The retail industry has seen exponential growth in recent times. To keep up with their own success, it is time for them to employ innovative strategies at the earliest. Location intelligence (LI) is one of the tried and tested strategies by top retailers to expand their customer base. The rise in mobile devices for shopping and location-based services has encouraged the retail giants to leverage the opportunity to push their marketing strategies.
Experts predict that by 2027, the global location intelligence sector will be valued at 32.8 billion USD. LI enables flawless geographic analysis by offering information like accurate GPS data, point-of-sale data, and more. Location technology plays an integral role in defining the retail experience. Retailers can employ the technology to gain more insights into the customers-what they purchase and the frequency of their purchases etc.
Step up Your Retail Game with Location-based Data
# Choosing the best location for your retail store
Selecting the best location for your retail store is one of the top priorities in ensuring long-term retail success. To stay a step ahead of the changing customer behaviors, it is essential to have foolproof, up-to-date geographic data set up as part of the retail strategy.
Location data can influence a large part of retail destination analytics. For instance, you can employ active map representations to learn and demonstrate specific demographic traits, and find all about a particular area’s traffic patterns by looking into its neighborhood.
# Gain a proper picture of the target consumers
Location-based data gives you incredible insights into customer behaviors and up to an extent, helps you find your potential customers. To ensure customer loyalty, it is fundamental to offer high-end experiences and customized services to your patrons. By combining consumer and operational insights with location analytics, retailers can redefine their customer experience and scale revenue growth.
To ensure business sustainability, it is always smart to invest in location intelligence to learn more about target customers and their shopping habits. Analyzing customer demographics will help retailers to set up shops in locations where their potential customers live or shop often. The data will also give behavioral insights on resident customers and those traveling to the specific retail area.
# On-point advertising practices
Since location intelligence gives retailers accurate information on customer behavior, this data can be coupled with existing customer inputs to initiate target advertising. Integrating geotargeting and geofencing practices will help you scale your marketing efforts by providing custom offers for your patrons.
# Building a strong customer base
Location intelligence can help retailers improve their customer services across both online and physical stores. They can leverage this technology to identify foot traffic in their various stores and even send notifications to customers, enquiring about their shopping experience. This marketing strategy based on proximity is an effective way to improve customer experience and service offerings.
# Creating a fool-proof business plan
Every organization needs a strong strategy with irreplaceable features to thrive in the business landscape. Staying a step ahead of the competition can be a demanding job. Combining location data with business strategies will give retailers an edge over competitors, as they can efficiently track their customer behaviors and competitors in real-time and build their marketing plan based on this data.
Benefits of Location Intelligence for Retailers in a Nutshell
- Understanding the potential areas of business through location intelligence will lead to earning better ROIs
- Targeted marketing practices with location-based data leads to better sales
- The technology helps retailers keep track of their business performance and reduce costs to an extend
- Personalization in service offerings through accurate location analytics brings increased customer satisfaction and helps businesses expand their customer base
The location intelligence technology has the potential to take the retail sector to new heights. Proper adoption of this technology will redefine both the business offerings and the customer experiences globally.
assistplus, an RTLS based solution can help the retail industry up their marketing game. From proximity marketing to customer behavior analysis to scaling operational efficiencies, this IoT tool can help you achieve them all. Connect with our marketing strategists for more information.