Micro-location technology has demonstrated itself as a viable solution for accurately pinpointing a person or an asset’s location. The technology presents impeccable accuracy outdoors, unlike GPS, where location navigation is enabled exclusively when outdoors. There is no industry today that hasn't started reaping the benefits of micro-location.
With this blog, we will understand how the retail business is unleashing the potential of micro-location services. Frankly, retailers today are grasping the benefits of location-based services more speedily than anticipated and are literally keen to climb on board.
The Potential Of Location-Based Technology In The Retail Sector
Micro-location technology is a proven active tool to collect details on user behavior. Once you gather the insights on user preferences, compiled after examining the customer's time in the store or seeing their online dealings with the brand, the retailers can mail promotion messages specific to that product. By delving in-depth into the product affinity, the retailers can take appropriate measures to provide a better experience for their buyers.
Grocery stores employ micro-location technology to present customized shopping experiences to users. After discovering the individual customer preferences (the specific labels they operate) using the micro-location services for retail, the vendors forward custom requests and additional information to the consumers.
Easier Tracking Of Items
The location-based technology can be implemented to track and locate 'tagged' devices or items inside the store and surrounding premises. The retail sector and retailers employ micro-location technology in warehouses to 'map out' the premises, letting the staff track down the assets (stocked items) efficiently. Moreover, location-based technology helps buyers quickly find items in-store via search bars or by syncing with shopping lists. For your information, 67% of people leave the store empty-handed when they are unable to trace what they’re looking for.
Just like locating the items in the warehouse or the store itself, location-based technology also facilitates inventory tracking. Inventory management has always been a headache for retailers and retail business owners, but with the evolution of this technology, inventory management has become way more accessible than ever before.
Triggering Notifications If Stocks For Any Specific Products Are Low
A retailer needs micro-location services for retail to ensure real-time fulfillment of items in-store. The location-based technology notifies a store associate immediately if the stock for a particular product is low, helping them refill or reorder it. As mentioned above, 67% of shoppers leave the store without buying when they can't locate the items they searched for. This problem can be solved with the help of location-based technology as you rest assured that if the product isn't accurately stocked, notifications will be triggered to convey you the same.
Furnishing With An Intensified Click-And-Collect Experience
Micro location technology has the potential to ensure shoppers have short wait times for click and collect. Moreover, it also furnishes the shoppers with directions to where they can pick up their orders or get them delivered at their doorsteps (on-site).
Improving Checkout Line Wait Time
Micro-location services employ location analytics like heat maps to discover wait time at checkout. A reliable report stated that fifty-one percent of shoppers had left the store when they realized the waiting time was more as the lines were too long. Technology can pass the message on to the store managers that the queue for checkout is long. Upon getting the signal, store managers can use this information to ask more employees to attend to another record.
Facilitating Predictive Analytics To Anticipate Shopper Behavior
Micro-location services providers employ deep location analytics incorporated with machine learning to anticipate buyers' behavior and respond in kind. For example, suppose that a shopper in a mall will get inside the coffee shop after visiting two retail shops is 70 percent. In that case, Starbucks OR Dunkin' Donuts could trigger a promotion that anticipates their requirement.
The Bottom Line!
The potential of micro-location technology is yet to be unleashed. If you own a retail shop, incorporate this technology in your business to increase revenues, acquire valuable data and analytics, improve customer satisfaction, goodwill, all by reducing the operating costs at the same time. Connect with the team at SmartPoint! We will guide you in the best way possible and reap the maximum advantage of location-based technology.