Marketers saw the potential of location data early and remain major users of it. But applications of location data are expanding beyond marketing, with some of the biggest growth areas being in analytics and operations for real estate, finance, CPG, and urban planning.
According to the October 2020 BCG survey, location data was very commonly used for geotargeting and other marketing applications across verticals worldwide. Digital customer experience enhancement was also a popular use of location data in several industries.
The survey also found that nearly 4 in 5 retailers that used location data said they have geotargeted marketing. Location data is a core way for retailers to drive consumers to a local store by targeting customers primarily, but not exclusively, through social media and search ads.