Location Intelligence (LI) solutions for the retail industry have been selling like hotcakes. The increased usage of mobile phones and IoT devices has further accelerated the use of LI for retail. The utilization of LI in the retail industry is seen via a number of applications like retail site selection, customer demographics, and targeted advertising. LI is defined as the ability to draw business from the use of location data. A research report published by Wipro suggests that 80% of all data maintained by organizations has a location component. GIS-based tools help in drawing insights from demographic data, which reveals the relationship between location and people.
Foot traffic, aka footfall, is defined as the number of visitors to a site. Footfall analysis helps brick-and-mortar stores gain insights about their customers just like the e-commerce brands. Foot traffic analysis works on the basic principle of foot counts that enter a store. Insights like clusters, the conversion rate from entry to purchase, and time spent inside a store (dwell time) are a few examples. These insights can be compared with the competitors to gain an edge.
Competitor’s footfall can be analyzed by using anonymous mobile location data and detected visits which may not be accurate but will provide an overview. Many retailers use services from companies like Safegraph, Gravy Analytics for their foot-traffic data.