It’s no longer business as usual in the retail industry. It’s not enough to know your customers and to provide them with the best services and products. One tiny piece of information –where the customers are — is the game changer. Retailers can use location data to obtain this information.
Location data refers to the trajectories of people and objects. In the retail industry, knowing the location of their target market makes them more responsive to their customers’ needs and to environmental changes; hence, making them more profitable.
Location data presents a myriad of opportunities for business owners. Knowing where their customers are, provides retailers with the power to access them and to effectively promote their products or services at the right place and time; increase their sales; redirect their resources in the best way; and overall, be able to make smarter business decisions.
Here is an example of how retailers can use location data to find their customers and increase competitiveness. In each example, anonymized location data around Bukit Bintang Kuala Lumpur between 1 October 2016 and 31 October 2016 was used. The data was available from DataStreamX.
Finding the right catchment area
For retailers, understanding their catchment areas is very important in running their …