Location intel firm xAd announced the beta launch of a platform called MarketPlace Discovery today that provides insights into foot traffic behavior in real-time.
MarketPlace Discovery enables brands to understand the trends that influence theirs and their competitor’s store visitation. Having these insights presented in real time will hopefully allow brands to identify new opportunities to understand and adjust their businesses as needs arise.
A full release is expected later this year.
The tech works by combining anonymized foot traffic data gleaned from geofenced store locations with data collected from xAd’s extensive network.
"The vast majority (90%) of retail commerce happens in traditional, physical stores, so brands need to understand what drives their customers to their own locations and those of competitors," stated Shashi Seth, chief product officer at xAd. "Unfortunately, assessing the connection of these complex variables with enough certainty to confidently act on them, has been nearly impossible given the available data.”
xAd partnered with Taco Bell to identify the origin of foot traffic in the popular fast-food chain. The QSR was able to see a map with the origins of various customers at a specific franchise location.
As the online attribution/real-world outcome gaps begin to close, it is essential that retailers and QSRs understand the movement patterns of their customers. That way, they can capitalize on the vast majority of individuals that buy in-store rather than online.