{"id":4734,"date":"2024-12-09T13:34:21","date_gmt":"2024-12-09T08:04:21","guid":{"rendered":"http:\/\/geoiq.ai\/blog\/?p=4734"},"modified":"2024-12-24T11:14:24","modified_gmt":"2024-12-24T05:44:24","slug":"identifying-optimal-store-locations-revenue-prediction","status":"publish","type":"post","link":"http:\/\/geoiq.ai\/blog\/identifying-optimal-store-locations-revenue-prediction\/","title":{"rendered":"Identifying Optimal Store Locations with Revenue Prediction for a Leading Skincare Brand"},"content":{"rendered":"\n<p>Expanding into new markets requires a detailed understanding of various factors that can influence store performance.&nbsp;<\/p>\n\n\n\n<p>A major skincare brand wanted to identify revenue potential for their current operational stores and additional cities where they aim to establish new stores based on their available existing sales data. They also wanted to know the key factors behind the underperforming stores.&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/geoiq.ai\/blog\/identifying-optimal-store-locations-revenue-prediction\/#The_Challenge\" title=\"The Challenge\">The Challenge<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"http:\/\/geoiq.ai\/blog\/identifying-optimal-store-locations-revenue-prediction\/#The_Outcome\" title=\"The Outcome\">The Outcome<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"http:\/\/geoiq.ai\/blog\/identifying-optimal-store-locations-revenue-prediction\/#About_the_Client\" title=\"About the Client\">About the Client<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"http:\/\/geoiq.ai\/blog\/identifying-optimal-store-locations-revenue-prediction\/#Methodology\" title=\"Methodology\">Methodology<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"http:\/\/geoiq.ai\/blog\/identifying-optimal-store-locations-revenue-prediction\/#Step_1\" title=\"Step 1:\">Step 1:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"http:\/\/geoiq.ai\/blog\/identifying-optimal-store-locations-revenue-prediction\/#Step_2\" title=\"Step 2:\">Step 2:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"http:\/\/geoiq.ai\/blog\/identifying-optimal-store-locations-revenue-prediction\/#Step_3\" title=\"Step 3:\">Step 3:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"http:\/\/geoiq.ai\/blog\/identifying-optimal-store-locations-revenue-prediction\/#Step_4\" title=\"Step 4:\">Step 4:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"http:\/\/geoiq.ai\/blog\/identifying-optimal-store-locations-revenue-prediction\/#Insights\" title=\"Insights\">Insights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"http:\/\/geoiq.ai\/blog\/identifying-optimal-store-locations-revenue-prediction\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Challenge\"><\/span>The Challenge<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>&#8211; Identifying the location factors responsible for underperforming stores<\/p>\n\n\n\n<p>&#8211; Prioritising new cities for expansion where they do not have a retail presence yet&nbsp;<\/p>\n\n\n\n<p>&#8211; Get site recommendations with a high revenue potential<\/p>\n\n\n\n<p>&#8211; Assess the achievable revenue potential of existing stores<\/p>\n\n\n\n<p>&#8211; Minimise payback period at new stores, which is more than one year for existing stores<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Outcome\"><\/span>The Outcome<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Utilising GeoIQ&#8217;s solution, the brand has identified 41 cities across India and recommended locations within these cities, where they can generate the highest revenues. They have also identified key parameters that are influencing underperforming stores both positively and negatively.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_the_Client\"><\/span>About the Client<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Our client is a renowned skincare brand with a strong presence in India and the Middle East. With over two decades of experience, they operate 100+ clinics across metro and Tier-1 cities in India. They offer a wide range of personalized skincare consultations by expert dermatologists and customized solutions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Methodology\"><\/span>Methodology<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_1\"><\/span><strong><em>Step 1<\/em><\/strong><em>:<\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Assess the performance of current existing stores shared by the brand<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_2\"><\/span><em><strong>Step 2:<\/strong> <\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Identify factors influencing the success or failure of the stores to highlight reasons behind underperforming stores<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1600\" height=\"566\" src=\"http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-1.png\" alt=\"\" class=\"wp-image-4740\" style=\"width:868px;height:auto\" srcset=\"http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-1.png 1600w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-1-300x106.png 300w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-1-1024x362.png 1024w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-1-768x272.png 768w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-1-1536x543.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_3\"><\/span><em><strong>Step 3:<\/strong> <\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Develop Revenue Model: To forecast the revenue potential of multiple locations across India.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter is-resized\"><img decoding=\"async\" width=\"1230\" height=\"782\" src=\"http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image.png\" alt=\"\" class=\"wp-image-4739\" style=\"width:676px;height:auto\" srcset=\"http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image.png 1230w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-300x191.png 300w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-1024x651.png 1024w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-768x488.png 768w\" sizes=\"(max-width: 1230px) 100vw, 1230px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_4\"><\/span><strong><em>Step 4: <\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Prioritize cities and recommend the most promising locations for new stores based on revenue projections.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter is-resized\"><img decoding=\"async\" width=\"1600\" height=\"1146\" src=\"http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-2.png\" alt=\"\" class=\"wp-image-4741\" style=\"width:846px;height:auto\" srcset=\"http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-2.png 1600w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-2-300x215.png 300w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-2-1024x733.png 1024w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-2-768x550.png 768w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/12\/image-2-1536x1100.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insights\"><\/span>Insights<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The modeling exercise uncovered certain brands&#8217; (previously not on the radar of the client) performance of which positively impacts the performance of stores, these brands attract similar types of audiences<\/p>\n\n\n\n<p>The recommended high-revenue potential locations were characterized by the following:<\/p>\n\n\n\n<p>&#8211; Target Audience: Presence of affluent households with working women<\/p>\n\n\n\n<p>&#8211; Density of Complimentary: High-end apparel and big box electronics and particular brands identified<\/p>\n\n\n\n<p>&#8211; Presence of Derma market: Unbranded, single-operated dermatology clinics<\/p>\n\n\n\n<p>&#8211; Whitespace: Low density of organized competitors<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>By applying our predictive models, the client now has a clear roadmap for expanding into new cities, with the confidence to open stores in high potential locations and avoid seemingly good markets with low density of their target audience.<\/p>\n\n\n\n<p>They\u2019ve also avoided potential losses by not opening stores in 3 cities where the projections did not meet expectations. This approach helped streamline their expansion while ensuring profitability.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/retailiq.geoiq.ai\/in\/signup?utm_source=Blog&amp;utm_medium=CTA&amp;utm_campaign=blog+sign-up\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"300\" src=\"http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/11\/CTA-02-1024x300.png\" alt=\"\" class=\"wp-image-4440\" srcset=\"http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/11\/CTA-02-1024x300.png 1024w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/11\/CTA-02-300x88.png 300w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/11\/CTA-02-768x225.png 768w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/11\/CTA-02-1536x451.png 1536w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>A leading skincare brand wanted to assess revenue potential of existing &#038; new stores, prioritise cities for their next set of stores, &#038; identify factors impacting underperforming stores.\u00a0<\/p>\n","protected":false},"author":10,"featured_media":4737,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[3],"tags":[174,40,51,173,171,172],"class_list":["post-4734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study","tag-location-ai","tag-location-data","tag-retail-expansion","tag-revenue-prediction","tag-skincare","tag-skincare-clinic"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - 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