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Source: cision | Published on: Thursday, 18 July 2024
BANGALORE, India, July 18, 2024 -- GeoIQ, a leading location AI startup, today announced the launch of an industry-first feature that will give users offline retail footfall counts and visit trends as part of their comprehensive Site Report. What makes this revolutionary for offline retail is the fact that for the first time in India, brands will be able to get reliable footfall numbers at scale across the country to optimize their site selection process and other operational challenges with the help of unprecedented insights into footfall, competition, rentals, demographics, and revenue potential at a street level.
Until now, GeoIQ has served retail brands across categories to open 2500+ stores by assessing more than 25,000 locations with their site analysis reports. Adding the market footfall trends to this report makes it a more comprehensive offering that nobody else in the location data and AI space provides.
The offline retail space has historically dealt with opaqueness in terms of data. Factors that govern retail decisions have largely depended on historical company data, traditional fleet on-street analysis, or gut-based insights. Innovating at the intersection of data and analytics, GeoIQ aims to reinvent the offline expansion cycle for faster and profitable site selection. When decisions are backed by real-world data, the risk of store closures is also reduced substantially, eliminating the bleeding cost of store failure. With the introduction of footfall data, the startup has taken another pivotal step towards building the offline retail data stack and has become the only source of offline footfall data in the country.
By avoiding poor-performing sites, GEOIQ helped retailers collectively save over INR 300 crores till date. RetailIQ has an industry-best track record of reducing decision-making time by 4x, leading to faster store openings and up to 37% higher average monthly revenue.
Devashish Fuloria, CEO and Co-Founder of GeoIQ, shared, "The Site Report addresses challenges associated with opaque data and anecdotal insights which have governed offline retail decision-making in India. We believe Indian retail has been long overdue for tech disruptions. Following an incredibly successful year, today's feature launch marks another promising step towards our larger mission of democratizing retail data. We envision becoming the google equivalent search engine for the retail sector, maximizing returns for all stakeholders."
GeoIQ has enabled remarkable success stories across various retail segments including brands like Lenskart, The Sleep Company, Stovekraft, GIVA. In FY 2024, GeoIQ facilitated the successful opening of 850+ offline stores, with an ambitious target to quadruple this number in FY 2025. GeoIQ's credibility lies in granular street-level data, machine learning models, and rigorous validation processes. GeoIQ aims to unlock the $2T India Retail opportunity and achieve an annual revenue target of INR 500 crores within 3 years.
GeoIQ empowers businesses with data-driven insights, transforming how retailers make strategic decisions by combining advanced analytics, AI-driven recommendations, and real-time insights to enhance decision-making. GeoIQ is in the league of offline data players such as Placer.ai and Carto in the US; MapmyIndia and Gap Maps in India, and others. However, it is distinctive in the way the startup solves expansion problems with data powered with machine learning capabilities working wonders in the background.
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