Tag Archives: location analytics
Location analytics helps retailers breathe new life into old strategies.
Online shopping is well understood. We don’t only know how many people visit an online retail site. We also know that changing the size of a picture by a few pixels will generate more sales. We can even see if online shopping carts have been abandoned, what items people have viewed, and how long visitors have stayed on a page to calculate their interest in buying a product.
But when it comes to knowing how many people shop at a physical store, traditionally we scratch our heads. We’ve been trying to figure out those details for more than a hundred years. And don’t get me started on “dark shoppers”—customers that visit a store but don’t purchase. Unlike online shoppers, “dark shoppers” don’t leave an activity trail. There’s been a lot of talk about how in-store beacons will change this, but the jury’s out on how shoppers will respond. Continue reading
Business data is growing at such a rate that many organizations can become overwhelmed by the big data problem. A recent McKinsey, IDC, and Department of Labor Statistics analysis [PDF] of data in business found that financial/securities organizations have 3.8 petabytes per firm—that’s more than 400 million gigabytes, or about 12.5 million iPads, per company! Banking comes in a distant second with 1.9 PB. This puts big data found in financial services companies into perspective since this is even greater than most communications and media companies’ average of 1.8 PB. Continue reading
The importance of knowing your neighbor
Dorothy, this isn’t Kansas anymore. It could be Anytown, USA. On my last trip to Kansas, it wasn’t the wheat fields or flatness that amazed me but the repetitive retail landscape. It seemed that every town was a clone of the one I had just left—the same restaurant chains, grocers, drugstores, and general merchants. Was it an unholy alliance? Had real estate developers, government, and retailers reached perfect agreement on what every town needed and limited the choice to a small menu of options? However, the more I looked, the more I found exceptions. The harder I tried to quantify the way towns were similar to each other, the more I noticed the differences and came away knowing that local flavors dominate. Continue reading
Our Failed Financial Institutions Need to Meet Their Community Covenant
We dodged a bullet. The global economic meltdown, which saw 140 banking organizations closed in the U.S. in 2009, has affected every industry and sector of life. Governments spent billions trying to correct systemic failures that began with the subprime mortgage crisis and led to a vicious cycle of reduced credit, business bankruptcy, and soaring unemployment. A 1930s-style depression was avoided at great cost to our public and private financial systems, but it could have been much worse. Continue reading