The importance of location data in 2023

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Introduction

Location data refers to information about a specific location, including geographic coordinates, address, and visitor counts and demographics. This data can come from a variety of sources, but is most often sourced from mobile GPS devices. Location data has become increasingly important in recent years, as it’s used in a variety of industries, including retail, financial services, real estate, and more.

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Uses of Location Data

Retail: Location data is used in the retail industry to improve the customer experience, increase sales, and understand competitors. Retailers can use location data to track customer movements in their stores and competitors' stores, identify popular products, and optimize store locations and layouts. Additionally, location data can be used to personalize marketing and promotional offers to customers based on their location.

Financial Services & Real Estate: Location data is helpful for those looking to invest in real estate, and for those who need to understand the potential foot traffic to a specific neighborhood or venue. It can help with site selection, or determining a new physical location for a business or property. Unacast’s site selection solution helps companies understand the best cities, towns, neighborhoods, and venues for potential investment opportunities.

Transportation: Location data is used in the transportation industry to improve efficiency and reduce costs. For example, transportation companies can use location data to optimize routes, reduce fuel consumption, and improve safety. Location data can also be used to track and manage assets, such as vehicles and cargo.

Emergency Services: Location data is used by emergency services to improve response times and save lives. For example, emergency responders can use location data to quickly and accurately locate the source of a 911 call, even if the caller is unable to provide their exact location. Location data can also be used to track the movements of emergency vehicles, improving coordination and communication.

Advertising and Marketing: Location data can be used by companies in advertising and marketing to reach their target audience and personalize their messaging. Advertisers can use location data to track the movement of potential customers and target them with relevant ads or offers. Additionally, location data can be used to track the effectiveness of ad campaigns and optimize them for better results.

Safety and Security: Location data can be used by governments, law enforcement agencies, and private companies to improve safety and security. For example, location data can be used to track the movements of individuals and detect patterns that may indicate criminal activity. Additionally, location data can be used to monitor critical infrastructure and detect potential security threats.

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Challenges and Risks of Location Data

Privacy: Location data can be highly sensitive, and its collection and use can raise significant privacy concerns. This is why Unacast does not provide device ID, instead focusing on aggregated insights from location data. 

Misuse: Location data can be misused by unscrupulous actors to target individuals with unwanted marketing messages or offers. Additionally, location data can be used to track the movements of individuals and detect patterns that may indicate criminal activity.

Cost: Location data can be expensive to purchase and manage, especially when purchasing device IDs. This is why Unacast has created an infrastructure for managing GPS data at scale, anonymizing it, and aggregating it into insights that our clients can use for making better decisions.

Conclusion

Location data is a powerful tool that can be used to improve efficiency and save lives. As the use of location data continues to grow, it’s important for organizations to take a responsible approach to its collection and use. The best option is always choosing a partner that is transparent and diligent in its methodology. To learn more, book a meeting with Unacast today.

Frequently Asked Questions

Discover how analyzing real-world movement patterns can reveal valuable trends in customer behavior, optimize business operations, and enhance strategic decision-making.

What is site selection and why is it important?

Site selection is the strategic process by which businesses identify, evaluate, and choose optimal locations for their operations. This process is paramount as the location of a business directly influences factors such as accessibility, visibility, profitability, and market longevity. For retailers, the right site can mean higher customer footfall and increased sales. In real estate, a well-selected site can promise lucrative returns on investment and tenant stability. Financial service firms leverage site selection to position their branches or ATMs in high-demand areas. Essentially, site selection plays a pivotal role in ensuring the success and growth of a business by aligning its physical presence with market opportunities and demands.

How does location intelligence enhance site selection?

Location intelligence refers to the harnessing of geospatial data to derive actionable insights, which can significantly enhance the site selection process. By analyzing data like consumer demographics, foot traffic patterns, competitor locations, trade area data, and more, businesses can make more informed decisions about where to establish or expand their operations. Location intelligence allows for a deeper understanding of market dynamics, revealing hidden opportunities or potential pitfalls. For instance, retailers can identify gaps in the market, real estate professionals can forecast property value trends, and financial service providers can assess areas with high customer demand. Advanced tools, like those offered by Unacast, further refine these insights by leveraging AI and machine learning, enabling more precise and timely decision-making.

What challenges do businesses face in the site selection process?

Unacast provides invaluable support to businesses during the site selection process through its advanced location data and analytics software, all powered and refined by Artificial Intelligence and Machine Learning technologies. The company offers a suite of products designed to deliver accurate, actionable, and comprehensive location intelligence. This data proves crucial for businesses looking to understand consumer behavior, analyze traffic patterns, evaluate competitor locations, and much more. With Unacast’s robust tools, businesses in retail, real estate, and financial services can derive insightful information necessary for making strategic, informed site selection decisions. The platform not only provides reliable data but also ensures it is readily actionable for businesses, whether they are looking to open a new store, invest in property, or expand their financial services to new locations.

What types of location data are crucial for informed site selection?

Demographic data offers insights into the age, income, and lifestyle of people in a particular area, helping businesses understand their potential customer base. Foot traffic data provides information on the number of people visiting a location, which is crucial for retailers to estimate the store's potential popularity and for real estate professionals to assess an area's vibrancy and demand. Geographic Information System (GIS) data helps in visualizing and analyzing geographical details, supporting companies in identifying accessible and strategically located sites. Understanding the proximity to competitors, accessibility, and the socio-economic profile of the surrounding areas is also vital. Unacast’s platform aggregates and analyzes these various data types, providing a holistic view that significantly empowers businesses in their site selection endeavors.

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