Maximizing store performance will always be a priority to retailers and commercial real estate companies but, as important as it is, it is also very complex. Companies need to constantly adapt to ever-changing demographics and consumer behaviors by adjusting marketing and promotion efforts, better planning store expansions and locations and optimizing staff allocation.
Retailers also need to stay competitive, identifying areas for improvement and understanding their position relative to competitors. However, finding the right tools, understanding the current trends and making collected data into actionable items can be a challenge.
These challenges mean that keeping up with market trends is key to optimizing operations and making the best-informed decisions to reach business goals. Let’s review some of 2023’s market trends and how footfall mobility data fit into them.
2023 Retail Market Trends
One of the big trends is hyper-personalized marketing campaigns. As society evolves, mass marketing campaigns are not as effective as they once were. Newer generations need to have marketing campaigns that feel tailored to their lifestyle and their preferences. By having a better understanding of their behavior, retailers can deliver more relevant and timely promotions to their audience.
Another trend that is becoming very popular is AI-powered insights and automation. Having tons of data can be difficult if there is no tool to help comprehend it and convert it into concise knowledge. Artificial intelligence is breaking barriers by helping us better sort and understand data by using algorithms, helping retailers automate processes and improve business growth.
Finding the Ground Truth in Footfall Data
Foot traffic is referred to as “ground truth,” since this type of data is an accurate measurement of the frequency of visitor traffic.
Hyper-personalized marketing campaigns are mainly achievable through footfall data, which can be analyzed to understand customer behavior patterns, showing that a certain portion of customers visit the store more frequently at certain times of the day or certain days of the week. This gives insight as to what the average daily traffic and dwell time is, which together depict a more accurate idea of when the target customer is likely to visit the store, thus making it easier to target them at the right time.
Furthermore, footfall data help retailers better understand store performance and gain competitive insight, by comparing foot traffic patterns against competitors and benefit more from peak hours. The business can allocate staff resources effectively, ensuring sufficient assistance during busy periods and cost optimization during slower periods.
Retailers also can enjoy the benefits of artificial intelligence and machine learning when analyzing footfall data. The enormous amount of raw data that represents footfall data can be quickly and accurately processed, and decision-making can be automated, thanks to AI and ML.
Maximize your Retail Success
Retailers and commercial real estate companies need to choose the right provider to harness the power of foot traffic data as it is becoming a crucial tool. This data can help provide invaluable insights to achieve business goals and remain competitive.
Sign up for our Retail ThinkTank webinar to learn more about the market trends impacting your business objectives, challenges you might face, solutions and the benefits of footfall data and why it is the data you may have been missing to grow your business.
Mike Nadeau is Enterprise Account Manager at Korem. He has more than 20 years of experience in information technologies, mainly within the business intelligence and geospatial field. As an Enterprise Account Manager, Nadeau is passionate about developing strong business relationships with customers, providing them strategic advice in the choice and acquisition of the best geospatial solutions that fit their needs. Over the years, he has helped important clients from the real estate, retail and fuel retail industry make better data-driven decisions and make their investments profitable. Whether by getting an understanding of customers’ behaviors, adding analytics/forecasting to their process or simply extracting all the location intelligence of their data, he ensures that their solution will be tailor-made to their needs and budget.