It’s no secret that a prime location is crucial to a company’s success. Footfall and consumer involvement are also influenced by local culture, demography, population density, and proximity. In the past, companies have relied on survey firms to gather pertinent information before to launching goods or services in new markets. But as technology develops, data collecting and actionable insight generation can become more effective, empowering organizations to make better decisions.
Let us introduce GeoIQ, a location-aware firm headquartered in Bangalore that specializes in giving companies actionable consumer information to leverage offline demand and expedite growth. Well-known companies like Lenskart, HUL, Caratlane, GIVA, Swiggy, Stovekraft, and CultFit are already clients of the business.
He chatted with Devashish Fuloria, the CEO and co-founder of the business, to find out more about the startup and its operations. These are the modified passages.
What issues is GeoIQ attempting to address, and how?
Everyone enjoys talking about data, and gathering information for the online world is now very simple. Navigating the offline environment, however, is more difficult.
Buying decisions in a small town involve more than just internet browsing; they also take into account social media, community events, and in-person encounters. In order to help organizations make better decisions, GeoIQ aims to capture these real-world behaviors.
Let’s use the example of Lenskart preparing to launch a new store in a city to better understand. Online data doesn’t give the whole picture, even though it can offer some insights. We give the business information that is supported by facts, such as the typical income of residents in a particular location.
For example, if the intended audience consists of persons whose yearly income is more than Rs 10 lakh, we can provide detailed information about the precise city in which these people live. It can respond to inquiries such as which brands are available, where the target market congregates, and which Delhi streets draw the most customers for a fashion accessory market thanks to this degree of specificity.
It also anticipate the possible income a company could make from a certain property.
How can you ensure that the accuracy of your technology is improved?
It cover over 600 data sources, including rental property listings, publicly accessible data sets, and reports and surveys from local governments. Companies also make use of satellite imagery. The goal of working with artificial intelligence is to cover the location in a 360-degree view.
Data also comes in unprocessed formats. They are processed by our internal staff, which comprises data scientists, in addition to employing exclusive algorithms. Additionally, we perform manual interventions to guarantee the company’s accuracy. We have observed that our accuracy rate in providing accurate information has ranged from 85% to 95%.
What next releases and additions from GeoIQ are we able to anticipate?
It are excited to introduce a new insight area: foot traffic estimates for companies. There isn’t much trustworthy info in this domain right now. Investments will go toward expanding the firm and improving technology.
The fact that no effort has been made to acquire new clients is notable. Numerous businesses are finding us by accident. GeoIQ is frequently suggested when entrepreneurs go to investors for funding in order to increase the scope of their offline presence.