The pandemic poses many challenges to retailers. New regulations come into force overnight and customers’ priorities can change instantly. Location analytics helps adapt to these changing conditions.
While shopping streets have lost a lot of their appeal during the pandemic, local stores have become far more popular. The move to online and omnichannel shopping has intensified due to lockdown restrictions. Home delivery of products and click & collect options have become even more important. To better cope with these short-term developments and its long-term implications, rapid analyses and strategy adjustments are more important than ever. The reachability of a shop or shopping center plays an essential role here.
For many retailers, points of sale are still their main and most important asset to reach customers. Where can retailers best serve their target groups? How many customers can reach a store within 10, 20 or 30 minutes on foot or by car? Where would a Click & Collect service make sense?
Location analytics help retailers answer these questions quickly. By combining data on demographics, household income, Limbic© consumer profiles, and points of interest with a sophisticated reachability analysis, location analytics gives detailed, data-based insights about a location’s catchment area and its potential customer base.
Gain insights quickly
“During the pandemic, it is more important than ever to keep a close eye on individual points of sale and the branch network,” says Noel Carbo, Product Manager with Targomo. “Location analytics enables retailers to gain insights quickly so they can respond to new regulations and market conditions.”
Targomo offers an easy-to-use location analytics platform, TargomoLOOP. The platform helps answer several questions that have become very relevant due to the pandemic:
- What types of consumers live in the vicinity of a location and are more likely to visit a local in times of home office and low mobility?
- How many households can be reached in half an hour from a location when launching home delivery by bike or car?
- Which locations would be suitable as click & collect points?
- Which stores could be (temporarily) closed without creating gaps in the network?
- When there are multiple real estate options for expansion, but there’s no possibility to visit every site in person, which locations have the most potential in terms of customer reach?
- Which points of sale could be redeveloped into multi-use properties, for example combining retail, office and residential options?
Let’s take Click & Collect as an example: Location analytics helps to identify the stores with the biggest reach among the population or target groups. By looking at how many people can reach a point of sale in, for instance, 15 minutes by bike, a retailer can see which locations attract the biggest number of people. Shortlisting of locations based on the reach among the population or a specific target group is easy and quick in TargomoLOOP thanks to a ranking feature.
The basic version of TargomoLOOP is free of charge and allows users to quickly gain insights into their points of sale. A premium plan, called Pro, gives companies access to more data and analysis options, such as white spot analysis, household income statistics, and total purchasing power data. Furthermore, Targomo’s premium Enterprise solution uses the full potential of AI and Machine Learning techniques to calculate the sales potential of (new) locations, cannibalization effects and assortment optimization.
Customers such as German beverage retailer Getränke Hoffmann, Oxford Retail Consultants from the UK and French telecoms company Orange already rely on Targomo’s location intelligence solutions.
Curious to see the platform in action? Simply sign up and start analyzing.
Location analytics platform TargomoLOOP supports managers in different industries to analyze locations and quickly see their potential in terms of catchment area, customer base and reachability. Knowing how many people and which kind of people a location can attract helps businesses to determine whether it will perform successfully.
Targomo has already helped dozens of organizations in Europe and overseas to effectively use location data. Established businesses such as Oxford Retail Consultants in Britain, Dutch real estate platform Funda, and German beverages retailer Getränke Hoffmann benefit from Targomo’s services. The platform allows every organization to quickly and easily analyze locations and gain new insights.