Location-based technology has created plenty of buzz around its potential benefits, but implementation by retailers remains fairly low. The technology was retailers' eighth-highest digital investment priority in 2016, according to a survey from eTail and RetailMeNot.
The good news is that many forward-thinking retailers do have future plans to invest in location-based technologies. In fact, 53% of retailers want to identify customers when they walk in the store via their smartphones within five years, according to Boston Retail Partners.
This Retail TouchPoints special report illustrates a specific set of best practices for brands aiming to maximize the value of location-based marketing. To help simplify the process, the Location Based Marketing Association (LBMA) has developed a three-layer approach to location-based strategies:
- Drive Foot Traffic (push messaging, social location, geofencing);
- Increase Basket Size (beacons, WiFi); and
- Close The Deal (NFC, payments, loyalty).
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