We’re in the heart of the digital age, and while e-commerce sales continue to increase, retailers need not to worry. Location intelligence and foot traffic analytics are shifting the playing field for many businesses in the retail and commercial real estate sectors, giving many brands a leg up on their digital competitors.
But let’s take a step back for a second to review what both location intelligence and foot traffic analyses are. Location intelligence is defined as “the process of developing thoughtful insights from the physical location.” Here at AirSage, we like to define location intelligence as a methodology that allows for the understanding and visualization of location data to help solve a wide variety of business problems.
Foot traffic data is derived from location intelligence and helps businesses to better understand how people move around a physical location. It allows brands to gain new visibility into consumer behaviors by presenting an aggregated picture of the movement of individuals within a physical area, even broken down by the types of people moving around.
So why is foot traffic data relevant to retailers? It’s simple, really: more foot traffic means more shoppers, more shoppers means more revenue. Foot traffic analytics plays an essential part in assuring this increase in foot traffic to retail stores. This form of location intelligence helps retail brands gain insights regarding their shoppers and their unique consumer behaviors. It also helps users of the data the ability to gain an understanding of shopping trends at their retail locations, as well as helping to see competitor trends – this information is crucial to improve their product offerings. With this information, businesses can make better-informed decisions when it comes to advertising, messaging, and more.
For example, a popular restaurant could analyze their foot traffic and determine that 55 percent of its customers visit a nearby shopping mall before visiting the restaurant. The restaurant then could use this valuable information to tailor their marketing efforts to attract more mall-goers or even begin advertising at the mall. Each additional element known about customers helps retailers and merchants increase sales.
As you’ve seen, when you understand the value of location intelligence and foot traffic analytics, you open the door to an increase in visitors to your retail location, whether it is a shopping mall, restaurant, or sports stadium. Contact us to get started on analyzing foot traffic at your site today with AirSage Properties.