A survey conducted by the International Council of Shopping Centers found that 91% of shoppers who used indoor maps to navigate shopping malls reported a positive experience, while only 63% of those who did not use indoor maps reported a positive experience.
Nowadays retail sector is no longer limited to brick and mortar model, they are becoming smarter with new innovations coming in, with new technological advancements. These new tools not only enhance operational efficiency and optimize the supply chain, but also monitor, track and automate the whole inventory management process.
Headquartered in Denmark, MapsPeople is an indoor mapping expert company that specializes in developing, implementing, and running digital map solutions for a large number of private and public companies in a number of industries like JPMorgan Chase & Co., KPMG, UEFA, Gartner, Kohl’s, and Copenhagen Airport among others.
Recently, MapsPeople has acquired all of US based Point Inside’s, Inc. customer contracts and indoor mapping assets. These assets from Point Inside include indoor maps of more than 1,800 shopping malls in the US and more than 200 airports globally, allowing partners to elevate the customer experience of each of these locations.
“Retailers increasingly rely on data analytics and business intelligence tools to gain insights into customer behavior, optimize pricing strategies and improve operational efficiency. Advanced analytics techniques, including predictive analytics and realtime data analysis, help them make data-driven decisions and identify trends to stay ahead of market demands,” says Morten Brøgger, CEO, MapsPeople, in an exclusive interview with Geospatial World.
How does indoor mapping help retailers with their business?
With indoor mapping technology, retailers can create interactive maps of their stores, allowing customers to navigate and find desired products or locations easily. This improves customer engagement, reduces frustration and increases overall satisfaction.
Indoor mapping solutions can also be integrated with other location-based services, such as personalized recommendations, promotions and last-mile delivery services, further enhancing the customer experience.
Through indoor maps, retailers can attract and engage customers, drive foot traffic, optimize store layouts and increase sales and customer loyalty.
Why do retailers need location intelligence?
Location intelligence is crucial for retailers as it provides valuable insights into customer behavior, enables targeted marketing campaigns, optimizes store performance and offers a competitive advantage.
By leveraging location data, retailers can understand customer preferences, optimize store layouts, target customers with relevant promotions and integrate online and offline shopping experiences. This data-driven approach enhances the overall shopping experience, drives customer engagement and helps retailers stay competitive in the dynamic retail landscape.
MapsPeople employs various technologies such as Indoor Positioning Systems (IPS), beacon technology, geolocation, and mapping and visualization tools to produce location intelligence for its indoor mapping and wayfinding solutions. These technologies enable accurate indoor navigation, personalized experiences, and the gathering of valuable insights for businesses and visitors within indoor spaces.
What are the technology trends are you seeing in the retail sector?
One notable trend emerging in the retail sector is the Internet of Things (IoT) and smart retail. IoT technologies are employed in retail to enhance operational efficiency and optimize the supply chain.
Smart shelves, RFID tags and sensors are used to monitor inventory levels, track product movements and automate the inventory management process. IoT also enables retailers to gather realtime data on customer behavior and store operations for better decision-making.
In addition to IoT, retailers increasingly rely on data analytics and business intelligence tools to gain insights into customer behavior, optimize pricing strategies and improve operational efficiency. Advanced analytics techniques, including predictive analytics and real-time data analysis, help them make data-driven decisions and identify trends to stay ahead of market demands.
What is your take on data privacy and protection of customer data?
MapsPeople prioritizes customer privacy and employs several measures to protect user data. We utilize data encryption for secure data transmission and anonymize personal information whenever possible. Data collection is based on user consent, and only necessary data is collected and retained.
We maintain a secure infrastructure, following privacy best practices, including a transparent privacy policy that outlines data handling practices and user rights.
Tell us about your recent acquisition and what do you aim to achieve with this?
With the acquisition of Point Inside’s customer contracts and indoor mapping assets, we at MapsPeople are thrilled about the significant growth opportunities that lie ahead.
This strategic move opens up new avenues for our MapsIndoors product family, allowing us to leverage the strength of our high-profile global brands and extensive indoor mapping assets, including comprehensive maps of shopping malls and airports worldwide.
The acquisition will positively impact our presence in the retail sector, bolstering our product portfolio with accurate Point of Interest (POI) data and expanding our customer base, notable in the UK.
Our overarching goal is to solidify our position as the leading provider of indoor mapping solutions and harness the synergies between our companies to drive further innovation in the industry. We are confident that this acquisition will bring tremendous value to our stakeholders and contribute to our continued growth trajectory.
What are your future growth plans?
The demand for indoor maps has been steadily increasing across many applications, offering great value in enhancing the end user experience. Our core product family, MapsIndoors, thrives on a growth strategy driven by our extensive partnerships.
We are committed to playing a significant global role in facilitating the smart building revolution. As a testament to our dedication, we have made substantial investments to strengthen our presence in the United States and establish a larger presence in the Asia Pacific region to complement our already robust European organization.
MapsPeople is also actively expanding its portfolio by introducing new products and services that expedite map creation and maintenance processes, addressing the growing demand for 3D indoor maps. We are thrilled to extend these offerings to a wider customer base and forge new partnerships.
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