Location intelligence (LI) helps organizations better understand the physical world using digital data. Businesses across all industries are leveraging location intelligence data to offer enhanced customer service, boost revenue, and improve operational efficiency. Similar to other sectors, retailers can harness the power of LI software and make better decisions.
A Gartner report predicts that 30% of customer interactions will be influenced by real-time location analysis by 2022. Retailers can take on new business opportunities by considering unidentified patterns in their data and understand important relationships between different data sources and types.
How can the retail industry benefit from location intelligence?
Here are some of the top ways location intelligence can enhance and transform the retail industry.
1) Better customer experience
2) Deeper competitive analysis
Understanding customer loyalty of competitors in an area is also easier with location intelligence tools. Retailers can get insights about the frequency of store footfalls of competitor’s customers. A data-driven approach with LI data will help in analyzing competitors’ strengths. It is also possible to identify and attract less loyal customers by offering products and services they are interested in. Businesses can find locations with a unique competitive advantage that can help in growth.
3) Market research and product development
4) Seamless asset tracking
Retailers need to manage the crucial task of tracking their delivery agents and manage the supply chain. Location intelligence platforms can help retail companies with seamless monitoring of assets. With the help of custom location apps, business owners can track a delivery executive’s exact location in real-time and calculate accurate ETAs. Retailers can track the locations of all delivery executives on a centralized system. They can use this system to analyze factors that may be responsible for delays and optimize routes for faster deliveries. Also, retailers can design custom tracking apps for their customers to track product deliveries.