Location Intelligence in Retail: When Technology Aids Sales Effortsby Emma W. Web Designer
With a relatively stable economic condition for about a decade, retail sales have experienced an upward graph pretty much around the world. More and more areas are being rapidly urbanized and the already existing urban areas are witnessing an exponential acceleration of population. All of this has been excellent for the retail sector. In the last decade, there have been introductions of countless new brands, leaders, products and success stories in the retail industry.
For every successful endeavor in this era, technology has proved to be a crucial driver of the success and that is true in the case of the retail sector as well. HokuApps’ Location Intelligence technology has contributed greatly in boosting the sales for our retail clients.
Technology in Retail
Location Intelligence is not the first tool that has bolstered the retail sector to achieve new highs. The process of marketing itself- be it in any industry- has predominantly leveraged advance technological tools in order to achieve markedly improved results. Social media marketing has incorporated numerous tools that make use of AI, machine learning, big data analytics, etc. in order to help a company achieve higher sales figures.
In the digital era, the boundaries of space, time and interactivity have been significantly blurred. People shop oversees without moving an inch. People can carry out business with other people in different countries and time-zones without much inconvenience to any party. Companies can be intimately in touch with their customers without having a human-executive communicating with these customers from the company’s end. Thus, technology has modified the retail space in more ways than one.
What is Location Intelligence?
Location intelligence refers to the process of acquiring vital information regarding a particular area, demographic or market. By using location intelligence, a retail store can acquire information about the tastes and preferences of the population in certain specified areas. Or, they can understand the preferences of their core customers and detect their predominant localities.
Marketers often try to find a common connection between the brand and the audience/consumer of the product. With location intelligence, the retail company would be able to acquire highly important insight that may be detrimental to cementing this connection.
Insights Lead to More Business
What do the people residing in a stipulated area like to wear? Which brands do they use? How loyal are they toward their current brands? What determines their buying decisions? What is the average economic condition of a particular area? Acquiring the answers to these questions would be extremely beneficial to marketers and sales executives of a newly established company. These answers, also known as insights, help the companies carve their strategy, make changes to their products and decide the roadmap of introducing the new brand/product or a new offer to the new locality.
Data-driven insights are extremely valuable in today’s competitive market conditions. Valuable insights might even help save businesses from committing inadvertent blunders. Thus, insights are crucial factors to be considered at any point in time for a business.
The Question of Privacy
Location intelligence is a dynamic tool that is turning out to be highly beneficial for many business sectors, yet the characteristics of its foundation may be a cause of concern for some. In an atmosphere of suspicion, mistrust, data privacy issues and data leaks, companies must ensure no data is misused.
Moreover, customers must be duly informed about when, how and which data that they have shared with the company either through the app, in-person or through social media is going to be used. Data can also be procured from other resources. As long as these sources are in keeping with the legal requirements, it shouldn't be a problem to the business in any way. Know more about HokuApps review to know how exactly technology like Location Intelligence can revolutionize your business.
Overall, location intelligence tools are fantastic for marketing new products and offers. The technology is also ideal for companies that are in the process of expansion and are opening new retail stores in previously unexplored localities. Location intelligence will help companies foster better relationships with their customers. It will act as the perfect matchmaker between retail stores and customers that would benefit most from their products.
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Created on Feb 4th 2019 05:57. Viewed 315 times.