Big Data & Predictive Models
With the help of location intelligence analytics software, businesses are now using location analytics solutions that present them with location-specific analytics. These site selection analyticshelp companies to define the best locations for new stores and predict the revenue they will generate depending on the area.
What are the problems the retailers face nowadays?
People have modified their consumerpatterns in the past few years.Mobility of consumers has drasticallychanged in most cities, making it hard todetermine (without precise data) the location for the next opening. The new purchasing patterns (now moreomnichannel than ever) have made even harder to answer the question: “Should we open in this city?”
How does it Help the Areas of the Company?
Where customers live and what they buy, their tastes and preferences, behavior patterns, preferred places.
Who are the customers of my competitors?
At what times do they register more visits?
What is their estimated revenue per store?
Could I “cannibalize” my customers and current billing if I open more outlets?
How do the stores of different formats relate to each other?
What Decisions Can you Make with Location Analytics Solutions?
Example of Use: Location Intelligence Analytics within a store
Analysis of the concentration and mobility of people within the stores to optimize their operational design.
Understanding the movement of people within the store provides valuable insights into the specific areas where people concentrate, and where the waiting times are longer, among others.
The analysis can be segmented by hours and days of the week.
Comparisons can be made over time to monitor changes:
• Between specific seasons or days.
• In the design of the establishment.
Knowledge of the routes followed by users: step-by-step tracking within the store, to understand their behavior patterns.
Comparative Analysis Between Stores
- Evaluation of movement patterns between stores of the same format and between different stores.
- Comparative analyses are useful for the development of both internal and competitive benchmarks.
- The data allows the creation of performance indicators, both in visitation and in the use of space, and improvement in the mobility of people.
Location Intelligence Analytics in Parking Lots
Analysis of mobility around a given point of sale or area:
Understand the behavior of people in any given area.
- Where do visitors come from?
- How far do they travel to visit the store?
- Do they live near the store?
- Do they work near the store?
- What is the income level of the visitors of the store?
- How often do they visit each store?
- Do they visit the competitor’s stores?
Other Examples of Uses and Applications in Retail
- Comparative analysis between points of sale
- Analysis of the competitors´ performance
- Analysis of the immediate surroundings of a point of sale
- Floating and Resident Population Maps
- Sales forecasting models
- Maps of Income Level and interests of the population
- Population Heat Maps
- Vehicle density and concentration maps
- Pedestrian influx model at points of sale
- Index of suitability of areas for new points of sale
Do you Want to Know how these Solutions Can Help your Business?
Schedule a 30-minute meeting with our experts to understand how you can use spatial analysis in your organization.
Location Analytics Uses and Applications
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