Revolutionizing Retail Insights: Analyzing Foot Traffic with Satellite Imagery
As the cost of launching Earth observation (EO) satellites decreases, increased availability of satellite imagery is transforming the financial sector. SkyFi is leading the charge in making this data accessible and easy to use, revolutionizing the financial industry and enabling professionals to make better-informed decisions.
In our last post, we mentioned site observation, the process of drawing insights from EO data over areas of economic interest. In this post, we’ll explore examples of how satellite data can be interpreted by financial professionals to make inferences about brick and mortar sales trends.
Insights into Brick-and-Mortar Store Performance
There are a multitude of ways EO data can be used to collect valuable information about the operations and performance of brick and mortar stores. Below, we focus on three types of inferences we can make based on store traffic by examining satellite images of parking lots.
1. Foot traffic analysis: By counting the number of cars parked in a store's lot over time, financial professionals can estimate the store's daily, weekly, or monthly visitors to track changes in foot traffic over time. The insights derived from this analysis can help investors identify growth prospects, and stores with strong revenue potential, or conversely, identify stores that may be struggling to attract customers.
2. Competitor benchmarking: By counting cars in the parking lots of competing stores in the same area, traders can benchmark the performance of individual stores against their competitors and gain insights into market dynamics. By using these insights, investors can identify opportunities for growth or risks to profitability, and make more informed investment decisions.
3. Market share estimation: By comparing the number of cars in a store's parking lot to the number of cars in the parking lots of competing stores, financial professionals can estimate each store's market share. This data can be used to track changes in market share over time and to identify factors that may be affecting a store's performance. Investors can use these insights to inform investment decisions about specific companies or regions, or to assess the potential impact of market trends and changes.
Staying Ahead of the Curve: Embracing SkyFi for Informed Decision Making
SkyFi provides a user-friendly, simple solution for collecting Earth observation (EO) data, including the parking lot images discussed in our use cases. To observe parked cars, you can easily navigate to your desired parking lot on SkyFi's explore page. From there, you can customize your image criteria, such as the date captured, image type, and resolution. Notably, a Very High Resolution (50 cm image) is essential for accurate car counting. Once you've selected your criteria, you can order an image of the parking lot.
Upon receiving the image from SkyFi, you can leverage an object detection model to automate the process of counting the cars. This allows for efficient analysis and saves time. If you don't have your own pre-trained model for car counting, SkyFi's partner, LandingAI, offers the flexibility to train one.
By harnessing SkyFi's seamless process, you gain exclusive access to cutting-edge technology that empowers you to unlock the potential of EO data. Don't miss out on the opportunity to obtain valuable parking lot images, leverage advanced object detection models, and revolutionize your data collection and analysis. Stay ahead of the curve and make informed decisions with SkyFi—because falling behind is not an option in today's technology-driven world.