The Sitewise Solutions Team has been hard at work putting together a near real-time set of tools that will provide our clients with insight into their store’s trade area performance. With so many atypical factors in the market during the COVID-19 pandemic, it may be difficult to rely on normal measures to gauge the performance of your locations.
Our COVID-19 Impact Assessment Report co-mingles daily and weekly massive mobile data, social media conversations, unemployment modeling and mortgage risk data to provide a comprehensive picture of what is happening on the ground. With this report and over 20 supporting mapping layers, you can evaluate how factors such as social distancing practices, co-tenant and competitor visitation, social sentiments, and household economics can influence your stores’ performance and your strategy at both the trade area and market level.
The Fuel that provides the Insight
In these unprecedented times, our data partners have gone above and beyond to provide previously unheard of (weekly and daily) data feeds. Here’s a short summary of what our team and partners are offering within Sitewise during the COVID-19 pandemic:
Shelter in Place by SafeGraph: Monitor how residents of a trade area or market are reacting to government imposed social distancing policies. Our Shelter in Place metrics and heat maps will help you to quantify whether people are actively returning to the marketplace to shop or continuing to maintain stay-at-home physical distancing practices.
Weekly Visitation Trends by SafeGraph: Track weekly shopper visitation trends at individual stores for an 8-week historical period, or benchmark your trade area(s) against an entire market segment (i.e. restaurant, grocery or health care). For example, you can click on your store locations, a competitor, or a cotenant’s geofence to instantly view whether business activity at that location is increasing or continuing to decline due to COVID-19 impacts. Our report metrics also evaluate how shopper visitation in your trade area changed in the past week, or benchmarks against pre-COVID levels.
Unemployment Modeling by Applied Geographic Solutions, Inc: Assess the economic impact of COVID-19 furloughs and job losses by measuring weekly unemployment rates in your trade areas. This will help you to determine what percentage of the labor force is out of work and therefore experiencing reduced discretional spending and consumption. As markets rebound and the job rate increases, you will be able to see the uptick in employment by blockgroup across markets.
Social Media Sentiment Tracking by Spatial.ai: Get an inside look into the actual conversations and feelings being expressed on social media platforms towards the COVID-19 pandemic. This unique dataset will enable you to gauge consumer sentiment and whether their outlook is positive or negative. Use social media sentiment to assist you with your store re-opening plans.
Mortgage Risk Exposure by Synergos Technologies, Inc: Combining unemployment estimates with STI’s Mortgage Risk exposure metric will allow you to assess the financial vulnerability of your trade area and their capacity to recover from the current crisis.
COVID-19 Case and Growth Tracking by John Hopkins Coronavirus Resource Center: We’re offering thoughtful metrics and derived data statistics that monitor COVID-19’s disease progression. While many other mapping providers only repost the standard case counts, we went deeper to offer disease metrics, calculated infections per capita, daily incremental case growth and trends – all within Sitewise.
With many different tools available and an ever-changing environment, the team at Sitewise is ready to help you navigate this unprecedented time. Feel free to reach out to us at firstname.lastname@example.org with any questions about what is available or how to begin.