Foursquare, a social networking service where you “check in” with your location to allow your friends to keep tabs on you, has announced a new service. Through logging all of the data collected by the users of the app, they are now unveiling Foursquare Analytics. This platform is designed to provide insight for retail shops concerning buying patterns of various demographics as well as competitors stats.
Foursquare has been around since 2009, and people have used it to search and discover ever since its inception. The company was one of the pioneers in using mobile devices to interact with others. Up until 2014, you could share your location by text or by going to the mobile website of the venue to let your friends know what you were up to.
Then they launched Swarm, an app that worked alongside of Foursquare, which was an upgrade into the technology of the mobile world. Swarm allowed you to earn prizes and compete with your friends based on the placed you visit. Shortly thereafter, Foursquare was changed from a check-in site to a more sophisticated mobile search and review tool.
Fast forward to 2017, and after continually gathering data about users’ shopping habits, Foursquare obviously had a bigger picture in mind. The following post by TechCrunch gives the rundown on the new Foursquare Analytics:
Foursquare is launching an analytics platform to help retailers understand foot traffic | TechCrunch
So today the company is announcing Foursquare Analytics, a foot-traffic dashboard for brands and retailers. The platform is available for retailers with any number of stores, no matter how small. Previously the only way for companies to access this data was through one-off deals with Foursquare.
Retailers will be able to use the dashboard to see foot-traffic data across metrics like gender, age and new versus returning customers — on a national or citywide scale. They also can compare their foot traffic against a set of competitors and their category as a whole.
Lots of posts on Twitter about the new platform launch. Pretty cool that one of the original search and discover concepts is stepping up their game. Previously, you could get similar data from Foursquare, but it was a one-time snapshot. Now, the dashboard will be dynamic, with data collected from a huge pool of resources:
Interested in retail foot traffic trends? Learn how Foursquare Analytics can help you discover hidden opportunities. https://t.co/F0ZEc7m6eE
— Foursquare (@Foursquare) March 20, 2017
In the following Medium post by the CEO of Foursquare, Jeff Glueck explains how the technology used for Foursquare Analytics was gathered for the sake of the broader view. Using data to drive marketing decisions is critical, but this type of platform takes the time and effort out of the equation. Foursquare has boosted the technology to the next level, as you will read in the following quote:
Introducing Foursquare Analytics: a dynamic foot traffic dashboard for brands
I’ve said this before: Oftentimes a company sets out to solve one particular problem and builds technology to do it, and then later realizes that the solution has much wider applicability. That’s what happened here. We built our location tech so we could provide timely recommendations to Foursquare City Guide users about the best places to go, and then with passive location detection, we could serve up tips based on their journey. We then realized that being able to recognize when phones walk in and out of 93 million public places worldwide created an incredible data set for aggregate and anonymous analytics. It turns out, this capability can solve many business problems outside of our own.
Read the full post here: Introducing Foursquare Analytics: a dynamic foot traffic dashboard for brands
The resource of 93 million public places is powerful. What it comes down to is that Foursquare Analytics will help local retailers discern how their own company is performing based on measurable foot traffic visits. I’m impressed by the foresight of Foursquare!