With rapid technological developments, the retail landscape has transformed dramatically. Owing to the increasing competition from online retailers, traditional retailers have started to shift focus and accommodate change as a crucial aspect of their business processes. As a result, brick-and-mortar stores have started adopting omnichannel marketing approaches to orchestrate with the analytical and highly targeted approaches used by online retailers. Today, location analytics in retail is increasingly gaining attention, especially for retailers looking at gaining a front-line advantage in the retail sector. The challenges associated with the implementation of location analytics in retail hinder its extensive adoption in the retail sector. Additionally, the computational power required to analyze real-time data sources is another reason that has prevented the adoption of location analytics in retail sector.
Location analytics in retail sector is increasingly gaining prominence. Wonder how location analytics can benefit your retail business? Request a FREE Brochure of our analytics solutions right away.
The client, a leading organic food retailer, wanted to set up smaller stores to target the urban customers by offering convenient approaches for purchasing organic food and non-food products and to also build brand loyalty for the larger format stores. Due to aggressive expansion plans, the client was facing several predicaments in assessing the business potential for existing and potential stores and to set an internal business target. Also, the organic food retailer was unable to understand and analyze their customer behavior and perceptions in real-time. Lack of insights from location data prevented the client from identifying untapped opportunities and left blind spots when it came to the implementation of new merchandise, services, and engagement experiences.
Location analytics is the new non-negotiable in the retail sector. Talk to our analytics experts for detailed insights.
Solutions Offered and Value Delivered
To help the client tackle its core business challenges, Quantzig’s experts adopted a three-step comprehensive approach. By leveraging location analytics in retail, the experts enabled the client to analyze the POS transaction level data and explore all different possibilities. The first phase of location analytics in retail engagement focused on analyzing customer behavior and offer baseline insights into product location, its performance, and related customer behaviors. In the second phase of location analytics in retail engagement, the experts focused on developing in-store heat maps to help the client track customer’s traffic patterns and gain a better understanding of their requirements. The third and final phase of location analytics in retail engagement revolved around integrating the client’s transactional data sets with the gathered location data.
Location analytics in retail sector is indeed the silver bullet for retailers looking at gain a leading edge in the competitive business landscape. Gain limited time complimentary access to our analytics platform to know how our location analytics solutions can help your business.
The solution offered helped the client to identify ‘hotspots’ at a glance and increase sales through targeted marketing. Also, they were able to identify correlations and patterns between data collected from different locations and identify hidden triggers of cost.
Quantzig’s location analytics in retail engagement also helped the client to:
- Route or reroute in real time in response to traffic patterns
- Boost quarterly sales by 43%
- Visualize spatial data and transform decision making process
Location analytics can help you map customer behaviors, demographics, and competitor locations to help you will succeed in the new business segment. Learn more about the benefits of location analytics in retail.