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
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
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.
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
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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