To operate as an offline retail store in 2017 is a tough proposition when you consider the ever-growing influence of E-commerce. Right now, potential customers are physically visiting retail stores which are 15% less than they used to 10 years ago. Only 60% of all new retail SMEs manages to keep their doors open in the past 1 year mark. Despite big discounts, small and medium scale retailers have never found it so tough to hold customer’s attention. This has pushed offline stores into a corner and forced them to be more creative so as to make shopping experiences more memorable for customers.
Fortunately, retailers have been granted a gift from heaven in the form of mobile devices as well as their ubiquity in emerging countries like China and India. This development has opened up the exciting possibility of making personalized and immediate channel: a customer’s smartphone. Location data is not radically different concept for retailers as they have been paying close attention to potential store locations and demographic data for ages.
But the smartphone offers so much more in terms of location analytics. Retailers can now understand customer preferences on an individual basis. Thanks to mobile location analytics and mapping software, precise knowledge like the real-time location of a customer as well as having the ability to send them targeted messages is now at the disposal of offline stores. Here, special emphasis has to be laid on the concept of real-time. Location based apps like; Foursquare have already tied up with various partners to provide customers with incentives like coupons in exchange of information regarding their latest visit to a retail store. The real game changer here is that Foursquare is offering this information to business on a daily basis by breaking things down according to location. For more details click here