How Mobile Device Data is now powering planning decisions
Mobile Device Tracking – Profiling Consumer Movement and Retail Habits Delivering Incredible Insight and Strategic Advantage for Australian Retailers and Service Providers.
Living in the age of data, most retail and service businesses know all too well the importance of information for driving customer insight and strategic planning.
In the last decade, Australia has seen a very large increase in the trapping and analysis of customer data by business. This has been done using better POS systems and data bases, effective loyalty programs and (in more recent times), brand specific apps.
This has been very beneficial for understanding issues such as brand penetration, store trade areas, estimating cannibalization impacts when new stores are introduced and for managing customer relationships and marketing. While we can gain significant insight into existing customers, when it comes to understanding the location and behavior of potential (non) customers, the quality of available data has been more limiting.
While data sets like census and household expenditure provide invaluable information of customer demographic characteristics and expenditure patterns, it is all linked to an individuals residential address. As we know however, customers do not just make buying decisions from where they live. Understanding how people move and travel, and what their retail shopping habits are as they go about their business, is the holy grail of business planning. Enter the new age of Mobile Device Data Tracking. Utilising a range of international sources, Geotech has been able to generate a data set that tracks (in real time) over 5 million mobile devices across the Country.
The benefit of this rich seam of data is quite simply endless. This data can be used to address any number of issues, including
- Measuring Pedestrian Traffic through different parts of a shopping centre by time of the day
- Tracking how pedestrian move around CBDs by time of day
- The ability to generate trade areas for shopping centres, profile who shops at the centre and where else they shop
- Tracking how pedestrians move in, out and around special events (such as sporting)
- Generating Customer and Trade Area maps for locations / businesses that may not trap customer information
- Profiling which competitive brands your customers also visit, and how often
- Profiling the shopping behavior, movement and characteristics of your customers, overall and for each of your stores
- Generating market share maps / data for competitive brands by area
The above is only a tiny fraction of what is possible using this data. Geotech is currently working with some of our clients to implement the use of this cutting edge data. We would be happy to discuss your specific needs, and how this (and other Geotech data) may assist your planning.