The latest competitive intelligence assessment by Infiniti Research on convenience hardware provides a detailed analysis of the competitors and the various distribution channels in the North American market.
Convenience hardware – market at a glance
The dynamic fluctuations in economic variables such as consumer sentiment, household income, and trends in the home renovation are encouraging convenience hardware manufacturers to adopt competitive intelligence assessment to gain a strong foothold in the market. The rapid rate of urbanization, strong economic growth, increasing disposable income, and rising standard of living is fueling the demand for convenience hardware products in the market. The constant changes in production techniques and increasing awareness of environmental sustainability is encouraging vendors in North America to measure the competitiveness of the market and gain an advantage over its peers. The rising demand for products in the home improvement sector and the popularity of DIY home décor ideas is fueling the growth of the convenience hardware market. Millennials are the newest target consumers for various retail and manufacturing suppliers. The introduction of new product portfolios and youth centric hardware products are business ideas to attract the millennials consumer segment. Moreover, the adoption of different distribution channels such as online sites and mobile applications will help suppliers expand into niche markets.
Infiniti’s competitive intelligence assessment on convenience hardware provides a complete outline of the competitive environment in which a business operates. The study also highlights the investment plans, competitor profiles, expansion records and plans, and company characteristics of the convenience hardware market. The study helps companies overcome industry challenges effectively and provide strategies to help businesses launch new retail formats and offer better customer satisfaction to increase their profitability.
Several manufacturers and suppliers are leveraging e-commerce to expand their business in emerging markets and gain access to a larger customer base. Organizations are investing in the development of innovative technologies to facilitate mass merchandising. Mobile apps, 24/7 chat support, and online portals are some of the innovations used by vendors to increase their customer shopping experience and create a strong brand name.
Focus on value-added services
Retailers are offering value-added services to attract a larger customer base and increase their overall satisfaction. Specialized packaging services, offering refreshments while the customer waits for their turn or completion of a service, or providing handyman services are a few of the benefits retailers are providing customers to improve their experience and increase their retention rate. Value-added services are the easiest way to build strong and long-lasting customer relationships. Companies use competitive intelligence assessment to analyze and offer superior services than their competitors to be ahead of the curve.
Solutions and recommendations
Infiniti’s competitive intelligence assessment helps businesses to analyze the overall market landscape of the convenience hardware market in North America and evaluate the different strategies adopted by its competitors. Some of the solutions offered include:
- Provide a detailed understanding of the competitive landscape, including the leading competitors and their current market shares in the convenience hardware market in North America
- Help the client categorize the brands based on priorities of the users in the market and devise effective growth strategies
- Provide an exhaustive breakdown of the penetration level of the convenience hardware market in the target regions
- Classify the existing competitors in the market and their market potential
- Analyze the market and help determine the broad channels of distribution to increase profitability
Read our comprehensive case study on how we helped a leading client understand the convenience hardware market through a competitive intelligence assessment.
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