Point of Interest (POI) data has become a key element in today’s business world, especially in the retail industry. It offers valuable insights into how a location is used, the types of people who visit, and the business opportunities that can be tapped into.
With POI data, businesses can gain a better understanding of activity patterns in a specific area, identify customer preferences, and develop more targeted strategies. In this article, we’ll dive deeper into how POI data can fuel retail growth and boost sales.
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What POI Data Is and Why It Matters for Retail Growth
Point of Interest (POI) data refers to information about places that attract many people, such as restaurants, playgrounds, hotels, schools, offices, shopping centers, hospitals, museums, and more.
POI data can be sourced from various places, including government databases, websites, social media, and open platforms like Google Maps.
Typically, this data includes key details like street addresses, categories that describe the type of location, and geographic coordinates (latitude and longitude).
For retail businesses, POI data provides valuable insights into customer behavior and preferences, such as the times they visit, the activities they engage in, and their shopping habits.
This information can be used to make smarter, data-driven decisions, like selecting the best locations for new branches or optimizing existing store networks.
How POI Data Benefits Retail Business
Retail businesses often combine POI data with other location data to assess an area’s performance and conduct in-depth market research before deciding to conduct a survey or open a branch there.
Here are some benefits retail businesses can gain from using POI data:
Market Research
One major advantage of POI data for retailers is that it makes market research more thorough and detailed. By analyzing POI data, retail businesses can easily pinpoint consumer needs in specific locations and identify local competitors.
Additionally, businesses can assess the market potential in those areas, whether there are untapped opportunities, or if the area is oversaturated with competition.
With a clearer picture of the market landscape, retailers can plan more effective strategies, such as selecting better locations for new branches or tailoring products and services to meet the specific needs of consumers in that area.
Assessing the Attractiveness of a Location
Another benefit of POI data is that it helps retail businesses assess how appealing a location is. As mentioned earlier, POI data includes information on popular spots such as shopping malls, restaurants, and entertainment venues.
When this data is visualized, retail businesses can easily spot nearby attractions and evaluate the location’s accessibility—whether it’s easy to reach by public transport or private vehicles, and whether there are sufficient parking facilities.
All of this is crucial for retail businesses. The more attractive a location is, the higher the chances are that many people will visit the area, which, in turn, increases the potential for consumers to visit the retail store if it opens there.
Enhancing Consumer Experience
Retail businesses can use various types of data to better understand their customers and enhance their shopping experience. One such data source is POI data.
With POI data, retail businesses can identify high-visibility locations that are easily accessible to a wide range of people. This easy access significantly improves the consumer experience, allowing customers to visit stores more quickly and conveniently.
Get Detailed POI Data with LOKASI for Business Insights
POI data is dynamic and continuously evolves over time. Places listed in POI data may close, relocate, or even have new POIs open there. To maintain accuracy, it’s essential to regularly update this data.
Collecting and updating POI data manually requires significant time, effort, and resources. However, with LOKASI, businesses can save time and energy by accessing updated POI data automatically.
LOKASI is a geospatial analytics platform integrated with location intelligence and comprehensive location data, including POI data.
LOKASI ensures that businesses have access to accurate, up-to-date POI data, allowing them to easily obtain relevant location information without spending time searching or verifying data manually.
This enables businesses to focus more on critical tasks such as making strategic decisions and optimizing operations.
Additionally, retailers can visualize POI data directly in LOKASI, offering clearer and deeper insights for better decision-making.
Learn more about how LOKASI Intelligence can support your business by getting in touch at: Email: [email protected] or WhatsApp: 087779077750
FAQs
Where can I get POI data?
Businesses can obtain POI data from third-party providers, such as the LOKASI platform.
What is POI for business?
POI for business refers to data that contains information about locations that attract visitors. This data is essential for businesses when choosing the best locations to open branches, conducting market research, and understanding consumer behavior and preferences.
What does POI stand for?
POI stands for Point of Interest, which refers to locations that draw attention from visitors, such as restaurants, schools, shopping centers, tourist attractions, and more.
