Location Analytics Are Reshaping Offline Retail’s Future

Designed for retail leaders and lovers alike, Retail Refined explores the in-store technology of the future, challenges the industry’s preconceived notions, and brings together retail’s biggest names to understand the brand strategies that will define the next decade in retail.

 

Data-driven retail delivers insights that lead to better decision-making. On the digital side, retailers have easy data sources, but offline retail is harder to quantify. Location analytics is closing the gap. To learn all about this exciting segment of data analytics and how it’s redefining retail, host Melissa Gonzalez welcomed Ethan Chernofsky, VP of Marketing for Placer.ai.

Basic concepts about foot traffic had been around for some time, with perimeter circles, but those lack accuracy and detail. Placer’s location analytics platform is different, providing a real break down of where people come from, a revolutionary approach.

So, what has the industry learned in the last six months? “The trends likely stay are the shifts regarding economic uncertainty and consumers rethinking how they spend. It’s why off-price retailers are doing better than department stores,” he said.

Others are likely to be fads. Chernofsky added, “Mission-driven shopping of going to fewer places but spending more and the home improvement surge aren’t likely to stay.”
Placer recently launched a free tool, The Square, which includes quarterly indices based on sector. In looking at certain segments, there were surprises. “In the fitness sector, they were hit hard, but Planet Fitness is performing well while competitors close. Whole Foods is facing a unique set of challenges. As grocery, they aren’t trending up like others, but that could be due to their price points and mostly urban footprint,” Chernofsky said.

Chernofsky also spoke about the trends for 2021 and beyond, noting that offline retail is still critical. That data can support what’s next. In tackling the subject of malls, which have been in decline, he thinks a brighter future is possible.

“With a fundamental shift in how we view locations, malls could become smaller but also more diverse with targeted experiences based on specific audiences,” he noted.

Another essential factor for the future is that one size does not fit all, and chains have to adapt based on their audience and location. Chernofsky spoke about how Target was able to do this. “Locations are very diverse depending on the audience from stores on college campuses to more suburban stores. If a brand of that size can do this, others can adapt as well,” he added.

Listen to Previous Episodes of Retail Refined Right Here!

Follow us on social media for the latest updates in B2B!

Image

Latest

Construction of the HPC Data Center is Prime Destination for AI Progression
May 17, 2024

As digital infrastructure continues to evolve, the strategic development of data centers is crucial. A recent update from Applied Digital celebrates the progress of the company’s HPC Data Center in Ellendale, North Dakota, positioning it as a pivotal player in the advancement of AI technologies. Highlighted in this special video is the HPC Data…

Read More
Nick Phillips of Applied Digital talks community engagement
Community Engagement is Key for Companies Aiming to Support and Impact Local Communities
May 17, 2024

Corporate responsibility is under the microscope but Applied Digital readily stands out for its positive impact on local communities. As part of the broader discussion on community engagement and economic development, there are several things companies can do to contribute to local prosperity. For a special episode for Applied Digital, Nick Phillips, EVP of…

Read More
Ellendale HPC Datacenter
Ellendale HPC Datacenter
May 17, 2024

The shell of our groundbreaking Ellendale HPC Datacenter is nearly complete! With each panel and beam, we’re closer to launching a hub with unmatched AI capabilities, designed for high-density computing. Watch as we shape the future of AI infrastructure

Read More
Sunstone Partners’ 2024 planning and strategy
Sunstone Partners Offsite 2024
May 17, 2024

Sunstone Partners’ 2024 planning and strategy meeting was held offsite in Calistoga, CA this year.  During the event the team bonded in fun activities like wine making and fantastic meals.  On the business side, there was reflection on the significant accomplishments of the team for the year, as well as focusing on upcoming goals…

Read More