Feature Highlight – Location Based Analytics (LBA)
Location-based analytics in our ecommerce intelligence tools refers to the process of analysing data based on geographic location of the customers. This analysis helps online retailers gain insights into the regional and local preferences of their customers, and better target their marketing efforts to drive sales.
Location-based analytics can provide a range of useful information :
- Average prices by store and location : Get visibility of prices across different locations to gain insights into the pricing strategies of your competitors and identify opportunities to optimise your own pricing.
- Geographical distribution of customers: This information can help you to identify new markets and tailor their marketing efforts accordingly.
- Demographic analysis: We can use location data to identify demographic trends in different areas. For example, they can determine which age groups types of products are most likely to be purchased in specific regions.
- Inventory management: Location-based analytics can help your business optimise their inventory by identifying which products are most popular in different regions.
- Personalisation: By understanding the preferences of customers in different regions, ecommerce retailers can personalise their marketing campaigns and improve the customer experience.
Using location-based analytics is important for any ecommerce retailers because it can help them to better understand their customers, identify new markets, and ultimately increase sales. By leveraging this data, online retailers can optimise their marketing efforts, improve the customer experience, and stay ahead of the competition on the digital shelf.