Technology / Business Definition
Mall IQ, Inc. is an indoor location based mobile engagement and analytics platform for Loyalty, Retail, E-commerce or Banking Apps. We integrate with Loyalty, E-commerce or Banking apps and measure their customers purchasing intent in physical world in real-time and make it insightful and actionable.
Banking, loyalty, retail and E-commerce Mobile apps need to understand their customers purchasing intents and engage their customers to improve satisfaction and sales. In shopping malls, where customers spend time indicates their interests and purchase intent before they take action. Notifications sent at the right time and location increase purchases, however too many notifications annoy customers and reduce engagement. Thus, apps supporting many current campaigns in one shopping location need to be selective in sending campaign messages..
There are two major approaches to understand shopper behavior and engage customers via mobile apps.
(1) Beacon-based solutions use the Bluetooth technology to communicate with mobile devices in close proximity. They require installing 100's of hardware devices in each shopping venue, which further requires agreements with malls and stores that may be competing with each other or have already installed a competitor company’s beacons. Beacon installations also involve Capex, time and maintenance.
(2) SMS or Geofencing-based solutions engage the customer depending on their location estimated by cell tower triangulation or GPS, which is not adequate in narrowing down the intent of the customer as there may be 100+ stores in each shopping mall.
(1) Our technology does not require beacons or any other hardware in shopping venues, thus any agreements.
(2) Our location technology is accurate to each particular store in a multi-level shopping mall where GPS does not work, so we can determine the purchasing intent of the customer precisely and select campaigns for each customer based on their current location and their location history.
As there is no hardware installation need, our product can offer more competitive prices and easy scalability, with more precision on exact location of customers, thanks to its special location technology.