inMarket’s direct correlation between loyalty and store expansion offers a glimpse into retail’s future
inMarket released its Spring 2017 Loyalty Report for Retail, the first in a series that will cover various brick and mortar verticals, using mobile location data to identify customer loyalty. inMarket is a proximity platform that provides mobile location solutions to apps, brands, and retailers.
The retail loyalty report focuses specifically on repeat device visits from January through May 2017, as an indicator of customer engagement, loyalty, and retention. It is based on inMarket’s location data of over 50 million anonymous consumers. The platform uses machine learning to analyze billions of data points to figure out consumer behavior and its influence on businesses.
inMarket assigns each retailer a Loyalty Score determined by total visits divided by unique device visits. A retailer, for example, with 1,000,000 visits from 500,000 devices would have a Loyalty Score of 2. The average Loyalty Score for all non-grocery retailers in the report was 1.45.
The study noted that low customer loyalty is correlated to announcements of store closings, while high-loyalty retailers are actually expanding in the face of the predicted “retail apocalypse.” In 2017, five out of the top 10 retailers for customer loyalty have announced store expansions. On the contrary, eight out of the bottom 10 retailers are either closing stores, laying off employees or freezing growth in 2017.
In addition to predicting market trends, inMarket uses location data to power its suite of industry-leading advertising products such as its Lapsed Shopper Program that launched in March as an equalizer for brick and mortar retail against e-commerce. Retailers are recovering over 40% of their lapsed shoppers with the program, which capitalizes on store visit data the same way online retailers use web visit data to retarget shoppers.
Since its inception in 2010, inMarket has raised over $2 million in funding, expanding rapidly across its offices in Venice Beach, California, Chicago, New York City and Bentonville, Arkansas. inMarket has also recently appointed Cameron V. Peebles (formerly of Airpush) as its first Chief Marketing Officer and Chris Kozloski (formerly of MaxPoint) as its first Chief Revenue Officer.