Logiq, Inc., a global provider of award-winning e-commerce and fintech solutions, has expanded its Logiq Digital Marketing™ (LDM) platform to include geofencing-based targeting.

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Unlike traditional geotargeting that restricts digital ads to audiences in a particular zip code, city, state or country, geofencing is a custom defined area that can outline the boundaries around a particular store, mall, or other physical venue. The technology enables geofencing by using the latitude and longitude coordinates of a consumer digital device, such as a connected TV, smartphone, tablet or PC, to determine their location.

This solution gives marketers significantly greater precision and personalization in the message they deliver to consumers based upon the context derived from visiting a geofenced region. Marketers can deliver a customized message to such consumers in real time, whereas many traditional solutions require marketers to wait a week or more for a newly defined segment to be populated with consumer data. LDM also enables marketers to target consumers who have been in a particular location up to 30 days in the past.

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Geofencing has become an important alternative targeting technique given the increasing restrictions placed on marketers using third party cookies, mobile advertising IDs and other forms of personally identifiable information (PII). LDM geofencing uses anonymous data supplied from GPS, RFID, WiFi and cellular protocols, thereby avoiding the use of PII. This allows marketers to deliver a relevant contextual advertising message when a consumer enters a geofenced area without infringing on their privacy.

“Gaining access to more precise, real time geofencing capabilities has become increasingly critical to our clients,” stated LDM president, Manny Puentes. “Context is extremely valuable when delivering a personalized marketing message to consumers. A consumer visiting a physical store location can be as much of a contextual signal as the content they’re viewing on their digital device. Marketers who have all this information at their fingertips while architecting their campaign strategy will come out far ahead.”

The market size for global geofencing services is estimated to be growing at a 27% CAGR, to reach more than US$2.3 billion by 2023.

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