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It’s no secret that to compete in today’s business world, you must maximize your use of data. Data has become table stakes across industries, and the organizations leading the way are those finding new, unique sources and leveraging machine learning to optimize their strategies.
With increased computing capabilities and ever-growing connectivity predicted for 2022, data will continue to have a starring role. As organizations prepare for the new year, with the worst of the pandemic said to be behind us, there are both opportunities and challenges. It is going to be mission critical for businesses across the retail, hospitality, real estate, media, and advertising sectors to have relevant and reliable data to know how consumers are living, shopping, and spending in the post-pandemic world – one that we can’t rely on historical data to understand.
Connected vehicle data (CVD), generated directly from millions of active connected vehicles, provides unique insights into what is happening on the roads both in real-time and retrospectively. Unlike traditional mobility sources like smartphone data, it gives visibility specific to vehicle journeys, using information only accessible through exclusive auto OEM partnerships. CVD can help uncover consumer behavior on a level you haven’t had access to before and can be what sets you apart from competitors.
How CVD can help you in 2022
Gain an accurate understanding of today’s consumer behavior
We know that the pandemic has changed consumer behavior and which trends continue in a post-pandemic world is uncertain. Relying on historic analyses and reports from pre-pandemic years could misguide businesses. Leveraging CVD as a data source can help you ensure you have the most up-to-date information based on how consumers act today. Wejo CVD is updated every three seconds and available quickly and easily, enabling fresh perspectives and informed decision making. Our CVD analysis found journeys overall are down when compared to pre-pandemic levels; however, the distances of journeys have increased, and time spent at destinations is longer. This type of information can be powerful in better understanding the target market of a specific area – whether to serve them a billboard or inform real estate investments.
Monitor peak travel times and potential high-risk roadways
Reliable insight into peak travel times and days of the week when consumers are most likely to visit a store is hugely valuable for real estate investors, property managers, retailers, hospitality professionals, and those in marketing and advertising. CVD can provide a granular view into the days and times consumers are driving by a specific site – useful in analyzing a potential new store or restaurant opening. It also can show the peak days individuals are going to a shopping plaza, helping retailers optimize staffing and increase profitability.
Analyze new site locations and evaluate retrofits in existing properties
While it may seem that CVD features like incident reporting are more relevant to those in traffic management, the insights that businesses can get from understanding risk around their buildings is foundational to ensuring successful, safe operations. CVD can help illustrate simply, where there are hot spots or areas prone to accidents, whether in your parking lot or at a nearby intersection. This information can help guide retrofit investments and is useful when evaluating new locations for stores or property investments.
Wejo provides accurate and unbiased unique journey data, curated from millions of connected cars, to help you optimize your business strategy, underpin new propositions, improve competitiveness, and drive innovation.