Leveraging Geographic Analytics to Gain a Holistic View of Local Demand
Retailers have access to an unprecedented amount of information on market trends and shopper data that can be leveraged to improve operations and bolster the bottom line. When coupled with geographic information this embarrassment of riches becomes even more powerful, granting retailers game-changing insight into the local market.
In fact, geographic-based insight is such a robust tool that 35% of retailers consider it a top 10 must-have technology for 2021, according to RIS.
Retailers’ future investment plans for these brawny analytic engines is very encouraging, considering the current state of the technology in the field today. Just 8% of retailers consider their location analytics technology up-to-date, while another 17% are in the midst of a major upgrade, according to RIS.
An advanced understanding of demand at a geographic level provides tech-savvy retailers a leg up on the competition in vital areas such as merchandising, marketing, workforce management, site selection and much more. As smart retailers continue to embrace the technology it will quickly become an operational necessity.
Today, leading retailers are infusing their analytic efforts with geographic data to gain difference-making holistic insight about the localized markets they operate in. Below are five steps designed to take your analytic efforts to the next level and help you keep pace with the industry leaders and turn the data you already possess into a game-changing insight.