Location intelligence can help retail businesses identify regions of interest based on their sales potential for the discovery of optimal sites. Moreover, location intelligence helps retail enterprises identify external factors that may impact business performance. In recent years, retail industry stakeholders have increasingly leveraged location-based services due to their benefits, such as enabling customer insights and proximity marketing and enhancing customers’ shopping experience. Besides major brands and multi-store chains, several brick-and-mortar retailers are also incorporating location-based services into their offerings to enhance customers’ in-store experience and boost retail functionalities and sales. Retailers are promoting location-based apps among their customers to provide them with relevant information on store navigation and promotional offers.
According to the Mobile Economy Asia-Pacific 2022 report, at the end of 2021, the number of mobile internet users in Asia-Pacific exceeded 1.2 billion, reflecting a penetration rate of just under 45%. Mobile services continue to make a significant contribution to the Asia-Pacific economy due to the consistently rising use of smartphones. A significant share of consumers is gradually becoming inclined toward the use of location-based solutions for improving their shopping experiences. Smartphone adoption is providing retailers with opportunities to leverage their existing Wi-Fi networks to extract actionable location data. In-store experiences can be significantly improved through advanced location-based solutions that allow for an array of analytics, resulting in better customer experiences as well as operational effectiveness. Also, location-based solutions use specialized sensors for tracking high-value items and inventory, ranging from carts and ladders to PoS devices and goods pallets. Easy-to-use mobile apps ensure that staff can quickly configure asset tags and then locate the physical assets within an indoor location.
Other benefits of location-based solutions for retail enterprises are as follows:
- Influence retail site selection
- Optimize navigation and deliveries
- Improve customer service
- Highlight expansion potential
- Help predict future occurrences
- Improve search engine ranking
- Help monitor user activity
These benefits have led to the proliferation of location-based solutions in APAC’s retail sector, driving the demand for location intelligence in Asia-Pacific.
Conclusion
The digital transformation of the retail industry has boosted the implementation of location-based solutions. The demand for location-based solutions is increasing in APAC’s retail sector, mainly for targeted marketing campaigns and customer surveys and feedback. Location-based solutions enable retailers to track inventory levels in real time, reducing stockout and overstock situations, which can improve business efficiency and customer satisfaction. Thus, the proliferation of location-based solutions in APAC’s retail sector for applications, including asset management, supply chain management, sales & marketing optimization, and customer experience management, is driving the demand for location intelligence solutions in Asia-Pacific.
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