With consumers being in a permanently ‘connected’ state and their buying, browsing, collecting and returning habits constantly changing, the siting of a new outlet for a business is a big decision and based on many considerations. However, with the aid of ‘location intelligence’ it can be a profitable one, and hence all location intelligence data should form an integral part of the location planning of new outlets.
Location intelligence can assist in indicating the future success of a potential new outlet based on a number of different factors. By mapping key area demographics, shopping habits and competitor locations, you can visualise where there is an active demand for your offerings. Analysis of competitor outlets in the area can help establish whether the provision of a given product or service isn’t already outstripping demand.
Location Intelligence can now analyse and identify numerous data characteristics in the area of your existing and best performing outlets and find areas that match, so ensuring the future success of your investment.
What’s more, a business can not only find an ideal location by examining current data variables such as income and nationality demographics, but also by going beyond tangible data and evaluating any future changes to an area, e.g. determining what consequences any planned housing or infrastructure developments could potentially bring.
Furthermore, location intelligence can provide an insight to production and distribution costs; supermarkets, for example, must look at a potential new location and weigh up the buying habits of those nearby as well as the costs associated with stocking the shelves at new location.
Using all the data that the ‘connected consumer’ creates and mapping it with location intelligence gives you the ability to more accurately predict the future success or not of a potential new location. Location intelligence is a necessity to any business in today’s rapidly changing marketplace to ensure success and avoid the risk of failure in what could be a costly exercise.