How to measure Foot Traffic and why you should for your business!

Measuring foot traffic to a specific place can be an invaluable tool for businesses to tap into. To measure foot traffic in a specific area there are several ways it can be done. Here are the top ways most companies measure foot traffic, retail store transaction data, geo-fence data, beacon data,  camera data, wifi data, and consented location SDK data

Many companies would like to measure and understand retail foot traffic. The reason they want this data is to see the change over time or the impact of new competitors and match that to other data sets like seasonality changes, and weather effects on their business. To be a successful business you need to outthink and outperform your competitors, understanding the local foot traffic patterns in your trading area can help you better understand the potential sales you may be missing and allow you to steal market share from your competitors. 

The following industries should consider measuring foot traffic in order to dominate the competition

  • Casinos: Casinos are highly profitable ventures and understanding and measuring foot traffic of your casino vs a competitor casino will give you an edge.
  • Malls: Foot traffic at a mall drastically impacts the profits of retailers inside. If the mall is busy the retailers have a better chance of generating more profits. Identifying foot traffic trends can help improve store profits and quantify advertising and marketing spend.
  • Retailers: Can gauge how successful they are to their peers by having accurate daily, weekly, and monthly foot traffic counts. By understanding subtle changes in traffic patterns Retailers can implement better advertising or marketing initiatives before a problem occurs
  • Restaurants: Identify trends in times and patrons and see whether they relate to special deals or other promotions. Foot traffic data can help you better understand daypart foot traffic and current and potential offers you may need to entice new customers.
  • Urban Planning: Understanding increased or decreased foot traffic allows planners to utilize resources better by creating neighborhoods where people walk, play, and work. Planners must know how to accurately count foot traffic to decide how to layout new or existing areas for future expansion as the population grows.
  • Real Estate/ Insurance: Understanding the foot traffic patterns on current real-estate assets or future potential acquisitions can help Real-Estate developers or Insurance companies understand or mitigate risk

What is foot traffic data?

Foot traffic data sometimes referred to as footfall, is an insight into the number of consumers passing through and visiting a place on a map like a retail store, a football stadium a park, or a campground etc. Foot traffic data aggregates the movement of people in and around physical places commonly called Points of Interest or POI’s. There are different types of foot traffic datasets, each collected uniquely and each having its own set of pros and cons. Mobility data can be collected via retail store transaction data, geo-fence data, beacon data, camera data, wifi data, and consented pirst-party location SDK data. Some foot traffic data providers aggregate and anonymize the data to purely provide context around the volume and patterns of visits to specific POI’s, while others deliver more information depending on the consent agreed to by the consumer.

Measuring foot traffic can help you understand consumer demand, and daily traffic flows of a particular Point of Interest. It is an especially useful metric for retail businesses, which oftentimes hope to attract tourists, nearby shoppers, and workers who commute.

Foot traffic data can answer questions like

  • Where should I open my next location?
  • How many people are in my trading area every day?
  • What times of day has the highest foot traffic to capitalize on?
  • Are consumers near my business but not visiting me?
  • What is the dwell time in my store?
  • Do I need to add more staff at a certain time of the day?

Why is foot traffic important? 

Shoppers who shop in-store tend to spend more in-person and boost revenue for retailers. Additionally, retailers need to provide a seamless multi-channel experience and exploit the use of mobile and digital technology to increase foot traffic to their stores allowing them to affect market share by understanding their competitor’s visitation and targeting them for conquesting opportunities.

Intuizi® Analytics

Imagine being able to understand how far devices travel to visit you - and/or your competition - what might this tell you about where your current locations, and your customers, exist?  Do you have the right number of locations, in the right places?  Do you have too many?  Too few?  Are you better placed, physically, than your competition?  Or might there be specific locations that you might want to consider opening, or closing, in order to maximize your revenues and profits?

What would be the right number of ads to run to devices - whether those that visit you already or those that visit your competition - to increase footfall into your locations?  This is something that can be measured, recorded, analyzed with Intuizi - and this only scratches the surface of what’s possible.  

Why Use Intuizi® Data

Intuizi® has created a platform and process that allows us to capture and ingest massive amounts of data in a fast, efficient, and cost-effective manner

  • Gather data via transparent and trustworthy paths
  • All data on our platform is anonymized and compliant with CCPA and GDPR requirements
  • Structure, classify and process the data to simplify analytics
  • Provide access through an intuitive, easy-to-use UI
  • Create siloed, private POI’s with your customer or prospect data
  • Ingest client data, as required, to perform additional analyses

Imagine being to identify, understand, and then communicate with devices that you deem interesting, based on their interactions with your business and your competitors - well, imagine no more - you can do that through us, at intuizi.

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