In an industry as competitive as retail locations, businesses can gain a competitive advantage by better understanding who their customers are and who their competitors’ customers are. Understanding the marketplace will allow businesses to make informed decisions around right-sizing their marketing budget, messaging their clients about what they care about, and even identifying where to open new locations. But first, we need to identify what retail analytics is.
Retail analytics is the study of people as they move about the country, tracking them from where they live to where they go. Once you understand where they live, then you have a wealth of information available. At your disposal to make informed decisions. But Vado Analytics takes this one step, by also analyzing who your competitors’ customers are and where they live. This allows our clients to understand the total marketplace with competitive pressures from outside forces.
When layering the above on top of your first-party sales data you are able to understand which products to stock in which locations (without guessing at their success), what promotions to push (to gain market share from competitors), and a data-driven ability to forecast revenues for future periods.
But what about opening a new location? By understanding where people are coming to your business from and your competitors, you are able to identify. Where the market is saturated with competition and where you are. Most likely to succeed due to a lack of competing businesses.
Retail analytics is critical to business success, it just takes finding the right partner. Vado has been helping retail businesses for years to answer all of the questions above. Want to be more informed about your location, Vado can help. Let’s get start.