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Improving Retail performance with Locational Analytics

Traditionally business have relied on graphs and charts to analyse crucial information. But these basic visualizations have a propensity to miss two of the most important aspects of a retailer’s data — where things are located and what is happening around them. Imagine being able to better understand where customers live, what they buy, what they do and why they do. Location analytics is a game changer. It helps organisations see where data is, not just what it is. Location analytics brings together dynamic, interactive mapping; sophisticated spatial analytics; and rich, complementary data to enhance the overall picture of business operations. Best of all, it is available from within already-established analytics software, so there is no need to say goodbye to familiar business tools or workflows.

The combined solution joins key business intelligence (BI) data with spatial location, resulting in improved store performance driven by better marketing decisions. It covers all stores operated by the group to guide expansion and development strategy, optimize direct marketing actions such as distribution of weekly circulars, monitor store performance, and gain a better understanding of the sales territory. Moreover, it helps in viewing and analysing data, including traditional retail information such as trade and mailing areas, competition analysis, customer locations, and advertising hoardings. Geographic data used includes Bing Maps, Nokia data, and aerial and satellite images. A BI map service’s bi-directional link provides a unique and dynamic integration solution between the mapping and BI systems.

The geo-marketing application is used for many strategic activities such as guiding expansion and development strategy of the company and optimizing direct-marketing actions including distributing weekly circulars store performance can be monitored and a better understanding of territories can be provided. All this information feeds one database and can be shared across the enterprise. Location analytics is enabling a refined and deeper understanding of how to improve marketing and other store-level operations. It enriches data for a more intimate understanding of customer relationships, behavior, and need. See more at: http://blogs.hbr.org/2014/03/how-location-analytics-will-transform-retail/

 

 

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