The Impact Geospatial Data Can Have on Your Business

Data is what runs a modern-day business, but just using data from and about the consumers will not give your business the sharpest edge in the market. Utilizing data based on location can also be incredibly useful for reaching your audience.

The location analytics market is expected to be worth $16.3 billion by 2021, according to Markets and Markets. The reason geospatial data is worth so much is that there are so many uses for the information. Even before smartphones and the internet, geospatial data was taken through surveys for zip codes, cities and countries. From then to now, location knowledge is essential for business.

Shopping Online, Buying Offline

Being able to shop online has been an excellent tool for consumers. They can be at home and search for whatever they'd like to buy. Of course, shipping is always a hassle, so a consumer may decide to purchase something while shopping online before going to a physical store to buy the product in person. The disconnecting moment between online shopping and offline buying throws data out of sync.

Geospatial data can be used to figure out the general crowd of those shopping online and buying in-store, ensuring you don't continue advertising to someone who already bought your product and losing a returning customer. Surprisingly, 92 percent of all commerce happens offline, so knowing the connection between in-store and internet shopping is essential.

Staying Relevant

One of the big positives about using data is making advertisements personalized. Many internet users are now blocking ads, as 92 percent found them more intrusive than just two years ago. The best way to reach your market is to have their ad catered to them without being an annoyance.

Location intelligence provides context to your ads. Using real-time geospatial data, you can advertise to consumers in your brick-and-mortar store's vicinity. The engagement rates from the consumer have proven to be higher if the ad appears when they need your product.

Business Mapping

Business mapping allows you to get to know your location better, especially before your physical store is put in place. Using the data, a map can be created of urban areas and interested consumers, creating a visual depiction of where your target audience is by customer population.

There are many forms of business mapping software available for company owners. Using the software can help you make informed decisions and get ahead of competitors before you even begin. Putting a physical store in the heart of your target audience's daily routes will make business come alive.

Weather Patterns

Geospatial data can be used for more things in retail than just marketing to the consumers. Knowing the geographic area is just as important as understanding the population. If the area your store is in has a history of extreme winter weather, tornadoes, hurricanes, droughts or any other natural disaster, preparing for the worst will help your business and the community.

During these disasters, hardware stores like Home Depot carry a surplus of generators, and restaurants like Waffle House stock up on goods for a limited menu during the aftermath. Preparing ahead of time for these catastrophes may ensure your business survives, both with keeping your products safe and letting the locals know you care.

Location, Location, Location

If you can choose the location your business is put in, make an informed decision based on geospatial data before buying or leasing your store. If you are unable to select the area, then you have to make the most of what you're given.

Selling your products to your consumers in a different location depending on where the store is can be very helpful for sales. Keeping your average consumer and their needs in mind is paramount to running a successful business.