How Location Intelligence Can Help Support Local Businesses
March 2, 2022
Small businesses are the backbone of our country. The United States is home to 32.5 million small businesses, and these companies, in turn, employ 46.8 percent of the private workforce. Despite their prevalence, local businesses are challenged by the increasing popularity of big-box stores and online retailers. Complicating matters further are the rapidly changing interests of consumers, which have intensified due to the COVID-19 pandemic. What can these local businesses do to better position themselves against these market forces?
Location intelligence, a tried-and-true methodology among larger retailers, provides insight into how people, products and materials move throughout the world. With location intelligence and the help of economic development organizations, small businesses can gain a deeper understanding of market trends, consumer behaviors, foot traffic patterns and logistics operations.