What is Geospatial Analytics?
Modern technologies such as locations sensors or GPS tracking, mobile devices, and social media facilitate companies to collect “geo-referenced” data about practically any event. Geospatial analytics uses this data to build maps, statistics, graphs, and cartograms, which make complex data relationships more understandable. Geospatial analytics help companies to anticipate and prepare for possible changes that may occur as a result of the changing spatial conditions or location-based events. Advanced geospatial analytics also allows retailers to quantify the actual economic value of each of their stores across various channels.
Geospatial Analytics in Omni Channel Retailing
Over the past several decades, retailers have been leaving no stone unturned for mining different data sets such as market trends, demographics, and point-of-sale information. But now, with advanced technologies and the availability of new types of data, retailers can gain a better understanding of the markets and consumers. Retailers can now analyze not just the quantity of customer traffic but also the quality of this data.
Omni channel retailing is now becoming a ‘hot trend’ among retailers. Retail companies are scrutinizing the interplay between online and offline customer decision journeys. Taking an omnichannel view of store performance allows each store to be rightly credited for all the sales in which it played a role, be it for offline or online sales. In doing so, retailers are getting a more accurate picture of each store’s total economic value and will be able to make better decisions about their omnichannel retailing presence.
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Key Benefits of Geospatial Analytics in Omni Channel Retailing
Know Where your Customers Live, Work, and Shop
With the help of geospatial data, companies in the omni channel retailing space can garner a better understanding of where their potential customers reside and their specific shopping habits and patterns. This would help make informed decisions on the site-selection, marketing, and product assortment for specific areas.
Determining Store Locations
Deciding on the store locations for a business is a crucial task, which involves intense planning and brainstorming since wrong decisions in this aspect could cost a company big money. By understanding key factors such as competitive presence, potential customer demographics, and access to supply chains, companies can make better omni channel retailing decisions so as to what would work better for each locality.
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Making Real-Time Decisions
Geospatial analytics provides up-to-the-minute data on customer and vehicle locations, assets, sales, and environments into maps and analysis. This gives companies the time and space to decide on the changes to be made for resource allocation on a real-time basis.
Understand Key Factors of Purchase
Retail companies use data-driven analysis on how and where customers interact the most with their brand. This would help them further strengthen their marketing and inventory decisions. Furthermore, they can also reduce or eliminate their investments into efforts that do not give the desired results or are seen to not create a satisfactory connection with the customers.