It is estimated that between 2008 and 2013, e-commerce sales grew ten times faster when compared to the in-store segment.
Today, with the rising shift towards a consumer-driven economy, companies in the retail industry have started emphasizing on delivering authenticity, newness, convenience, and creativity in their product offerings. The retail market comprises of establishments who are engaged in selling merchandise for personal and household consumption. Moreover, factors such as the changing preferences of the customers are compelling retailers to find new ways to delight their customers and strengthen loyalty. The growth of the retail market can be attributed to factors such as rising GDP, disposable income, and consumer spending.
Some of the factors that may curtail the growth of the retail market include:
- Influence of mobile shopping: With the growth of the online retailing sector, prominent businesses have started witnessing a considerable rise in the mobile shopping activity. As of 2016, the mobile retail showed a 54% increase in the year-on-year performance. The relentless growth of technology is compelling businesses to stay updated and adapt to the current competitive environment.
- Attracting and retaining talent: The retail market comprises of several establishments offering a wide array of services to the customers. So, it becomes crucial for organizations to attract, retain, and develop a workforce that addresses the growing demands. Organizations should also ensure that they are attracting the talent with similar skill sets.
To address such challenges and gain a competitive edge over their competitors, businesses are leveraging competitive intelligence solutions. Competitive intelligence helps businesses identify and profile the prominent competitors and generate meaningful insights to enable informed decision-making. Also, competitive intelligence solutions help businesses enhance their competitiveness and establish their presence in the market.
The Business Challenge
- The client- A renowned player in the retail market
A prominent client in the retail market wanted to gain better insights into the company’s competitors and enhance their competitiveness in the market. With the aid of Infiniti’s competitive intelligence solution, the retail market firm wanted to profile the key competitors and benchmark their pricing plans. The client wanted to understand the prevailing competition to benchmark their products and accordingly allocate resources to meet the business requirements.
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To cater to the specific requirements of the retail market client, the competitive intelligence experts at Infiniti carried out extensive research comprising interviews and discussions with prominent stakeholders in the retail market. To formulate effective business strategies, the experts also compiled information across a wide array of reliable sources such as trade shows, paid industry databases, and company presentations.
The Solution Benefit and the Business Impact
The competitive intelligence solution offered by Infiniti helped the client in the retail market understand the strengths and weaknesses of the competitors and identify the unique selling propositions. The engagement also helped the retail client successfully launch and market new products and services. The engagement also sought ways for the client to identify the gaps in terms of their capabilities and performance and rank their business against the most successful competitors. The client in the retail market space gained detailed insights into the competitors’ value proposition, customers, finances, and infrastructure.
With the aid of innovations, digital stores will continue to infiltrate the four walls of traditional stores. Moreover, factors such as growing digitization will further influence the growth of the retail market over the next couple of years.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the retail market