Combining accurate data with location information can help organizations with data visualization methods to identify the potential of a specific location, based on individual business needs. Although there are different opinions on the extent to which location intelligence benefits the firms–it surely has a substantial impact on the overall operational efficiency of the organization.
As the demand for a personalized and omnichannel experience increases so does the importance of proximity and exceptional customer service. Using valuable and real-time insights into customer patterns, business owners can strategically plan and distribute their products and services.
One such location intelligence service provider is Lepton Software, with a robust solution to support the disruption in the business arena, specifically, the retail industry.
Let’s understand how location intelligence supports the overall operations of the retail industry.
With useful insights into the customer persona and their behavior, retailers can craft products and services as per the location data and audience patterns. Targeted merchandising can significantly reduce the chances of losing revenue due to understocking or shrinking the cash flow due to overstocking of products at a particular store location. Smart merchandising involves location-based analysis which helps to help you curate the right products for the local shoppers. Planning based on the specific demands of your audience helps to bring up the overall operational efficiency of the store and manage resources effectively.
Optimized Stock Distribution
After understanding the local demand for the retail store, retailers can approach targeted distribution at online and offline stores. They can even anticipate and visualize the overall performance of a particular location. Based on the regional demand, inventory can be distributed accordingly–this can reduce the load from supply chains and logistics, thereby reducing the costs. Moreover, it also facilitates faster order fulfillment, higher conversion rates, better customer service, and eventually, maximized profits.
Enhanced omnichannel customer experience
With insights into how customers behave, where they spend their time the most, or what influencers are they following, an exceptional omnichannel experience can be provided to them. By covering all customer touch-points and authenticating data from each source, valuable information can be shared with the retailers like what is the most-selling unit from the inventory, what discounts are working, and what is not.
Logistics and route optimization
Retailers need to pull up their socks by harmonizing logistics, retail stores, and inventory distribution. Location intelligence tools like SmartMarket can help retailers optimize their routes. All applications powered by location intelligence can track your delivery fleet and give accurate real-time data about the delivery status and ETA. By combining these solutions with inventory management systems, retailers can calculate the accuracy of the inventory, track the moment of stocks to identify bottlenecks, and shorten the delivery cycle.
Real-time inventory tracking
The large volume of inventory needs to be managed in order to meet the growing demands of the customers. Latest technologies like GPS, RFID, and IoT help track every single unit in the inventory using barcodes. Huge clothing stores like Zara, give the option to the customer to know more about the product by scanning these barcodes–improving the overall shopping experience of the buyer.
Detailed store analytics
Location intelligence helps you make informed decisions, considering important factors like demographics, affluence level, paying capacity, and repeating customer behaviors and patterns. It helps in statistical decision-making and enables you to stay ahead of the local competitors.
With tools like SmartMarket, location intelligence features like customer journey maps combined with real-time data can help retailers tap on unique opportunities and elevate the overall customer experience.
To sum up:
Location intelligence has now become the heart of the retail industry. As more and more brands are on the brim of recovering from the damage caused by the pandemic, they are figuring out better ways to stay ahead of their competitors, and closer to their customers.
Location intelligence can greatly help retailers with smart merchandising–it can help them strategize the ways to offer convenience and ease alongside an omnichannel customer experience. Not just this, tools like SmartMarket enable retailers to plan and choose how to deliver products–whether to sell completely offline, deliver to their homes, or buy online and pick up from nearby stores or an entirely unique and exclusive logistics solution.
If you are seeking help or guidance with location intelligence or related solutions, you can get in touch with our experts.