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4 Ways Retailers use Location Intelligence E-mail

4 Ways Retailers use Location Intelligence

LocationIntelligence

 

Retail investments in technology reached an all-time high in 2016, a sign of the industry’s sustained commitment to providing smarter, data-driven retail experiences. But how can retailers ensure a return on these investments in 2017? It all comes back to location data.

 

Retailers are gaining more and more data about their customers, but making informed business decisions with that data has proven difficult and expensive. Retailers are moving toward more cost-effective solutions that work with a company’s pre-existing setup. Location intelligence platforms work remarkably well with pre-existing systems because location data requires flexibility.

 

This contributes to Dresner Advisory Services recent ranking of location intelligence mapping software among its most important business intelligence-related technologies for 2017. In fact, more than 50% of respondents stated it was “critical” or “very important” to their organization.Here are three ways you can integrate smarter, data-driven location intelligence solutions throughout your retail business to ensure 2017 is your best revenue-generating year to date:

1. ANALYZE CONSUMER BEHAVIORS WITH INDOOR MAPS

While customers are becoming more and more informed through online research, an overwhelming number of customers still purchase products at in-store locations.Retailers are bridging this “brick-and-mortar” and “brick-and-click” divide by creating indoor maps featuring customized basemaps tailored to an individual store’s floorplan. In addition, retailers can apply spatial interaction models to these data visualizations to create heat maps that can help redesign floorplan layout as well as reassign staff to high traffic areas to optimize workforce performance.Warby Parker, for example, designed their stores to have a mirrored layout because they found that customer flow throughout their stores was improved when customers didn’t have to jostle with each other over the same pair of glasses.

2. PROVIDE IN-STORE PRODUCT RECOMMENDATIONS WITH LOCATION DATA

Amazon changed our retail experiences when it introduced algorithms to make product recommendations to shoppers based on past purchases. Customers now expect this same level of personalized attention in-store too.Predictions for retail trends in 2017 point toward greater integration of artificial intelligence (AI) and machine learning, but retailers working with location intelligence are already ahead of the curve. Retailers can pinpoint a shopper’s in-store coordinates in real-time with location data to recommend similar products available at that specific store branch.

  1. Target has steadily expanded the availability of its retail application for smartphone users who opt-in to receiving updates from the retailer. Despite a slower than expected start, retailers should be optimistic in the viability of location applications since 73% of customers indicated that these types of updates increased the likelihood that they would make a purchase while at a store.

3. CREATE CUSTOM LOCATION APPLICATIONS FOR SMARTER RETAILING

While location applications are helping retailers enhance customer experiences, they are also helping retailers improve operational efficiency. Leroy Merlin, a French-based home improvement retailer with over 300 branches internationally, needed assistance in managing their product supply chain to ensure each store location offered a robust selection of products for customers.

They created a custom location application with a data repository accessible to remote managers and executives. These datasets were enriched using a data curation capability that visualized not only customer demographics for each store, but also nearby competitors. “One of the main advantages that we now have,” explained Jeremy Chatelain, Project Manager for Leroy Merlin, “is the ability to analyze competitors and where our clients are coming from.”

3. LEVERAGE GEOMATRIX TO BETTER LOCATE YOUR SHOP

GEOMATRIX is an easy to use online location intelligence solution that allow retailers to carefully pick the most profitable location for their new openings by analyzing Big Data on travel times, active population, income, traffic conditions and dozens of other parameters.

If a deep location analysis used to cost weeks of work before, this tool makes the whole process quick and within reach of any investor, even without any previous experience in geomarketing and GIS analysis

 

Originally appeared on: Carto

 

 

 
Inforgraphic: USA Traffic by State E-mail

Inforgraphic: USA Traffic by State

 

An interesting infographic visualization about a common problem: traffic congestions.

 

 

 
Travel Time Location Search E-mail

Travel Time Location Search

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TravelTime is a new location search engine which allows you to find places by travel time. It allows you to find locations by the amount of time it will take to walk, cycle, drive or get public transport to.

If you share your location with TravelTime you can view an isochrone map showing you how far you can travel in a set amount of time. For example you can select to view where you could walk within 15 minutes. But that's not all. TravelTime also allows you to search for venues and points of interest within your allocated travel time. So, for example, you can ask TravelTime to show you all the coffee shops within 15 minutes walk of your current location.

TravelTime isn't finished yet. It also allows you to add other locations to the map and search the travel times from the new location as well. This means that you can add a friend's location to the map and search for coffee shops within a 15 minutes walk of their location. You can then see the locations on the map where your 15 walk area overlaps with the 15 minute walk area of your friend. You can also see where all the coffee shops are that both you and your friend can reach within 15 minutes. Any of these could be a great place for you and your friend to arrange to meet.

Using a similar interface, our innovative solution Geomatrix proposes extensive location reports that can help commercial real estate investors and retail operators invest in more profitable positions and profit more, find out more

Originally appeared on: GoogleMapsMania

Travel Time Location Search

 
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