retail2
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Google Maps allows retailers to visualize and analyze important factors affecting their business. Key data like sales regions, competition, customers, and transit can be overlaid on maps to inform decisions. For example, a retailer could examine store locations, sales by region, customer addresses, and transit to identify underperforming stores and opportunities for new locations closer to customers or in high-traffic areas. Google Maps provides rich spatial data and tools to evaluate competitors, customers, traffic, and more, helping retailers make clear business decisions about expansion and site selection.
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retail2
- 1. Google Maps enables you to create custom tools that allow you to visualise and analyse the important factors directly affecting your retail business. Some common data that are relevant to most retailers operating chain-stores include information relating to sales regions, competition, customers, traffic and transit information such as location of train stations, bus stops and so on. Google Maps contains many detailed map layers accurately displaying each in the correct location so retailers can decide if each piece of information will affect retail operations and decision making. 1
- 2. We begin by selecting and displaying the location of our own stores. In this example, we simulate a general examination of the status of the stores and examine how to make a decision on setting up a new store, and perhaps re-locating stores that are not earning sufficient revenue. 2
- 3. In this example, we can even zoom right into the map to display the floor plan of our own store, and make an assessment of its appropriateness to the surrounding retail situation and competition. 3
- 4. Google Maps displays call-out boxes containing more details that further inform us of any stores that may interest us, perhaps because of their location, or ratings and comments by customers. Tools such as the Zoom slider, Pegman and Street View’s 360 imagery really take the appreciation of the situation to a level no other map system can. 4
- 5. The famous Street View. 5
- 6. Now we turn on the store locations of our key competitor! We see in this region that they are concentrated to the north west of us. We need a strategy for expansion. 6
- 7. We now turn on the location of our known customer addresses and compare how close our stores are to them and also our competition and realise there could be large cluster of customers we should get closer to, down south! 7
- 8. The Customer Heatmap option makes it so much easier to see. It seems we have to take some action to get more closely connected with our customers further south. 8
- 9. Turning off the competition to de-clutter. 9
- 10. We turn on the sales by region and confirm that indeed, customers in the region do spend significantly higher than other regions! 10
- 11. Here, we have turned on the Transit and Traffic layer to show how traffic flows and also used the polygon tool to select the region and summarize the sales according to the number of customers, sales figures and the number of visits made by that cluster of customers in the last 30 days according to our records. 11
- 12. Zooming into our hot cluster of customers we examine the area in more detail. Notice that even though the Competitor and Stores boxes are checked, there are no stores displayed in this region! What does this mean?! 12
- 13. There are prominent train stations located around this particular area (Oxford Circus, Tottenham Court Road Station, Leicester Square, Charing Cross, Piccadily Circus) and traffic data also shows traffic jams occurring at this time. On closer examination, we realise that we have several streets on which we can consider setting up the new store. There are also places of interest and many other retail stores here. We may also need further analyses of property rental and prices in this region to make a better decision. From this example, we see that with Google Maps provides a rich interface which provides highly relevant spatial information directly relating to business. Google Maps takes the guessing out of the placement of new stores, the evaluation of competitors’ and customers’ locations and behavior and the behavior of traffic and much more, all contributing to clear business decisions. The analyses of property prices and rental can also be done with a Google Maps Application in the next Chapter. Contact Skymap Global for consultation on how your business will benefit with location intelligence. Written by : Joseph Ow Yong Email : joseph.owyong@skymapglobal.com 13
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