Location-based services are one of the emerging technologies that will reshape the retail and commerce sectors in this new decade. 4 ways in which location-based technologies have revolutionized the retail and commerce industries in recent years are-
- Marketing: One of the most significant ways in which location technology has impacted retail is through location-based marketing. By using a geographic information system (GIS), retailers can target their advertising and promotions to customers based on their geographic location. IKEA, for example, uses geo-location technologies to drive footfalls to its stores. In a limited-time campaign, IKEA UAE used Google Maps Timeline to allow its customers to convert their commute time into currency and make purchases with the accumulated time. The campaign not only increased its footfall but also motivated shoppers to make multiple visits for greater savings.
- Supply chain management: By using location-based technology, retailers can track the location and status of their products throughout the supply chain, from the manufacturer to the store. This allows them to optimise their logistics operations and ensure that products are delivered to stores in a timely manner. Starbucks has created a digital traceability tool that allows customers to track the origin of their coffee beans. Using their mobile or laptop devices, customers can scan or enter the number on the back of any bag of Starbucks’ whole bean coffee. The app will display information about where the packaged coffee comes from and its entire journey from bean to final bag.
- E-commerce: In e-commerce, it can help retailers better understand their customer’s preferences and behaviors. By analysing customer data, retailers can identify patterns of customer behaviour and use this information to personalise their marketing campaigns and product offerings. For example, if a customer has been reviewing a product online, they may get a notification that the product is in stock at a nearby store. ZARA stores are equipped with Radio Frequency Identification Technology (RFID), using cutting-edge systems to track the location of garments instantly and making those most in demand rapidly available to customers. Through the ZARA app and website, customers can check store stocks in real-time, so that they could make purchases online and pick up their selections in-store almost immediately.
- Inventory management: Retailers can use location technology to track the movement of products throughout their stores. This can help them identify which products are selling well and which are not and make adjustments to their inventory accordingly. For example, Walmart uses an array of sensors, cameras and processors to monitor its product inventory and availability. Using Artificial Intelligence, the system has been trained to detect items on the shelves, recognize the specific product types, and compare the quantities on the shelves to the predicted sales demand. The system automatically triggers out-of-stock notifications to internal apps that alert store employees to re-stock particular items.
Interested in learning more? Geospatial World is hosting a one-day seminar on Retail and Commerce: Driving Innovation with Location Intelligence at Geospatial World Forum on May 4, 2023, in person in Rotterdam, The Netherlands. The seminar will discuss how location-based technologies can help retailers and the commerce sector to drive innovation by providing insights that can inform strategic decision-making and improve operational efficiency.
Some of the key speakers include:
- Gladis Araujo, VP Global Quality Systems & Supply Chain | Mattel | The Netherlands
- Mayank Singh, Head of Digital Business, Marketing & Technology | Domino’s | Indonesia
- Hannah Babineau, Head of Partnerships | The Data Appeal Company | Italy
- Krishen Joshi, Head of Marketing Science | Mindshare |UK
- Rakesh Rana, Head of Data | Haypp Group | Sweden
- Anna Baecklund, Head of Data Science | ICA Sverige AB | Sweden
- Sesillia Pongoh, CEO – Founder | Locator Logic Solutions | Indonesia
- Russell Peterson, E-commerce Manager North America | Harley-Davidson | USA
- Pranav Saxena, VP Product | Flipkart | India
- Michael Ashmore, Sr Director, Product Management | Precisely | USA
- Yanqing Zeng, Lead Data Scientist | JLL | France
Take a look at the agenda and register to secure your seat.
