Commercial real estate and site selection experts are increasingly embracing Big Data in their business decisions when choosing new store/business locations. Utilizing a variety of data enables decision makers to evaluate and assess the advantages and disadvantages of a specific location.
INRIX IQ Location Analytics combines valuable and powerful datasets to help decision-makers save time, money, and stress when searching for new locations.
Location Analytics helps companies to pinpoint potential sites that will be financially viable and analyze current locations' profitability by combining INRIX Volume Profiles (Traffic Counts), INRIX Trade Areas, INRIX Drive Time, INRIX Trip Analytics, INRIX Visit Analytics, and demographic information.
Single store trade areas and forecasts are essential for site selection, but are also useful for cannibalization studies, competitive insight and other analyses. Using Location Analytics, you can predict the size of a trade area and understand the demographics of its population, all of this without the need to physically visit each and every site.
INRIX Location Analytics provides estimated typical vehicle volume data for 3.2 million miles of roads nationwide. Once you narrow down the sites related to the types of customers who frequent them, you can now determine the amount of traffic passing by each location. Only INRIX provides this information by day of week, time of day and direction of travel.
Typically people will only travel about 6 minutes for gas and about 8 minutes for fast food, making it essential to understand how far each location is from your target customers. Location Analytics provides Drive Time Polygons for potential locations, which measures distance in time rather than miles, to help you determine how many minutes target customers would need to travel to reach each location and what zip codes people are traveling there from.
“Instead of visiting 20 different candidate sites, we can narrow that down to just four or five of the most ideal locations. It saves us a lot of time while also greatly improving speed, accuracy and quality of our selections,” said Tom Blazer, eSite.
Read case studyLocation Analytics provides comprehensive location-based insights to help businesses easily make more confident, calculated decisions to improve profitability.
Learn MoreLearn how Location Analytics can help you save time, money, and stress when deciding where to open your next location.
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