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The Asia-Pacific Location-based Services Market to reach $118.2 billion by 2031 at a CAGR of 17.3% during the forecast period 2024–2031.
The retail sector is rapidly adopting location-based services (LBS) to unlock valuable customer insights, enhance proximity marketing, and enrich the shopping experience. Beyond large brands and multi-store chains, numerous brick-and-mortar retailers are integrating location-based technologies into their operations to elevate the in-store experience, boost retail functionality, and drive sales. A notable trend emerged between 2020 and 2021, where the percentage of brick-and-mortar shoppers using smartphones for in-store shopping increased from 28% to 34%. This trend is mirrored in developing regions across the Asia-Pacific, including China, India, South Korea, and Southeast Asian nations. Retailers are actively encouraging customers to use location-based apps, providing essential information on store navigation, promotional offers, and exclusive store benefits.
Advanced location-based solutions can significantly enhance in-store experiences by offering a wide array of analytics, leading to improved customer interactions and operational efficiency. These solutions utilize specialized sensors to track high-value items and inventory, from shopping carts and ladders to Point-of-Sale (PoS) devices and goods pallets. User-friendly mobile apps enable staff to effortlessly configure asset tags, allowing for quick identification and location of physical assets within indoor spaces.
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According to the Mobile Economy Asia-Pacific 2022 report, the number of mobile internet users in the Asia-Pacific region surpassed 1.2 billion by the end of 2021, achieving a penetration rate of nearly 45%. Mobile services are significantly contributing to the Asia-Pacific economy, driven by the increasing use of smartphones. A growing number of consumers are embracing location-based solutions to enhance their shopping experiences. Retailers are seizing the opportunity to utilize their existing Wi-Fi networks for collecting actionable location data, propelling the adoption of location-based solutions and services in the region’s retail sector.
The advantages of location-based solutions for retail enterprises include:
- Optimizing retail site selection
- Enhancing navigation and delivery processes
- Improving customer service
- Identifying expansion opportunities
- Predicting future trends
- Boosting search engine rankings
- Monitoring user activity
The rising implementation of GPS-based systems in supermarkets, coupled with the increasing use of services such as indoor navigation, interactive maps, and real-time insights, is encouraging retailers of all sizes to adopt location-based services. This trend is driving substantial growth within the market.
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Final Thoughts
The retail industry is harnessing the power of location-based services to glean valuable customer insights, capitalize on proximity marketing, and enhance the shopping experience. These solutions are instrumental in tracking high-value items and inventory, from shopping carts to Point-of-Sale devices. With the rise of smartphone adoption, retailers now have the chance to leverage their existing Wi-Fi networks to gather actionable location data. The growing demand for location-based services to improve customer service and optimize navigation and delivery processes is fueling market growth in the retail sector.
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