BIA/Kelsey Introduces the Local Commerce Universe (1.0)
BIA/Kelsey recently soft-launched an interesting new take on the local marketplace, entitled the Local Commerce Universe (LCU for short). It’s an effort to identify and categorize the wide array of products and services available to any brands that operate their businesses, in any capacity, on a local level.
The Local Commerce Universe consists of over 3,000 companies that engage in local commerce, divided into over 30 defined “galaxies” based on product- and service-type. BIA/Kelsey intends to use the LCU template to guide research, investment advisory, and thought leadership practices on behalf of their clients as well as the overall local and SMB communities.
Abid Chaudhry, BIA/Kelsey’s Senior Director of Industry Strategy and Insight (you might remember seeing his name pop up in Part 1, Part 2, and Part 3 of our interview with him), described the LCU in this way:
“For two decades we have watched local marketing evolve from traditional media and advertising into a much broader ecosystem of commerce solutions for SMBs and brands. The Local Commerce Universe is our vision for how to best organize the services that support and drive $7 trillion in U.S. local consumer spending.”
YP℠ is represented in the Local Commerce Universe under the following categories:
- Tradition Media Resellers
- Location Based Marketing & Advertising
- Search Marketing Platforms
- Desktop & Mobile Ad Networks
- Local Listing Management
- Online Local Directories
According to Abid, there is more to come on the LCU front in 2016, “BIA/Kelsey plans to release a 2.0 version in Q1 2016, including an interactive database tool for searching companies, marketing objectives, and ‘galaxy’ clusters as detailed in the LCU graphic.”
Categorized in: Research and Insights