How can retailers use location intelligence?
A consumers rely on location data to determine where they are, where they are going and find the most convenient local services.
As usage has grown, so has the volume of data available and more businesses are starting to realise the potential of the insights this valuable resource provides.
“Location intelligence presents an opportunity for retailers to connect with consumers both online and offline, driving brand awareness and sales,” says Ken Parnham, general manager at location intelligence platform Near.
“It can be used in almost any area, from choosing the best area for a new store to accurately attributing cross-channel marketing campaigns.”
The sophistication of tools built to wield location intelligence has developed rapidly in recent years, providing new capabilities retailers can use to their advantage.
Filling in the blind spots
“New innovations in location technology enable retailers to understand, reach and engage with both their own and their competitors’ customers. By analysing granular location data from consumers, retailers can increase loyalty and conversions while enhancing the overall shopping experience,” says Parnham.
By using location insight, retailers can trace consumers both on and off the digital map, filling in the blind spots to create a complete picture of individual buying journeys.
“By linking location footprints to device identifiers, retailers can use location intelligence to measure each interaction, precisely attribute purchases and establish whether stores are in the best position with the right merchandising mix to attract relevant consumers,” says Parnham.
As connectivity continues to transform consumer behaviour, location intelligence is becoming an increasingly vital tool for retailers. In the future, bricks-and-mortar success will depend on the ability to combine store position and design with the smart use and analysis of consumer data.
In an Q&A with Retail Week.