Thanks to the predictive capacity of intelligent geospatial data modeling, you can anticipate the future and get a fairly accurate estimate of the sales figures that each store will have. This way, you can create strategies well in advance and ensure the best results when the time comes.
General Description of this use case
For any business manager, anticipating the future is highly valued in order to make strategic decisions that ensure success. A clear example of this is being able to accurately estimate the future sales of an establishment.
Thus, if the estimated results are not in line with the objectives set at the beginning, there is still time to make the necessary corrections and take the decisions that will change this trend. On the other hand, if the estimates are optimistic, they could consider the option of following a similar roadmap for other establishments with similar conditions.
Moreover, demand forecasting brings value to the entire company, as many management decisions are based on these predictions. For example, purchasing and investment planning or marketing actions are made on the basis of these forecasts.
Therefore, if estimates are not accurate, sales targets may not be met, there may be too much inventory or not enough product to meet demand, resulting in losses and costs that are not insignificant.
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What solutions do you need?
One of the main characteristics of Artificial Intelligence solutions and of those that work with geographic information in particular, is their predictive capacity thanks to the work that their algorithms carry out with different datasets.
With this, managers of all kinds of businesses will be able to know in advance what sales volumes they will have thanks to the study of aspects such as the historical sales of each establishment, the demographics of the area studied, the proximity of the competition, leisure or work areas, public transport stops, parking and many more.
By detecting these commercial trends, they will know what products to offer and promote in each establishment, define the most appropriate marketing actions for each type of public, know what material and human resources they will have to count on in advance… In short, they will have a clear competitive advantage in their environment.
OMNICHANNEL RETAIL NETWORK OPTIMIZATION
The retail sector is clearly marked by the influence of different sales channels, such as physical and online stores. Therefore, it is essential to know the geospatial data that explain the dynamics of these channels, as well as the cause-effect relationships between them. With Locatium, you will be able to choose the best locations for new stores, predict results in new locations, mitigate the influence of competitors considering cannibalization, and optimize the right online-Vs-offline mix in each location.
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many industries this use case applies to?
There are many sectors that require a realistic sales forecast to avoid unpleasant surprises. Locatium would like to help you identify the main industries where we can lend a hand to prevent this from happening.
Want to know more about this use case?
If we have caught your interest or if you have any questions, we will be happy to help you without any obligation so that you are really clear about how Locatium can contribute to the success of your project with our datasets and advanced solutions.