These days, retail analytics are becoming more and more advanced through the use of map data. Spatial analysis gives retailers an idea of where a new store might succeed. Geographic information systems can help inform sales predictions and marketing strategies. They can even, according to experts, provide value to loss prevention professionals looking to understand issues in a visual way.
[text_ad use_post=’2383′]
The use of geospatial predictive analytics as a key tool in the fight against organized retail crime (ORC) specifically is the subject of a feature article in the October 2018 issue of LPM Online. LPM Senior Writer Garett Seivold speaks to investigative experts in retail and in law enforcement about the broad potential of the technology. From the article:
LP investigation units often utilize some sort of geospatial component within a historical context—by mapping locations where theft or shrink has been a particular problem, for example. But geospatial analytics is also a powerful predictive tool. For example, grouping stores that experience the same ORC event arms retailers with analytics for proactive decision‑making and theft deterrence, according to Catherine Walsh, senior vice president and general manager for Tyco Retail Solutions. “This capability lets retailers see geographic patterns based upon specific alarm types, identifying possible ORC activity, and helps identify where the next target may be, empowering retailers to take preventative measures against a possible attack,” she said. “By understanding the risks and patterns presented with an ORC map, retailers are empowered to take a more proactive approach to fighting ORC activity [with] actionable data and visual indicators to help them better secure merchandise, optimize staffing, and protect profits before the next event occurs.”
The article goes on to enumerate additional benefits of geospatial predictive analytics and how the human factor is perhaps the most valuable element of the tool. To read the full story, check out “Analytics and Geographic Information Systems Drive ORC Insight at Top Investigative Units.”
If you’ve missed any of our previous LPM Online editions, go to the Archives. Be sure to become an LPM digital subscriber, so you are the first to know when new issues are available. If you haven’t already, SUBSCRIBE NOW for free. If you would like a free subscription to our award‑winning print magazine, go to LPMsubscription.com.
