Real-time Analytics Turning Helpful for Delivery Companies and Other Segments in Covid-led Crisis
Real-time analytics have eased carrying out operations for companies. The real-time reports assist companies not only in apprehending customer behavior trends but also ascertain elements that are creating issues.
According to Statista, "India is a growing analytics hub. The analytics market in the country is forecasted to double its market size by 2020, with about 24 per cent being attributed to big data."
With the rise of GPS, mobility and services becoming more on-demand, location is going to be a key component in analytics and decision-making. Hence, the majority of companies irrespective of their sizes are collecting location data.
"Apart from internal data, the focus is also on external data that can help in more robust decisions. Analysis on satellite imagery is also getting picked up as another emerging area," Aditi Jain, Co-founder of Locale.ai informed BusinessEx.
How This Real-time Analytics Company Aiding other Firms in Tough Times
Locale.ai, a Bengaluru-based real-time analytics performs a similar function and helps every firm with moving assets like sales partners, vehicles and goods etc to surge revenues and get considerable demand.
The startup has lately garnered an undisclosed sum of money in pre seed funding round. Better Capital led the funding round of the startup; other investors that participated in the funding round include Raveen Sastry, Co-founder at Myntra and Nudgespot, and Pallav Nadhani, Co-founder at Fusion Charts.
As the tech era is progressing, user acquisition and retention are categorised into different user groups and thus, targeted separately. The Bengaluru-based startup aids firms that carry out operations in real-time include ‘location’ factor and become more targeted in their strategies.
"Location is at the core of the strategies that companies use to capture demand and Locale is the fastest way for any company to convert location data into easily searchable intelligence and the right insights," said Vaibhav Domkundwar of Better Capital, a seed fund with early bets in category defining businesses like Open, Khatabook, Bijak, Yulu and others.
Indian Companies Relying on Location Analytics
Location sensitive firms that have assets moving on the ground level, are receptive to location analytics today. The prime reason is that most of the companies rely on internal tools for decision making and those tools are not scalable and well maintained. At this time, the companies optimise location analytics and use data in determining operational strategies as they target operational efficiency and sustainable growth.
"As data-driven operational decisions are giving better outcomes, delivery companies have also built their interest in optimising real-time analytics during this lockdown," Locale.ai told BusinessEx.
When the entire world is inflicted with COVID-19, online delivery firms are helping general masses meet their basic amenities. While doing so, location analytics has turned immensely helpful and become the need of the hour for last-mile delivery.
The real-time analytic companies have seen a huge spike in demand from food, grocery and medicine delivery companies who want to reach their customers as soon as possible and get to 100 per cent booking fullfitment. Their product helps the businesses maximize on the number of high-valued customers, increase frequency as well as their repeatability, thereby improving the topline.
"We help companies decrease their customer acquisition cost by expanding in areas based on latent demand, reduce user churn by providing better SLAs in locations where they drop-off and increase existing customer revenue by doing geo-targeting based on users they move and where they order from" says Aditi Sinha, Co-founder of Locale.ai and an alumnus of BITS Pilani.
Locale.ai has established associations with data vendors to help companies overlay granular external data such as mobility patterns in a city, traffic, weather on top of their internal data to get more robust insights.
The Bengaluru-based company was established by Rishabh Jain and Aditi Sinha in 2019 and is currently working with delivery and mobility companies in Argentina, France, India and the US. It will be using money to scale and expand globally, primarily in the US.
The company asserts to have ingested nearly 1 million location events per day and aimed to increase the user conversion percentage by three times. It has also increased asset utilization rate by 35 per cent using granular and targeted geo-promotions and provisioning supply in the right locations. They also have made the integrations really simple so that companies can get up and running in a span of a couple of hours.
The location analytics has evolved the way businesses are run today. Companies need to incorporate this factor into their strategy to sustain this COVID-19 crisis.
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