How Can Location Analytics Help Retailers to Boost Sales?
Quantzig, a global data analytics and advisory firm that delivers actionable analytics solutions to resolve complex business problems, has announced the completion of their latest location analytics engagement for an organic food retailer. This success story analyzes the factors that enabled the client to assess the business potential for existing and potential stores to set an internal business target.
#Locationanalytics in the retail sector is indeed the silver bullet for retailers looking at gaining a leading edge in the competitive business landscape.
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With rapid technological developments, the retail landscape has transformed dramatically. Owing to the increasing competition from online retailers, traditional retailers have started to shift focus and accommodate change as a crucial aspect of their business processes. As a result, brick-and-mortar stores have started adopting omnichannel marketing approaches to orchestrate with the analytical and highly targeted approaches used by online retailers. Today, location analytics in retail is increasingly gaining attention, especially for retailers looking to gain a front-liner advantage in the retail sector.
The Business Challenge
The client, a leading organic food retailer, wanted to set up smaller stores to target the urban customers by offering convenient approaches for purchasing organic food and non-food products and to also build brand loyalty for the larger format stores. The client faced challenges that spanned three core areas including:
- Lack of strategy to target urban customers
- Inability to assess the business potential for existing and potential stores
- Lack of insights from location data
“Location analytics in the retail sector is indeed the silver bullet for retailers looking at gaining a leading edge in the competitive business landscape,” says an analytics expert from Quantzig.
Talk to our analytics experts who can help you in lowering costs and mitigating risks in supply chain management.
The Solution Offered & Value Delivered
The organic food retailer collaborated with Quantzig to leverage its expertise in offering location analytics solutions to help them identify and quantify potential store redesigns. The organic food retailer was unable to understand and analyze their customer behavior and perceptions in real-time. Quantzig’s location analytics engagement empowered the client to:
- Route or reroute in real-time in response to traffic patterns
- Boost quarterly sales by 43%
- Visualize spatial data and transform decision-making process