Growth in the use of mobile devices and advances in location-aware technologies has driven location-based app development in consumer-centric industries. However, this progress has been slow due to limited data on customer spending patterns and the way location information is used.
LBAD refers to solutions developed specifically for a digital enterprise, who are able to deliver personalized offers and services based on their consumer’s location and the time of the offer. Over the past two years, LBAD has gained significant traction in many industries, especially retail and healthcare. In reality, the location-based services market is expected to grow nearly five-fold — from $8.12 billion in 2014 to $39.87 billion by 2019.
The timing couldn’t be better for the U.S. retail industry, where competition is high, profitability is low, but growth opportunities are plenty due to unpredictable customers. Consumer buying behavior is now considered a business commodity, that helps companies to implement effective retail strategies and increase business revenues. Today, retail players are looking to develop relevant location-based retail solutions that attract more consumers and build loyalty. Check the infographic to know more about the advantages of location based services for business.