We’ve said it a few times in previous posts, but everyone knows that 2020 is a year like no other and that consumer shopping and dining behaviors are changing in ways we’ve never seen before. With the holiday shopping season right around the corner, how can retailers and restaurants keep their inventory conservative in this time of uncertainty?

When things aren’t going as planned, unanswered questions and inaccurate datasets are up in the air, restaurants and retailers need actionable and real-time data to make up for the gap. Location intelligence is a great asset that will help you only have what you need in your inventory and also help you predict the times that people will stop by to dine or shop. Let’s take a closer look at how location intelligence can help you keep your inventory conservative so nothing goes to waste.

When we look at our COVID-19 data, one thing is very prevalent: retailers and restaurants suffered greatly when lockdowns began and the pandemic was in full swing. The sharp declines in foot traffic numbers, and the slow recovery once lockdowns were lifted, have put both restaurants and retailers in a difficult position. 

The challenge for both of them is to find a way to order just enough inventory for shoppers and diners but not too much or items will be left on the shelves and food will unnecessarily go bad. This creates a budgetary issue, which is one of the most important parts of the recovery process. Without location intelligence datasets, restaurants and retailers will have to guess at the amounts of each item to preorder. 

For example, let’s say that you are an upscale steakhouse in an urban area. Last year, your third quarter was booming. Because you had access to the previous year’s datasets, you knew to order an influx of filet mignon and red potatoes. This year is looking a little different, and if you were to go off of last year’s data you may run the risk of over-ordering and that extra food and money spent going to waste. However, with a location intelligence solution, you would have the data you need right at your fingertips. The most recent real-world consumer behavior data would be in the palm of your hand so you only have to order based on the real numbers that you are seeing. 

As a retailer, this example could easily apply to you as well. If too much inventory is ordered, but not enough shoppers are buying, then that inventory would go to waste as well, especially if it’s seasonal goods that you specialize in. Location Intelligence can be the drawing board you need to order conservatively and avoid the risk of wasting product or budget.

With access to location intelligence, restaurants and retailers can utilize this data for ad targeting purposes. Not only are you saving on inventory, but you are also saving an impressive amount of budget on marketing ad spend. 

Ever wonder what your competitor has to offer that keeps customers going back to them? Utilize location intelligence for competitive advantages as well. A location intelligence solution is like a marketing crystal ball; it can help you keep the right inventory in stock at the right time and help you tell your potential customers that you have a certain product when your competitor may not.

For restaurants and retailers alike, keeping inventories conservative is crucial to pulling through this holiday season without spending more on ingredients or products than you have to. If you’re looking for a solution that will help take the guesswork out of your inventory strategies, then location intelligence is right for you. Contact us to speak with a location intelligence expert today!