The importance of a right location for business success has long been recognized. Factors such as proximity, population density, demographics, and local culture also influence footfalls and consumer engagement. Traditionally, businesses have banked upon survey agencies to collect relevant data before rolling out products or services in new areas. With advancements in technology, however, the process of data collection and generating actionable insights can become more efficient, enabling businesses to make more informed decisions.
Enter GeoIQ, a location AI startup based in Bangalore, that specializes in providing businesses with actionable consumer insights to tap into offline demand and facilitate faster expansion. The company already works with well-known brands like Lenskart, HUL, Caratlane, GIVA, Swiggy, Stovekraft, and CultFit.
We spoke to the company co-founder and CEO Devashish Fuloria to learn more about the startup, how it works, and more. Here are the edited excerpts.
Can you explain what problems GeoIQ is trying to solve, and how?
Everybody likes to talk about data, and it’s relatively easy nowadays to collect insights for the online world. However, navigating the offline space presents a different challenge.
Consider I am from a small town. My purchasing decisions aren’t solely influenced by online activities but are also based on my interactions with people, local events, and the neighborhood. We at GeoIQ aim to capture these real-world behaviors and assist businesses in making more informed decisions.
To further understand, let’s take the example of Lenskart planning to open a new store in a city. While online data can provide some insights, it doesn’t paint the complete picture. We provide the company with data-backed information, including details like the average income of people in a specific area.
For instance, if the target audience is individuals with an annual income exceeding Rs 10 lakh, we can offer granular information on where exactly in the city such people reside. This level of detail allows us to answer questions like which brands are present, where the target audience frequents, and which streets in Delhi attract the highest footfall for a fashion accessory market.
Additionally, we predict the potential revenue a business can generate from a specific property.
How do you make sure your technology delivers higher accuracy?
We cover more than 600 data sources, which also include the local government reports and surveys, publicly available data sets, listings of rental properties. We also leverage satellite imagery as well. We aim at covering a 360-degree view of the location using artificial intelligence.
Moreover, data comes in raw formats. Our in-house team, which includes data scientists, processes them along with using proprietary algorithms. We also do manual interventions to ensure the accuracy of the company. We have seen we have been 85% to 95% accurate in delivering the right information.
What new features and expansions can we expect from GeoIQ in the near future?
One of the things we are super excited about is adding a new insight area — footfall estimates to business. For now, there are not enough places where you can get such reliable data. We will also be investing in improving our technology and expanding our business.
It is worth telling that we have not chased new clients. A lot of companies are automatically finding us. When founders go to their investors saying they are planning to open 100 stores and we need some capital, investors ask them how they execute the plan. In fact, investors have recommended GeoIQ to such founders looking to expand their offline footprints at larger scale.
