With restrictions being eased on the imposed lockdown, the retail sector is keen on reviving its business, which faced a huge disruption during the pandemic. Covid-19 lead to a huge decrease in the revenue due to the shutdown of stores, changes in the buying behavior of consumers as well as supply chain disruptions. Hence in the post-pandemic world, organizations are relying on new data streams to keep their business going and unaffected.
Geospatial data, one of the most critical data streams can help retailers face the challenges of the post-pandemic world. Thus leveraging geospatial analytics in retail can provide the retailers with the information of different geographies and help them in the prediction of sales, also help them in understanding the demographics of their business. Geospatial analytics thus helps marketers to further segment the customers and would lead to increased customer acquisitions. The changing customer buying behavior can be analyzed much deeper and retailers can redefine their supply chain strategy. Geospatial analytics and data help retailers to revive the business which was hit due to the pandemic in the following ways:
- Predict future market trends: Geospatial analytics provides retailers with real-time data like customer information, footfall information product information, as well as sales target information. Analysis of this data can help retailers to predict the future market trends, the consumption patterns of the customers, as well as the demographic features of their targeted customers. Also, this data is beneficial for those companies who wish to provide targeted advertising to customers of particular demographics.
- Profile customers for better segmentation: As the buying behavior of customers have changed post-pandemic, geospatial analytics provides required data for profiling the customers so that companies can revise their business models according to the changing customer behavior. This would also enable retailers to design customized marketing strategies for the customers of particular demography.
- Select the right location for a better business outcome: Retail companies are very much dependent on the physical store location for their business. Geospatial analytics can help retailers who wish to restart the business. With the help of location data, retailers can judge a location and can decide whether to open their stores in that location or not.
- Compete better in this uncertainty: Geospatial data enable retailers to identify their competitors and thereby help to make efficient business strategies to stand out from their competitors.
Thus geospatial analytics can help retailers sustain in this post-pandemic world.