Post-COVID Retail Recovery
The COVID-19 pandemic continues to disrupt the retail market, and it is clear retailers have to adapt to the so-called “New Normal”. Take a data-driven approach to re-opening and recovery process for brick and mortar and omnichannel commerce.
How to Adapt to the post-COVID business environment?
If you are not using Location Data for strategic decisions at your company yet, now would be a good time to start. The adaptation begins with the understanding of what happened on the market and where it happened.
Our solution is based on:
Tracking the Market Response
Retailers across the world had to close the doors to the customers or adapt the opening hours of their shops. They had to go with their business online or take the omnichannel approach. Once forever the retail landscape has changed by this breakup. You better keep track of these changes to decide on a manageable recovery of your business.
What we bring is a quarterly tracking of these changes:
- what businesses had to close
- what businesses closed for good
- what businesses moved to new locations
- what new businesses opened
- what businesses changed their opening hours
- what are the new pick-up points
- what is the sentiment of customer reviews for each location
As an aggregated output we bring the information what locations gained and what lost the retail energy. We track the changes in retail exposure index and what is the new composition of that index. Thus you can understand how the locations in which you are interested have changed so far and keep the track of further changes and use the insights for your future growth.
Tracking People Movement
Consumers are the essential part of your business, and their behaviour has changed. Track the COVID-19 impact through people movement to see what is happening around
Monitoring COVID19 impact through mobility data is an excellent way to see what is happening around your stores, branches, and other locations. CleverMaps provides quarterly updates of the mobility reports so you can track how people movement develops over time and develop a strategic response to the market changes.
How can you benefit from mobility data:
- Understand the sales trends and predict the store performance.
- Get detailed insights of people movement - 100 m grid granularity.
- Track the changes in people movement patterns.
Strategic Cost Optimization
Saving cost plays a vital role in survival in the post-COVID era. Open, close, repurpose or relocate your locations based on the customer's needs, which you will learn from your internal data enriched by external factors.
Data in a spatial context is essential for any business that operates business locations of any kind. External location factors strongly influence the performance of any site. Those factors can be surrounding Points of Interest, purchasing power, people movement, competition, demography, etc. CleverMaps helps you to put together all the vital information, so you can:
- Increase the Return on Investment by meaningful optimization of your Business Location Network. Open, close, repurpose or relocate your locations based on the customer's needs.
- Evaluate the impact of internal and external competition on your business locations using catchment area analysis.
- Find new potential locations (white spots) for your business with a prediction of potential revenue.