Pharmaceutical companies need to apply location intelligence techniques and foot traffic analytics to identify consumer mobility patterns, in order to maximize sales and generate more efficient expansion models.
The correlation between foot traffic, sales, and the success of pharmacy 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.
Mobility analytics and location intelligence play an important role in business by helping to understand the behavioral patterns of consumers in any given zone of interest or point of sale.
Pedestrian flow analysis, location intelligence and point-of-interest categorization have revolutionized the way retail and wholesale industries implement expansion, commercial and operational strategies in the pharmaceutical sector.
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.
At the end of January 2021, Nicaragua and El Salvador were the only two countries in the region where the number of people visiting establishments identified as supermarkets was similar to the figures reported before the pandemic.
As the months have gone by and in the context of the reactivation of commercial activities, more Central American consumers have visited locations identified as supermarkets and pharmacies.
In the last few weeks in Central American countries the volume of searches and conversations on the Internet associated with pharmacies began to decrease, a downward trend that continued until the first days of November.
Through a system that monitors in real time the changes in the interests and preferences of consumers 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 that operate in the region.
Following the implementation of the economic reopening process, in early November in some countries of the region the number of people visiting establishments identified as supermarkets was similar to the figures reported before the pandemic.
In mid-April 2020, the concentration of people in residential areas of cities reached its highest level, a situation explained by the mobility restrictions imposed by the covid-19 outbreak.
As part of the gradual reopening of commercial activities, an increase in the number of people who have moved to locations identified as supermarkets or pharmacies was reported in Central American countries during August.
Due to the quarantines decreed by the covid-19 outbreak, in mid-April the concentration of people in residential areas of cities reached its highest level, but in recent months this trend has been reversed and consumers have visited more stores. During August, the process of returning to supermarkets accelerated in most markets.
The Fischel Nunciatura drugstore, located near La Sabana Park in San Jose, Costa Rica, is a sales point that is a 15-minute walk away and has a potential market of over 23,000 consumers, 11% of whom are interested in health care issues.
Using the Geomarketing solutions we have developed for our clients, CentralAmericaData's Trade Intelligence team analyzed the environment of some of the main locations of the drugstores in Central America. Below is an extract of the study's findings.
Until the beginning of June, Central American countries reported a rise in the number of people who moved to locations identified as supermarkets or pharmacies, however, in recent weeks the trend was reversed.
According to data from Google incorporated into the "System for monitoring markets and the economic situation in Central American countries", developed by the Trade Intelligence Unit of CentralAmericaData, in Panama, where due to the spread of covid-19 the measures of isolation and restriction of mobility have begun to harden in some areas, it has become evident that as of June 24th the visits to establishments identified as supermarkets or pharmacies have fallen.
In recent weeks, Central American countries have reported an increase in the number of people who have moved to locations identified as supermarkets or pharmacies.
Due to the quarantines decreed by the governments of the region because of the covid-19 outbreak, in mid-April the concentration of people in residential areas of the cities registered its maximum level, but in the last weeks this trend has started to reverse, as consumers have visited more shops.
Between February 2020 and Easter Week, visits to shops decreased between 40% and 90% in Central American countries, but since April 13 a change in the trend has been observed, reflecting a greater movement of people to shops and other businesses.
According to the "Information System for the Impact Analysis of Covid-19 on Business", prepared by the Trade Intelligence Unit of CentralAmericaData, Costa Rica is the country with the most pronounced change in trend, since as of April 12th the reported drop in physical visits to stores was 79%, while on April 17th the reported reduction was 57% from the levels prior to the health crisis.
Between the end of February 2020 and Easter Week, visits for shopping or recreational activities fell between 40% and 90% in Central American countries, with Panama recording the largest drop and Nicaragua the smallest.
Since the effects of the crisis generated by the spread of the covid-19 in Central America began to be felt, and more specifically, since mobility restriction measures were tightened, visits to shops in Central American countries have fallen dramatically.
Almost 30% of the commercial establishments operating in Santa Tecla are restaurants, hotels, offices, schools and shopping centers.
An analysis of the commercial establishments in El Salvador, carried out by the Trade Intelligence Unit of CentralAmericaData shows interesting results about the characteristics of the companies operating in Santa Tecla, a municipality in the department of La Libertad, according to their location and type of activity.
It is estimated that in the municipality of Antiguo Cuscatlán, in El Salvador, about 23% of the commercial establishments correspond to companies in the service sector, which are mostly beauty salons, supermarkets and clothing stores.
An analysis of commercial establishments in El Salvador, prepared by the Trade Intelligence Unit of CentralAmericaData, gives interesting results on the characteristics of companies operating in Antiguo Cuscatlán, a municipality in the department of La Libertad, according to their location and type of activity.
It is estimated that in San Salvador two out of every ten commercial establishments are service sector companies, which are mostly vehicle maintenance workshops, banks and consulting agencies.
An analysis of commercial establishments in El Salvador, prepared by the Trade Intelligence Unit of CentralAmericaData, shows interesting results on the characteristics of the companies operating in the country's capital, according to their location and type of activity.