Single-Location Analytics Reports for Affordable Foot Traffic Data
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Solution Overview
Problem
Existing business analytics reports are costly and inaccessible to smaller real estate brokers, agents, sellers, and buyers, as they require annual subscription fees of $3,000 to $8,000, which most cannot afford, and do not provide critical data like foot traffic and revenue, essential for assessing business value.
Innovation Solution
A system and method for providing single business analytics reports at a lower cost, accessible through real estate platforms like CREXI™ and LoopNet™, allowing users to purchase reports individually or in bundles, with options for basic or advanced data, including foot traffic and revenue data, tailored to individual business needs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Quantity of substance
If annual subscription models are used to provide business analytics reports, then comprehensive data access is achieved, but accessibility and affordability deteriorate
Solution Approach 1:
The patent segments the comprehensive business analytics data into individual report units that can be purchased separately. Instead of requiring an annual subscription for access to all businesses, users can purchase single reports for specific businesses or locations they are interested in, making the data accessible to a broader audience without the high subscription barrier.
Solution Approach 2:
The patent extracts the essential value from comprehensive analytics reports by providing targeted, on-demand reports for specific businesses. This allows users to obtain the critical foot traffic and revenue data they need for particular investment opportunities without paying for access to all businesses in the database.
2Ease of operation
If single business analytics reports are provided at lower cost, then accessibility improves, but data comprehensiveness deteriorates
Solution Approach 1:
The patent applies local quality by providing different levels of report comprehensiveness based on user needs. The system can deliver focused reports containing only the critical data points (foot traffic, revenue) that matter most for single-business evaluation, rather than forcing users to pay for comprehensive multi-business access they don't need.
3Duration of action of stationary object
If annual subscription fees are charged, then service sustainability is improved, but customer base size deteriorates
Solution Approach 1:
The patent implements a dynamic pricing and access model that adapts to different user needs and spending capacities. Instead of a fixed annual subscription, the system allows users to purchase reports as needed, with options for single reports, bundled reports, or periodic subscriptions. This flexibility expands the customer base to include brokers, agents, and investors who would not afford traditional subscriptions while maintaining service sustainability through diverse revenue streams.
Data Source
AI summary
A system and method for providing single business location analytics report are provided. The system and method comprises an analytics report for a single business location that incorporates, but not limited to, foot traffic data and/or business revenues. The system and method further comprises an analytics reports via real estate platform, analytics provider's platform and/or standalone platform. Platform may include website and/or mobile application.