The solutions that result in problems related to site selection are capable of choosing the best locations to shape a network of establishments within a specific geographic area. In this way, you make sure that they are efficient and will have an optimal return on investment.
Stores that do not present minimally viable results can also be identified to decide which ones to close or restructure.
General Description of this use case
Deciding to invest in establishment openings is a step that companies should take with as much certainty as possible. The investment required is considerable, so it should attract the highest possible return in the form of sales.
Therefore, they must ensure that they are in a location that attracts as many customers as possible, taking into account the peculiarities of each market and geographic area.
On the other hand, it is also very important to identify which stores are not providing the expected results, in order to know which ones should be closed or which ones should be reformed, either in terms of distribution or product portfolio.
There are definitely many determining factors that can lead to the success or failure of a business, and those related to its location are a fundamental set of them. This makes it extremely useful to have solutions and technologies capable of offering a complete and realistic vision of each circumstance, minimising the margin of error when making key decisions.
Tell us the particularities and needs your project needs to be able to implement a plan specially designed for you.
What solutions do you need?
In order to achieve the ROI set as an objective when deploying a network of establishments or opening just one, geolocalized data on aspects such as the average profile of the people living in the area to be analysed (age, income, type of family, etc.), the number of people and/or vehicles passing through and their distribution by days and hours, their consumption habits, the services and infrastructure of the area, the presence or absence of competitors, etc., are of great value.
This geolocated data can be collected and analysed in an advanced way through solutions that use technologies such as Artificial Intelligence and Big Data, among others. After that, the most important factors for decision-making can be represented in the simplest way in order to draw the optimal conclusions.
A very interesting option is the search for twin areas. That is, areas with very similar characteristics that, a priori, will offer similar business results, either to decide to locate the establishment there or to discard that location.
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?
Site selection is a critical process for a number of industries. From 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.