The eSite Analytics Blog

Using Real Estate Analytics to Improve Store Performance and Operations (Part 2)

Real estate analytics for better business decisions

Tourism season can be highly profitable when you use real estate analytics to guide your merchandise mix.

Selecting sites, forecasting sales, estimating cannibalization…successful retail real estate teams conduct these analyses in their sleep. But at eSite, we’ve seen many companies take their growth from satisfactory to highly profitable, simply by putting their data to use in new ways.

In our last post, we began to share some of the most successful uses for your customer data:

  1. Remodel stores
  2. Select better retail partners
  3. Optimize your merchandise mix

Picking up where we left off, here are three more applications for your company’s treasure trove of location-based customer data:

Increase Bookings and Follow-Through

Does your business rely heavily on sales meetings or appointments? Your site analytics team can help identify a highly targeted list of potential customers who are most likely to be interested in your services or products. Providing your sales team with this data can lead to increased bookings and fewer last-minute cancellations.

Add Profitable Bricks to Clicks

Even with e-commerce sales on the rise, many shoppers still want to see, touch and test a product before they buy, and doing so increases the chance they will ultimately keep the product. Before you go multichannel, use your spatial data to determine the best markets and locations for temporary spaces. Find the right sites and see how much more your clientele is willing to spend in-store.

Plan for tourist season

A store in Springfield, Illinois will rely on locals for business. But what about a ski shop in Aspen, Colorado? Or a beach goods retailer in Charleston, SC? How does seasonal tourism affect shopping behaviors in these markets? Being able to measure and anticipate tourism’s impact is a necessary analytical skill when looking at areas supported by vacationers. Your spatial data can be used to create a “tourism index” to do just that.

When your data is spatially enabled—giving you a detailed look at driving behaviors, trade areas, proximity to competitors and more—the sky is the limit for how your company can benefit in making smarter business decisions.

P.S. Want a site selection software to better analyze your data?

eSite’s newest tool, Trip2Trade, is the first and only site selection software powered with actual customer trip data gathered from automobile and personal GPS devices.

Image courtesy of David Mandel Photography

eSite AnalyticsUsing Real Estate Analytics to Improve Store Performance and Operations (Part 2)

Related Posts