Last year, many consumers preferred one=stop shopping. As COVID-19 vaccination rates go up, consumers are heading back to brick-and-mortar stores to shop around for the best bargain. This means that cross-shopping is about to see a big resurgence and retailers need to be prepared. Location intelligence can show retailers what to stock up on and who to reach. It’s time for brands to start preparing for the return of cross-shopping.
Nowadays, it isn’t uncommon to drive by a shopping plaza on a weekend and see the parking lot nearly full to the brim. Brick-and-mortar retail is back, and it’s only a matter of time before retailers begin to feel the demands of their customers who are cross-shopping for the best bargain. The question here is: What are customers shopping for and how can retailers prepare their inventory to meet demand?
Using location intelligence, brands can determine what their audience is shopping for and where they are shopping. This gives leaders insight into exactly what to stock up on and market to their customers. Location intelligence also provides insight into what the competition is doing which gives retailers a blueprint for their own merchandise in order to stay competitive.
Optimize In-Store Offers
In 2020, brand loyalty wasn’t nearly as rife as it was in years past. Because of the coronavirus pandemic, consumers put convenience ahead of brand affinities and simply shopped at whatever stores offered the most value. Now, more shoppers are hunting for bargains at various stores.
Competitive intelligence is also crucial here. For retailers just beginning to win back portions of a lost customer base, their offers need to be right. With competitive intelligence, retailers get insight into where consumers are flocking. Based on this information, they are able to adjust their store offers based on customer brand affinities.
Win Back Shoppers
Data-driven decision-making may be the difference between a retailer who wins back shoppers and ones who can’t. For example, a local grocery store lost a large portion of their consumer base during the COVID-19 pandemic because people preferred to shop at Walmart or Target to shop in bulk instead of local. Now, customers are beginning to trickle back in but not nearly enough to make up for all of that lost time.
With real-world consumer insights, the local store is able to determine that the majority of their audience is now going to Whole Foods and Fresh Market. The store management decides to take a closer look at the real-world consumer data insights that they’ve gathered. They discover that the majority of shoppers in the area are newer residents to the neighborhood: middle-class transplants from bigger cities who often shop at Whole Foods and Fresh Market.
In order to stay competitive, they need to adjust their pricing and stock up on more organic products, which is something that this audience is especially interested in. The grocery store also launches an “affordably local” campaign which draws more customers through their doors.
Understand Cross-Shopping Behavior with the Area Cross-Visitations API
By making data-driven business decisions based on real-world consumer insights, brands can make the comeback that they’ve been waiting for. The Gravy Area Cross-Visitations API provides brands with insight into where their customers shop, giving them a valuable advantage over their competitors. For more information on the Area Cross-Visitations API and location intelligence, contact us today.