By Stu Waters on Aug 3, 2017 2:36:55 PM
For growing retailers, the push to expand is the most capital-intensive decision they can make. Where do we go next? How do we choose between two similarly priced locations?
Motionloft understands that a store’s location can make or break a business. Until now, the decisions on where to place stores would be made based on a ‘gut feeling’ from a local expert, or on Department of Transportation data from 2013 -- hardly inspiring confidence. By injecting foot traffic data into the process, Motionloft empowers business owners by enabling them to make site selection decisions based on data, giving them the tools they need to go bravely forth.
While many retailers currently use in-store conversion rates to track their sales funnel, this metric omits the very first data point -- capture rate, or the percentage of people walking by that actually enter the store. Motionloft is a San Francisco-based software company that uses computer vision technology to provide real-world analytics about pedestrian and vehicle traffic. Using Motionloft's real-time conclusions about capture rate and retail traffic, retailers and QSRs arm themselves with the information they need to negotiate leases and store expansions.
As a Global QSR based in Southern California expanded into more markets, they turned to Motionloft to make the process more data-focused. Motionloft studied the traffic at new sites, and as those stores proved to be successful, the QSR was able to establish a traffic benchmark for future site selection. By including Motionloft data as a key part of the expansion decision making, the QSR has been able to minimize the risk of a poorly chosen location and optimize their urban expansion.