In today’s retail industry, location-based services play a pivotal role in the success of the retail business. Most retail companies still have 94% of their business in physical stores, and their location determines whether they succeed or flop.
The scene of the retail industry is changing. Nowadays, retailers do not just want to know where they would find their potential customers but also where they will be in the next 10-25 years. An investment in a brick and mortar space can mean long-term so knowing how the population is moving can help protect that investment.
To assess and evaluate, retailers are now looking toward the use of big data. At GeoMetrx, a technology platform, we use data visualization maps to help retailers fine tune their choice for a store location with the aim of attracting more traffic and giving a boost to sales.
Some examples of big data usage in retail industry
- Petco: It is a company that deals with pets and their related things. It started using data visualization to lower the potential risks of losing their sales. Software helped them to determine where there were higher concentrations of pet owners. By using this information, they opened their physical stores at the desirable locations.
- Wendy’s: Another successful example of the use of big data in the retail industry. It is one of the most popular hamburger chains in the world. It integrated visual mapping solutions into their work to locate their customers. The software helped them to determine how far the customers would want to travel to reach a Wendy’s from their home, work and from retail shopping centers. Using their sales records and customized demographics on existing restaurants, they were able to assess and make predictions about new, as well as existing, locations of restaurants.
- Starbucks: It is one of the best-known coffee shops with its chain all around the world. Recently, Starbucks took a data-driven approach for opening its stores. It used big data mapping software which helped it to easily assess massive data about the opening of new stores. The software helped to determine the places where they would be able to get maximum sales.
All these examples are a proof that big data is very helpful for retailers in driving customers and boosting their sales. If you would like to learn more about how GeoMetrx can help boost your retail sales, request a demo.