Retailers can apply location intelligence techniques and foot traffic analytics to understand consumer mobility patterns, measure foot traffic at each store, understand the performance of their outlets, and estimate competitor turnover.
The correlation between foot traffic visitation, sales, and the success of retail apparel franchises have been studied and proven, so the development of this type of analysis has become a priority in the site selection process and expansion modeling.
Analytics based on Big Data allows mall operators to maximize revenues and visits by better selecting tenants, optimizing mall design, determining rents, establishing signage and advertising campaigns, etc.
New technological tools allow mall operators to measure the number of consumers spending in and out of stores, the time they spend in and out of stores, know their relative wealth index and understand visitor behavior patterns, helping to determine the best mix of stores, site infrastructure, rent price range and implement more efficient signage and advertising.
Big Data together with mobility analytics and location intelligence techniques allow increasingly accurate estimates of the levels of visits received by points of sale, revealing geographic patterns of brand loyalty and market penetration.
Get to know the competition and how they behave in the market is now possible, thanks to technological tools that provide an overview of mobile device activity associated with brand locations, helping to visualize a detailed picture of consumer engagement, brand loyalty, and market share.
Foot traffic data consists of spatial data (GIS), and is at the core of building intelligent strategies, transportation routes, processes and decision making in both public and private sectors.
What is it?
Foot traffic data associates people's movements with physical locations, and can be collected in different ways, such as WiFi signals, GPS from mobile devices and sensors, providing useful information for sectors like retail, real estate, agriculture, financial services, insurance, tourism, sports, entertainment, among others.
Customer analytics along with Big Data tools, predictive modeling and geospatial data are used to understand consumer needs, analyze price sensitivity, and the general behavioral patterns that customers follow when choosing products or services.
The analysis of customer information offers great advantages in strategy development, as customer interactions, consumer response and behavioral patterns, among others, can be monitored and predicted.
Thanks to advanced Big Data techniques that make it possible to collect and analyze large volumes of mobility data, it is possible to establish where consumers live and where they go before visiting a shopping mall or supermarket.
Today, business leaders have access to Business Intelligence solutions that are based on millions of anonymized data generated every second by cell phones, records that allow increasingly accurate estimates of the levels of affluence received by commercial establishments.
During the first half of 2021, consumers in Central American countries increased their interest in comics, martial arts, motorcycles, vegetarian food, spa services, air travel, weight loss products and sporting goods.
Through a system that monitors in real time changes in consumer interests and preferences in Central American countries, developed by CentralAmericaData, it is possible to project short- and long-term demand trends for the different products, sectors and markets operating in the region.
During the first quarter of 2021, consumption of household cleaning products increased in five of the six Central American markets, with Honduras and Panama reporting the highest year-on-year variation rates.
Data revealed by Kantar Worldpanel Division highlights that between January and March 2020 and the same period of 2021, consumption of indulgence and cleaning products increased 28% in Honduras, 17% in Panama, 13% in Nicaragua, 6% in Guatemala and 3% in El Salvador.
In the last week of May 2021, El Salvador, Nicaragua, Honduras, Dominican Republic and Guatemala were the economies in which the number of people visiting establishments identified as supermarkets was considerably higher than the figures reported before the pandemic.
In the first five months of the year, and in the context of the reactivation of commercial activities, more Central American consumers have visited locations identified as supermarkets and pharmacies.
Using today's technology, it is possible to know and accurately monitor consumer mobility, identify the places they visit, how often they do so, at what times and on what days, and transform this mobility and pedestrian flow data into solutions for optimizing commercial and marketing strategies.
People mobility is a concept that covers much more than just movement.
Using big data management techniques, it is possible to know, with greater precision than with traditional methods, the socio-demographic characteristics, tastes, preferences and interests of consumers living in a specific area of a city or of groups of people who visit particular stores.
Nowadays, with the large volumes of data that exist, it is possible to examine absolute and relative numbers of potential customers of a shopping center or business that are in any other location.
It is estimated that in Central America close to one million people express interest in soups in the digital environment, being Ramen, Curry and Maggi, some of the terms most associated by consumers with high purchasing power with the subject.
An analysis of the interests and preferences of consumers in Central America, prepared by the Business Intelligence Area of CentralAmericaData, yields interesting results on the preferences and tastes of people in various foods, products, services and activities.
By collecting and analyzing the information that Internet search engines store on the queries that consumers make, it is possible to know with a high degree of precision what their interests are and to look for patterns or trends that help to measure performance indicators for a specific topic.
Through systems that provide real-time monitoring of changes in consumer interests and preferences in different countries, it is possible to project short- and long-term demand trends for the different products, services, sectors and markets operating in the regions.
In Costa Rica, most of the customers who make purchases through digital channels are young women, a good part of this group of people resides in San Jose and buy through social networks.
E-commerce has become important in all markets, especially since the declaration of emergency due to the outbreak of Covid-19 and the restrictions on the mobility of people imposed by Central American governments.
During the first quarter of 2021 in the countries of the region, consumers increased their interest in beer, motorcycles, vegetarian food, spa services, air travel, extreme sports and apartment rentals.
Through a system that monitors in real time changes in consumer interests and preferences in Central American countries, developed by CentralAmericaData, it is possible to project short and long term demand trends for the different products, sectors and markets operating in the region.