survive in this new environment if they reinvent their business, taking advantage of new technologies and modern analytical capabilities.
Today, there is access to significant amounts of data on consumer behavior, information on the economy of different areas, competitors‘ sales, and market trends. However, only a handful of forward-thinking retailers are leading the way in advanced analytics as they use location intelligence, foot traffic analytics, and predictive modeling to make smarter business decisions.
You may be interested in: “McDonald’s Vs. Burger King: Mobility Analytics.”
Here are some of the improvements physical stores can achieve by implementing location and mobility analytics:
Better point-of-sale location (Site selection).
The basis of a physical store’s success is its location. These analytics provide quantifiable and qualitative characteristics of different areas of interest, such as economic capacity, average spending per market, mobile behavior patterns, consumer preferences, etc., helping retailers to have an overview of the success that their store can have in different areas of a city, state or country.
Improve store visit rates
These analytics provide an overview of visits and sales, showing the time periods where they are most popular and maximizing the efficiency of marketing campaigns by being able to implement advertising strategies focused on consumer mobility patterns.
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Increases customer dwell time within stores
The customer journey is a very useful method for understanding the internal flow of customers within stores, as it helps to understand the differences between normal, expected, and atypical customer behaviors, identifying their path and knowing how and why people search for a specific product or service, increasing the time customers stay in stores and improving customer experience and service.
Improve market opportunities and anticipate long- and short-term problems
With the right predictive models and the calculation of historical data, patterns of customer behavior, sales, inventory, competition, and market fluctuations are predicted, helping retailers get ahead of the curve to compete effectively and set accurate future goals for the business.
These are just some of the analytics retailers can implement to maximize their success and monetize their business.
At PREDIK Data-Driven we help our clients from any business sector to implement this type of intelligence in their business, in order to maximize their revenues and position their brand.
Want to see how we can help you improve your store performance? Contact us!