Why you should definitely use AI & ML for location analysis

Typical errors in a location analysis  

Incorrect location analyses can cause serious problems and cost millions of euros. Overestimating the demand of the trading area can lead to a new location not generating the expected sales. Similarly, not considering the costs of cannibalization (we have already published an article on this here) can lead to sales being diverted from another location. Even choosing a location in a busy area can prove to be a mistake if it is on the wrong side of a highway overpass.   

This is why choosing the right location is crucial. Site analysis involves the thorough examination and evaluation of various site factors to make an informed decision. Aspects such as micro and macro location, transport links, pricing and other factors are carefully analyzed and evaluated. The aim is to identify the location that best meets your requirements and will be successful in the long term. The location analysis is therefore a tool to help you find the ideal property for your project and make your investment in a targeted manner. 

How can AI & ML help with site selection?  

Artificial intelligence (AI) enables machines to mimic human cognitive functions such as speech recognition and data analysis. Machine learning (ML) is a subset of AI that enables machines to learn from experience and make informed decisions. While AI is the overarching concept, ML is a specific application of it. ML algorithms improve over time as the amount of data increases. Together, they offer powerful benefits to organizations of all sizes, especially in an increasingly data-driven and complex environment. Automated and intelligent systems play a critical role in automating tasks, creating value and extracting actionable intelligence.  

No more old systems - artificial intelligence is redefining retail  

Shopping habits have changed dramatically due to online retailing and the demand for delivery and pick-up services, but 'physical' stores are and will remain important. Retailers need to rethink and adapt their approach as traditional approaches are often ineffective and costly today - the use of software and artificial intelligence can help.  

POGO Consulting has therefore entered into a cooperation with Tango Analytics. Tango offers a variety of products that cover the entire life cycle of a retail property - from location analysis to the renovation of a store. Innovative technologies such as AI and machine learning are used to tackle the transformation in retail. 

Tango draws data from a variety of sources. These include sales and customer data, demographic data, location data (GIS) and many more. Comprehensive analysis enables well-founded insights and data-based decisions in retail. With the help of AI-driven analyses and predictions, Tango Retail optimizes locations and supports the real estate and store development process. With an end-to-end solution and innovative technologies such as AI and ML, Tango addresses the specific needs of retail to ensure competitiveness in an ever-changing industry.  

Tango Predictive Analytics - No more nasty surprises  

Today, real-time modeling based on current data enables informed decisions. Tango Predictive Analytics offers a groundbreaking solution for real estate strategies based on customer behavior and market analysis. Whether you are a small business or a large corporation, Tango's solution helps you make timely real estate decisions. Flexibility in strategy adaptation is essential in dynamic markets. Real-time data provides unique insights for location optimization and sales potential. AI & ML enable analysis of buying behavior and channel overlap to maximize sales. Continuous adaptation keeps you ahead of the curve.

“The IT problem sits usually in front of the PC”  

To ensure that you are not only equipped with the right software, but that you also use it optimally, we are at your side. Pogo takes a holistic approach and accompanies you from the initial requirements management to the final end-user testing & training.   

Would you like to arrange a demo or do you have any questions?  

Please contact us directly to arrange a non-binding appointment.

References 

MB-Micromarketing - Link 

Tango - Link 

TangoAI - Link 

Tango Analytics - Link 

Tango Retail - Link 

Google Cloud - Link 

Finanzwissen - Link 

Thieme - Link