Several studies have found that more than 90 per cent retail companies across the broad spectrum of industries believe location data plays a critical part in their successes. In fact, the popularity of location intelligence has grown so much that it is expected to touch about $32.8 billion in value by 2027. This technology has proven to be especially beneficial since it enables an omni-channel retail experience on the back of the rapidly growing popularity and prevalence of mobile devices. Then there is also the fact that location intelligence can also provide context and insights in reference to competition in the market as well as the retailer’s own performance. Wait, is that it? Of course not; there are countless other benefits as well, some of which have been listed below to help you better understand how location data is shaping the retail experience.
- Better understand buyer behavior: When it comes to understanding your customers’ behaviour, location-based dat and insights can help in many ways. For example, it helps analyse a store’s performance in a particular geography, i.e. to understand if the store receives sufficient footfall to justify operating a store in that location.
- Learn more about buyer demographics: It is no secret that the geographical location of a retail store is instrumental to its success. Location data, then, helps retail companies better understand where their target audience lives, which days they prefer to shop, and myriad other such relevant factors. Such high quality insights about the business’ rages audience enables the retailer to provide better products as well as services that have been adapted to customers’ demands and expectations. This, in turn, of course, leads to better leads and conversion rates.
- Enhanced customer experiences: Typically, the data collected by retailers also includes customers’ geographical location. Retailers can, then, use this data to keep an eye on the footfall in their stores across various locations. Plus, such data can also be used to send out experience surveys and other questionnaires to customers. The data thus gleaned from such efforts can be used to tweak and update strategies and other relevant factors in order to enhance the quality of customers’ experiences with the retailer.
- Improved decision making: To many, many people’s surprise, location intelligence is actually a vital means to establish an edge over your peers and rivals in the market. How? Well, such data, when combined with other reports, analysis, and technologies such as business intelligence, afford companies the ability to make better and more informed decisions for the company’s strategies, processes, and other factors that may affect business outcomes. As a result, the company is able to establish a robust brand in the market, maintain an affordable structure, etc.
It is clear as day to see the immense value location data brings to the table, especially for retailers. Such valuable location intelligence can help retailers quickly achieve extensive visibility into their entire chain of operations as well as insights about relevant factors such as parking space and ease of parking around the retail store, competitors’ performance in the market, etc. So, you can rest assured that undertaking a location based mobile app development project for your retail business is also bound to deliver high-quality results and drive exceptional growth for the business.