Foot Traffic Data: Calculations, Accurate POIs, & Where to Get It

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Mobility data, which is another name for foot traffic data, can show consumer trends that are essential to strategic choices in a range of businesses.

For instance, tracking foot traffic to a grocery store can help managers staff the store appropriately at busy times. Similar to this, a private equity firm can determine which coffee shop will be a better investment by comparing the mobility statistics of the two competitors. Foot traffic data has a wide range of applications and formats. Below we have provided the calculations, Accurate POIs, and where to get them.

Where to get it?

There are various sources, and the quality of their data depends on their capacity to deliver a sizable number of trustworthy data. One of them is Quadrant, and the precision and dependability of their data aid businesses in comprehending movement patterns in particular geographic regions of interest, forecasting future trends and successfully mitigating risk, better-comprehending consumer behaviour, and running profitable operations.

Location, WiFi, GPS, Beacons, and user motion all play a crucial role in deciding accuracy when collecting data on foot traffic.

POIs- A very accurate and up-to-date list of locations is needed to match POIs to locations.

Volume - Panel sizes must be sufficiently large to fairly portray visitors.

Panel Biases: In extrapolations, panel biases are predicted and taken into account.

Panel Variations: Over time, adjustments to changes in technology and application sources are made.

Thermal sensors- Thermal sensors are used to count the number of persons entering and exiting a building by installing sensors at the entrances and exits. The drawback is that since it merely counts people, it doesn't provide any valuable data on your trade area, client journeys, demographics, or cross-shopping.

Cameras - CCTV cameras are used to keep track of who enters and leaves a building.

Beacons & WiFi sensors- Connect with phones on the network using beacons and WiFi sensors to count unique. Both rely on the visitor's phone having WiFi and Bluetooth enabled. 

Mobile location data: To track anonymous visits to locations and their origins, mobile applications can use a location-tracking SDK. It is the only way to comprehend both the context of the visits and their frequency.

Bottom Line

Lack of sufficient market research on the front end is one of the biggest mistakes made by small business entrepreneurs. Without knowing what you're getting into in terms of industry, competition, and demand, how can you possibly begin, run, and manage a successful business?

Counting people on their feet can help you assess a location's demand, accessibility, and visibility. It's a particularly helpful indicator for retail establishments, which frequently try to entice tourists, impulsive buyers, and bystanders. 

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