In a world where we all have access to a mobile device - well, most people, businesses and individuals alike can learn a lot that helps benefit their company or business opportunities. Foot traffic data is one of those technological advancements that can provide a lot of use and here’s why more companies should do it when it comes to real estate site selection.
Foot traffic analytics are providing highly useful services for businesses with retail intentions that include the set up of new locations. How can they find out the best location for their next commercial venture? Well, by knowing where their customers are going, of course! Location data is an innovation that has become a necessary solution for brands looking to expand their physical location to new sights where they can end up benefiting more so.
Foot traffic data collects metrics that feedback to businesses on how many people are visiting certain locations, how long they stay there and what times of the day they tend to visit or at least walk past it. By having this location data, it provides an advantage for any commercial real estate that a business is looking for in order to set up a retail store. Nowadays, retail businesses that thrive on in-store interactions need to find the perfect spot in order to make the most income per day. And with the rise in rentals and costs for owning a retail property, every little helps!
This type of location intelligence is a great way of getting accurate information on foot fall and how likely it will be that a retail business will succeed in said location. Typically, a business would look at a spot in terms of its location at face value. However, just like a lot of data analytics that we can now access online, foot traffic data goes more in-depth. It provides us with valuable insights that are essential in making sure that the right choice is made. The data is anonymous, so you wouldn’t be able to know about any specific data in terms of demographic. However, numbers alone can be a tell-tale sign of whether that particular spot is a good opportunity for your business or not. Buying property for retail is a big risk, especially for smaller businesses who might not be able to afford to make a wrong move.
Although it’s not possible to get data for your competition’s stores, it’s still good to use data like this to assess the surrounding area. Location intelligence can have a lot of benefits, and it’s worth utilizing this data when it comes to buying real estate sites for retail stores. That’s why using a company like Airsage is a good opportunity to make sure you’re spending your money in the right way. If you’re looking to take advantage of this innovative technology, then it’s essential to set up a meeting with us to talk you through the technology in detail. Let us help provide you with the reassurances you need when purchasing commercial property.