Achieving Retail Success in 2024: Optimising Growth Opportunities with Location Intelligence
With a general election looming and consumer confidence still fragile, uncertainty for business growth is inevitable. But looking on the brighter side, even if total retail sales growth is slow in 2024 – there always seems to be a fundamental positivity in consumer demand.
Finding the optimum locations for your retail premises and targeting your campaigns precisely is crucial for grabbing some of that growth. Cutting-edge retailers are turning to advanced technologies to save costs, optimise their location planning and enhance their marketing strategies. One such transformative solution is Location Intelligence which leverages available data, enabling you to gain valuable insights into customer behaviour and the latest market trends.
How Location Intelligence Makes an Impact
Through analysing foot traffic, consumer demographics and competitor locations using detailed map-based visualisations, you can make successful decisions about store placements and tailor your offerings to meet your local customer needs. For example, a customer entering your store could receive targeted promotions or recommendations based on their previous purchases, location or preferences – enhancing both customer satisfaction and brand loyalty.
Solving Your Critical Pain Points:
- Making sense of Big Data – Location Intelligence manages huge volumes of demographic and store transactions data collated from multiple sources and converts it into actionable insights.
- Strategic planning – Location Intelligence comprehends the plethora of online research and purchasing options, making it easier to predict when, where, and how consumers shop at a particular location.
- Connecting with customers – Location Intelligence provides key insights to build customer personas that predict their behaviour. Helping you to identify lucrative new business opportunities and drive advertising decisions for your brand, so you can compete effectively for both online and offline revenue sources.
Location Intelligence Marketing Strategies Driving Success for Retailers
Starbucks, the global coffeehouse chain, uses Beacon Technology to streamline the ordering process for its loyal customers passing their stores. Through the Starbucks mobile app, customers can place and pay for their orders in advance, ensuring a seamless pick-up experience when they enter the store.
Uber heavily relies on geofencing marketing for drivers to earn fares. This company uses geofencing to create tight catchment areas around airports, nightclubs, hotels, and other popular pickup points. When getting off a plane, Uber sends registered users a push notification letting them know that there are Uber drivers available nearby to take them to their destination.
McDonald’s use Location Intelligence to identify the most profitable areas to open new restaurants for new or existing franchises. These recommendations are based on demographics and consumer behaviour. And Amazon has leveraged Location Intelligence to identify the most strategic locations for its new distribution centres, based on proximity to customers and delivery routes.
A Catalyst For Positive Change
As technology in the retail industry continues to evolve, Location Intelligence has proved to be a catalyst for positive change. Retailers who will be the most successful are those who adopt new technologies to help them create unified omnichannel experiences and streamline operations –– all areas where Location Intelligence adds value.
Periscope® is a powerful Location Intelligence and Customer Insights platform crucial for achieving business outcomes in retail, and other sectors where location is important. Explore how Periscope® can transform your business by experiencing it for yourself.