Geofencing is quickly becoming a must-have for retailers everywhere.
If you’re still playing catch up when it comes to geofencing, it’s time to start taking this technology seriously. Especially when it comes to marketing. In fact, according to a report by Global Market Insights, the global geofencing market is expected to reach over $1.7 billion by 2024. Pretty big business, indeed. So, what’s driving the growth in geofencing marketing and how can you leverage this technology for your business?
With the rise in mobile usage and growing confidence in m-commerce (mobile purchases are set to make up 27 percent of all e-commerce transactions by the end of this year), Americans are basically glued to their smartphones. The average consumer spends around five hours a day looking at theirs. So, it’s no wonder that marketers of all stripes are scrambling to find ways of getting their messages mobile.
But with a crowded app market and consumers reluctant to try new apps, you have to offer something pretty special to catch their attention. With high profile store closures, including Toys ‘R’ Us, it’s no secret that retail has been lagging behind in the e-commerce race. Geofencing marketing can help redress the balance and entice consumers back into brick and mortar stores.
Improved GPS Accuracy
GPS services are a default feature in the majority of smartphones. What used to be just an easier way of navigating yourself around the city is turning into a marketer’s dream. They can use geofencing to tap into mobile devices and determine the physical location of potential and previous customers, and when they’re in the proximity of a store. That means that they can also come up with ingenious ways of luring them in.
One of the most interesting geofencing advancements this year is its improved accuracy.