Retail is a very crowded and aggressive market, and to survive, retailers must have competitive intelligence. Competitive intelligence can help retailers in various ways to keep a watch on the market. These days, it is essential to research market conditions before framing conclusions. The following are some methods of competitive intelligence to stand out from fellow retailers.
ANALYZING COMPETITORS’ PRICING
Pricing is believed to be one of the most prominent factors in determining competitive advantage. To have an edge over others in the market, competitors’ pricing must be ascertained. Different prices, such as the cost price, sales price, and discount price, are shown by retailers to take advantage and create more impactful pricing. Such offers are lucrative and can entice consumers. Knowing your competitors’ prices can keep you one step ahead of their strategies.
GETTING AN INSIGHT INTO COMPETITORS’ PRODUCTS
While pricing is an essential factor, the availability of products comes right after. In this modern era, products tend to update rapidly, and your competitors may stock something new while you store the outdated model. Such situations may give your customers a reason to choose others over you. To make sure that you remain the first choice, you must keep track of your competitors’ product line and, if necessary, get those products. At the same time, you must try to stay ahead of the trend curve in the market and be the first to offer efficient and innovative products.
MANAGING SUPPLY AND LOGISTICS
For large-scale retailers, supply and logistics play a crucial role. To expand and remain successful in the retail market, retailers must nail their supply and logistics management. Right from procurement and warehousing to delivery of products, a streamlined and efficient supply chain ensures productivity. The timely administration of goods allows prompt and quality service to customers, which, in turn, adds to the goodwill of the business.
ENSURING TERRITORIAL EXPANSION
Expanding businesses is another way to gain an edge over competitors. Before doing so, however, retailers must carry out an in-depth study and analysis of the territory they wish to expand in. When opportunities seem fruitful, and the conditions are right, expanding a retail business leads to broader recognition among the market. With wider choices for consumers, the company stands a chance to increase its credibility among competitors.
In today’s era, online retail is a new method to gain an advantage over competitors. Adapting to online business models unfolds a plethora of opportunities for retailers, including broader reach, better customer service, and ease of maintenance. Especially for small-scale retailers, the internet offers a unified platform to compete. Instead of following the traditional brick-and-mortar system, an online store is automated and does not require any supervision. While providing convenience to consumers, it also offers retailers innovative techniques for marketing their products.
TOP BENEFITS OF COMPETITIVE INTELLIGENCE FOR RETAILERS
- Helps in identifying new market opportunities.
- Analyzing market trends.
- Enhanced product offerings.
- Improved decision making.
While running a business and keeping tabs on competitors seems taxing, the BARE-IFY audit application is an AI-driven application that helps retailers keep track of all parameters necessary to maintain a stronghold of the market. It empowers them to carry out their business in a streamlined manner and make calculated decisions through accurate information.
For more information on how we can help you set up an audit program, send us a note here. We, at BARE, believe in the ‘why’ behind the reasons, and we will provide actionable insights to help you provide the best experience for your customers.