IdealSpot Combines Industry-Leading Traffic Data from INRIX with Geo-Located Demand to Modernize Site Selection
AUSTIN, Texas, Oct. 27, 2016 /PRNewswire/ -- IdealSpot, the leader in demand driven site selection and evaluation, announced a collaboration with INRIX, the world leader in transportation analytics and connected car services, to bring data-driven decisions to the real estate industry.
With INRIX, IdealSpot now has access to the most robust driver network in the world that includes 300 million vehicles and devices, covering nearly 5 million miles of roads, ramps and interchanges. INRIX real-time and historic data has weekly, daily, and hourly vehicle counts that are broken down by direction and average vehicle speed. Combined with IdealSpot's best-in-class location analysis solutions, including geo-located demand data, the commercial real estate industry now has a powerful tool to inform every aspect of a commercial real estate transaction. Business owners, landlords, developers, and commercial real estate service providers can all use the IdealSpot platform to make smarter real estate decisions.
Site selection and evaluation has moved beyond simply mapping demographics. With IdealSpot, retailers and restaurateurs can now understand markets based on the population's purchase preferences. For instance, is there demand in a targeted neighborhood for a product or service, or do richer opportunities exist in other areas where customers are signaling an interest and intent to purchase?
As an example, Legends Express Car Wash, an IdealSpot client, was historically building locations by mapping demographics and aggregate traffic counts. Today, using the IdealSpot platform, they are able to see who wants a car wash or has "signaled" they are someone who likes to keep their car clean. Combined with INRIX traffic data, Legends now has a more complete view of their markets and potential customers.
The IdealSpot platform showcases this data in an easy to use format. Business owners can explore and get direct answers to their questions. Specific to traffic, IdealSpot's side-by-side comparison tool allows users to select multiple locations and compare their respective vehicle traffic. Certain businesses, such as Legends, require steady day-time traffic where busy customers stop for a quick wash on the way to the grocery store, whereas a drive-through doughnut shop requires a morning spike but disregards evening traffic. Traffic data also provides value to operational planning, allowing businesses to staff accordingly for the busiest days and shifts.
Kevin Foreman, General Manager of GeoAnalytics for INRIX says of the partnership:
"INRIX vehicle traffic data included in IdealSpot's platform enables our data to be distributed further en masse. Individual retail operators are able to perform a quick comparison of existing locations and map competitors. Users gain a vehicle traffic chart of day-of-the-week and hour-of-the-day traffic that is not only easy to consume, but also complements demographic and other datasets that further fulfill the site selection checklist. The user interface is simple and the data behind it is remarkably powerful to make well-informed decisions."
Marc Smookler, CEO and co-founder of IdealSpot says of the partnership:
"By marrying INRIX data to both our demographic and our geo-located demand data, across the United States for over 500 business categories, we help our clients identify valuable opportunities by looking at not only the flow of people into an area, but also what products or services they are looking to purchase. "
View more details about the INRIX and IdealSpot partnership and related FAQs here.
About IdealSpot:
IdealSpot's demand driven site selection enables businesses to identify and evaluate locations based on integrated demographic, vehicle traffic, search intent, and social interest data. By incorporating each data element, IdealSpot identifies market opportunities and voids with proprietary technology that enables users to make well-informed site selection decisions. Partners include global data providers like INRIX, ESRI, and major search and social networks. IdealSpot is based in Austin, TX.
About INRIX:
INRIX is the global leader in connected car services and intelligent movement, a new approach that leverages big data and the cloud to help manage urban mobility. By aggregating a variety of sources and applying intelligence, INRIX delivers comprehensive data and solutions to help move people, cities and businesses forward.
Our partners are auto makers, governments, mobile operators, developers, advertisers, as well as enterprises large and small. We are literally everywhere with over 450 customers across 60 countries.
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SOURCE INRIX
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