Mobile location data analytics, the science of determining where shoppers spend their time based on the movement of their cellphones, is being used to help retailers, restaurants, and developers make decisions about where to close and open stores.
According to mobile analytics companies, their data helps to level the playing field between physical stores and e-commerce websites.
Online retailers know how long their customers stay on their site, what search terms brought them there, and where they go after they leave. Businesses can use location analytics to reduce risk and increase their chances of success.
Large retail chains can measure how many people come in and out of their stores and determine how their customers act by figuring out how they move and putting them into groups based on where they shop or what they are interested in.
Benefits of Mobile Location Data Analytics for Restaurants and Retail
1. Improve Return on investment:
Location analytics can provide accurate insight into business performance and potential in a timely manner. By combining the appropriate data (ranging from sales figures to customer service feedback at the establishment) with highly accurate location information, retailers and restaurant owners can use data analytics to find opportunities that have a high return on investment.
Moreover, it allows them to see exactly where they can spend their funds. Also, techniques like "heat mapping" make it easy to find "hotspots" for investments at a glance, saving you hours that you would have spent looking at spreadsheets, charts, and tables.
2. Increase Your Sales:
The location-based data can then be used to target specific marketing activities and people through the best channels and places, like local TV ads or customized flyers sent to the emails of potential customers who have been identified. Also, if you have accurate data, it shows how well your campaign did and can be sent back to the business for further analysis and insight.
3. Control Costs:
By overlaying business intelligence on top of location-based data, it is possible to visualize business performance at a glance, including how much money the company is spending. This isn't just for obvious things like marketing, wages, or rent. You can delve into manufacturing data, logistics data, supply chain data, customer service records, store losses/breakages, and other areas to identify "hotspots" of underperformance or inefficiency that could be costing you money. The map also makes it easy to find correlations and patterns in the data at the national, regional, and local levels, as well as at the level of individual stores, to find cost sources or triggers that were not known before.
4. Build Customer Loyalty:
Location analytics can also help with some of the softer but equally detailed initiatives included in Scientific Retailing, such as the need to demonstrate sustainable practices. For example, location analytics can assist in tracking activities across increasingly complex supply chains that span multiple industries, businesses, and geographies - in order to conduct a detailed, in-depth assessment of sustainability at each stage.
Furthermore, because it is based on clear, versatile map data, it is far easier to show the data and demonstrate compliance to customers and stakeholders.
Certainly, mobile location data analytics help retail and restaurants in many ways. If you are looking for more information, visit AirSage today!