For 62% of retailers high accuracy in location targeting is very important, according to a new survey by Location Sciences.
The company asked 157 UK retail executives for their opinions on location data. It found that 57% prefer location targeting accuracy to come within 1-5 meters. However, in reality such accuracies aren’t often the case. Just 4% of respondents said they would expect location data to be accurate within 100 meters.
Another 36% of retailers find that they gain the most insight by establishing accurate location-based audiences.
Another 53% of respondents would like to measure dwell times at locations as these could offer valuable clues as to the quality of the data itself.
Although generally perceived to be unreliable, over half of retailers (54%) are still getting their data through programmatic bids.
Over one third of retailers (36%) want a time stamp to accompany any location data.
“UK retailers expect accurate data and insight when buying location-based advertising campaigns, however the market is not meeting this need,” explained Mark Slade, Location Sciences CEO.
“With the IAB reporting 2017 mobile display ad spend of £2.54 billion and estimates that 80-90% of location signals are inaccurate, it is time the media industry treated location accuracy with the same significance as viewability, fraud and brand safety before it. The case for industry location benchmarks and independent verification is clear.”