In-store shopping became one of the most anxiety-inducing endeavors in our daily lives when COVID-19 hit full force this time last year. The retail industry as we once knew it has undergone a substantial transformation and is unlikely to revert to its pre-pandemic state.
Curbside pickup or in-store pickup for purchases made online were implemented or expanded by retailers. Consumers are increasingly ordering essential items such as toilet paper, hand disinfectant, and supplies online instead of visiting physical stores. In reality, the percentage of online interactions increased from 42% in 2019 to 60% in the previous year.
As consumers began to return to brick-and-mortar stores, they anticipated that brands would provide them with accurate information, such as the hours of operation or special purchasing hours designated for seniors or vulnerable populations, through apps or websites.
As a result, it was and remains imperative for retailers to enhance their understanding of their location data. By doing so, they can guarantee that they can keep their consumers informed and more effectively manage their employees. A more comprehensive examination of the significance of location data in the contemporary retail sector and the necessity of its proper management is essential for businesses seeking to expand.
The importance of geographical data in the context of effective business planning
This lesson has been evident throughout the COVID-19 pandemic: location data can be crucial in ensuring the seamless operation of daily operations. Managers establish schedules on a weekly basis to guarantee that their grocery store or restaurant has an adequate number of employees in each department to meet customer demand. Naturally, managers may also encounter unexpected circumstances, such as the necessity of closing the store for a day to clean due to a COVID-19 outbreak or the absence of multiple employees through illness. The effective administration of location data can assist a business in the reassignment of employees and the prevention of hours being lost, as well as the proper staffing of stores.
When considering the broader context, location data can assist brands in determining the viability of their product or even an entire store in a specific retail center or strip mall. Performance data from the past is indispensable during this planning phase. A retailer can determine whether they are making a wise investment by examining local e-commerce sales, market data, consumer feedback, and foot traffic in relation to the rent.
For example, a shoe store may contemplate whether it is worthwhile to establish a location adjacent to a department store. However, if they generate a significant portion of their revenue from a shoe category that the department store does not carry, such as shoes specifically designed for runners, their establishment may serve as an ideal complement to the department store. Once more, businesses can avoid making poor decisions and succeed in areas that conventional wisdom would advise them to avoid by comprehending location sales data, the performance of stores established in similar locations, and competitor performance.
Consumers are attracted to comprehensive location information.
Ultimately, the more information a company discloses regarding its retail locations, the more advantageous it is. However, the information, which is accessible via its website or app, must be precise and current, especially in light of the significant changes that COVID-19 has necessitated.
Location data can improve a business’s online presence, keep consumers informed, and allow retailers to more effectively manage their staff. And for businesses that lack a comprehensive location data management strategy, the present is the ideal moment to either invest in one or collaborate with a company that specializes in location data management. It is crucial for brands to maintain accurate location data when arranging their daily operations and their subsequent significant relocations.
Accurate location data can significantly enhance a store’s capacity to deliver an exceptional customer experience and ensure that consumers return for additional purchases, regardless of whether they are ordering online and collecting up curbside or disguising up and entering the store.