Insights to gain from footfall analysis
It must be one of the oldest dreams in the retail industry: knowing precisely what the foot traffic in front of a prospective shop location is made of.
For a long time now, the same questions have always arisen: are we sure our target market walks by the shop on a regular basis? Are we guaranteed to have foot traffic during our opening hours? How will these things change during holiday periods? How should we manage our stock to match the foot traffic?
Answering these questions precisely has never been possible, and decisions tended to be made using rules of thumb. Only after the opening of a shop would vendors learn the answers to these questions, and in some cases, when people had made the wrong decisions, it was too late to avoid a commercial catastrophe.
Maybe saying that installation decisions were made by rule of thumb is unfair. It is probably more accurate to say that, for the most part, decisions were made using old fashioned approaches supported by good old gut feeling.
Ground observation (asking someone to stand in front of a specific location and count the traffic) and statistical calculations have had their glory days and are still used now, but are they enough?
Ground observations and statistics are used to provide a quantitative view of the footfall traffic in front of a location, but what about the qualitative view?
By asking someone to stay on the ground for 10 hours in front of a location will you be able to know with a bit of precision the people flow but are you able to say much more? Can you say whether the trafic is made of regular commuters (workers), tourists? neighbours? Obviously by integrating more data points (census, density in businesses etc) can you work toward a better qualification but is is enough?
Have we reached the limits of what data can bring us in this matter?
In an evermore data-oriented era, it seems crazy to imagine that fundamental decisions such as retail locations are still taken with so many blind spots. This is why we at symaps decided to tackle this problem and created a platform leveraging billions of data points to qualify footfall trafic (among many other things).
Bringing mobility data to an all new level
After 3 years of work, we are proud to introduce you to our People Flow feature. We want to provide retailers with the best understanding of the footfall traffic in any given place on earth. We want to answer the question of where, how and why people are moving around for them. We want to bring mobility data to its apex.
The People Flow feature is the first tool enabling its users to use GDPR-compliant anonymized data from multiple sources in 180 countries.
Thanks to our proprietary data, we can determine the volume of people who pass through a selected address according to the time of the day, and identify daily and weekly trends.
We want to answer the question of where, how and why people are moving around for them.
The Symaps Geolocation tool uses aggregated, anonymous GPS data from smartphones to pinpoint where people go in the physical world. Symaps captures a sample of the total population in each country. When the People Flow layer is enabled, we are presented with a footfall Heat Map, which shows traffic patterns on the map, profiling areas of high/medium/low density of individual people walking (or driving) around.
We can also “double click” on this data to provide a layer of footfall qualification.
Our unique data caracterisation system enables us to accurately differentiate tourist and local flow for example. Our data can go to the originating country level.
And of course an understanding of when things are happening.
We empower our users by giving them access to data exports so that they can further their understanding of the locations they are vetting with their own BI teams.
If you feel that you you can go further when it comes to understanding footfall trafic, we would be more than happy to discuss with you. Feel free to reach out: contact-us.
Symaps is an AI-powered location intelligence platform that helps you find the best locations for your business.
Our platform is built for emerging and established brands & retailers looking to scale their business or optimize their existing locations. With a strong focus on retail, FMCG, and real estate, Symaps combines the power of Machine Learning & AI and acts as the backbone for companies for whom location matters when it comes to making key strategic decisions.
Our team of experienced data scientists gathers, processes, and models large volumes of raw multidimensional data (public and private) to distill it into actionable, easy to use, and visually appealing map based insights.
Our proprietary machine-learning algorithm actively learns what drives your business success and brings advanced data capabilities and predictive technology to empower a company of any size to perform in-depth market research and gain strategic insights in a matter of minutes.