Tag: retail industry

Market research analysis

How Market Research analysis helped a Big-box Retailer Fine-Tune Their Processes to Adapt to the Changing Retail Dynamics in the US

As e-commerce and specialty stores grow in appeal, big-box retail stores are gradually losing relevance. The numerous store and company closures across several categories over the last decade is a key indicator of the shrinking demand for big-box retail. One of the prime reasons for this is that customers are no longer keen on being anonymous shoppers in large retail stores. Consequently, big-box retail companies must shift their strategy from competing on access and selection to providing better discounts and staging greater consumer experiences. Moreover, the proliferation of ecommerce stores in the US that are able to offer a wider option when compared to brick and mortar stores, consumers are becoming more inclined to use these platforms for making a purchase. All these factors are making it highly challenging for big-box retailers to grow and retain their customers. This is where the benefits of leveraging a market research analysis comes into play.

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Market research analysis

Business challenge

The client: A big-box retailer with stores across North America

Industry: Retail & CPG

A major big-box retail chain observed a steady decline in their store traffic over two consequent quarters. They were facing predicaments in identifying the exact reasons for the sudden reduction in the footfall. In an effort to increase their store traffic, the client even invested aggressively into promotional campaigns. However, they failed to achieve the desired viewership and conversions. This also had a great impact on their overall sales and profitability, with the net profits plunging by at least 15% each quarter. The client approached Infiniti Research to identify the critical reasons for their reduced footfall and traffic and also identify strategies to get back on track with the help of our market research analysis.

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Furthermore, by leveraging our market research analysis solution, the client also wanted to tackle other key challenges including:

Build brand loyalty

As consumers today have a wide range of options to choose from, they tend to switch between different online and offline platforms to make a purchase. With Infiniti’s market research analysis, the client wanted to identify the factors affecting consumer purchase and brand loyalty and build appropriate strategies to retain their customers and turn them into repeat shoppers.

Identify the right marketing channels

The client’s previous promotional strategies failed as they failed to identify where their target customers are before investing in marketing campaigns. Using Infiniti’s market research analysis solutions, the client was keen on grouping different customers based on their purchasing behavior and create targeted marketing campaigns to attract these segments.

Create promotional strategies

With the help of our market research analysis, the big-box retailer also wanted to understand their competitors’ promotional activities and strategize their own promotions and discounts accordingly. They also wanted to learn how their big-box retail counterparts are withstanding competition from new players such as ecommerce and specialty retailers.

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Solutions offered

To help the client tackle the above-mentioned challenges, the experts at Infiniti Research conducted a comprehensive retail market research analysis. The market research analysis involved qualitative and quantitative market research for augmenting sales and targeting the right audience for the big-box retailer. The experts at Infiniti also carried out a market trend analysis in order to understand the change in market trends that are affecting the sales and profitability of the business. The industry best practice assessment undertaken as a part of the market research analysis also provided the client details about the strategies adopted by their peers in the market to withstand competition from ecommerce and specialty retailers and retain their customers. The market research analysis also included a customer satisfaction and loyalty assessment through which the client was able to gain a better understanding of what their customer expectations were and their gaps in fulfilling them.

Results obtained

By leveraging Infiniti’s market research analysis, the client identified that one of the key reasons for the declining footfall was the lack of personalized in-store experience and offers. The market research analysis study helped the big-box retailer understand the promotional tactics adopted by their counterparts and formulate similar offers that were most viable for their business and at the same time attract more customers. They were also able to identify the right promotional channels where their target customers were most active and undertake targeted marketing campaigns to drive more sales. As a result of these targeted campaigns, the big-box retailer also observed a rise in the number of repeat shoppers.

By leveraging our market research analysis, the client consequently saw an increase in their profit margin by 25% within 6 months.

Learn more about how Infiniti’s solutions can help overcome challenges in retail.

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Opening the Door to Millennial Customers with Infiniti’s Retail Marketing Strategy Engagement

As the younger generation begins to finally get some relief from financial woes, they are likely to become extremely important for retail brands.

With the millennial group becoming the generation with more buying power in the European market, it’s becoming more important than ever for retailers to understand what makes millennials open their digital wallets. Also, with major retailers taking advantage of various avenues of digital social networking promotions, today’s marketers cannot solely rely on their brand name and traditional advertising techniques to drive sales. As such, companies are partnering with firms like Infiniti Research to leverage their expertise in formulating an efficient retail marketing strategy.

To capture the enormous purchasing power of millennials, retailers need to shift their techniques to match the preferences of younger consumers. Request a FREE proposal to know how our retail marketing strategy can help your company to formulate an efficient retail marketing strategy plan.

Business Challenge

The client, a retail company based out of Central Europe, witnessed a huge loss in their marketing spend as they solely relied on TVs and print advertising techniques to promote their product offerings. Also, these traditional sales and retail marketing strategies turned out to be costly for the company due to dynamically changing millennial customers’ needs and requirements. Furthermore, the company witnessed a huge loss in their marketing spend and this subsequently impacted their sales rate.

The client, therefore needed a partner to play a key role in helping them formulate an efficient retail marketing strategy to attract the millennial group. The company, therefore, approached Infiniti Research to leverage their expertise in formulating an efficient retail marketing strategy.

Key objectives the client aimed to achieve by leveraging Infiniti’s retail marketing strategy engagement were:

  • Build and maintain brand awareness to drive sales
  • Create targeted promotions and enhance return on investment in marketing
  • Enhance customer loyalty by consistently reinforcing brand messages

The increased access to technology has given young consumers an unprecedented degree of connectivity. For retail brands, this trend will bring both challenges and equally attractive opportunities. CONTACT US to know how our experts can help you to efficiently formulate a retail marketing strategy to capture customers’ attraction and drive sales.

Solutions Offered and Value Delivered

To help the client formulate an efficient retail marketing strategy, the experts at Infiniti Research followed a four-phased approach. The initial phase of the engagement involved analyzing the needs and purchasing platforms of millennial customers and segmenting them into various groups based upon their characteristics and needs. In the next phase of the engagement, the experts conducted an optimized multi-channel campaign and monitored the incremental sales lift. The third phase involved tracking and analyzing channels that brought maximum engagement and sales. In the last phase of the engagement, the experts formulated an effective retail marketing strategy for the client based on the insights obtained.

Infiniti’s retail marketing strategy helped the client to efficiently utilize their marketing budget and attract the millennial group through targeted marketing and promotional campaigns. This improvised the sales and further helped the client to align their business strategies to the expectations of their customer segments. In addition, with Infiniti’s retail marketing strategy, the client was able to curtail the marketing spend and reach a large pool of prospective customers. Furthermore, Infiniti’s retail marketing strategy engagement helped the company to enhance their profit margins by 27%.

Interested to gain more insights into our retail marketing strategy engagement and know their benefits for your business? Request for more information.

Retail Marketing Strategy Benefits

retail marketing strategies

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Retail industry analysis

Market Scan: Retail Industry Analysis and Market Updates

The retail industry is increasingly colliding with adjacent consumer-focused sectors, as a result, the industry continues to undergo constant disruption. Amidst all the retail industry trends and changes, one thing that remains consistent is the fact that consumers are becoming more powerful and retailers are trying to do all it takes to meet the changing customer demands. Last year left the retail industry with a lot to digest including a strong U.S. economy, the holiday season that delivered record-breaking sales, some high-profile bankruptcies, and other global trade and economic challenges. Our retail industry analysis reveals that although in 2018 the retail industry was bolstered with a strong labor market and elevated disposable personal income; the economy may face some headwinds this year. This means that 2019 will be a year of transformation for retailers and they will require to make some bold moves to make distinct space for themselves in the market.

Our retail industry analysis has helped several global brands understand their current market dynamics and strategize their moves to outperform their peers in the market. Request a free proposal to know how our solutions can help your business.

Retail industry analysis 2019

Retail industrySupply chain as a differentiator

Our retail industry analysis reveals that retailers are increasingly leveraging supply chain to differentiate their services. However, a major challenge here is to make the supply chain more predictable, less costly, and faster. Top companies in the retail industry believe that supply chain improvements can be a significant growth driver for the future. Rather than investing in retail industry trends like automation and smart packaging, it is important for retail companies to now think about using wider supply chain strategies for accumulating long-term competitive advantage.

The changing retail value chain

The value chain across the retail industry is becoming increasingly compressed. Our retail analysis experts have identified that several retailers are accelerating their merchandise cycles and moving their supply chains closer to their target customers. Retail companies are also making efforts to deploy advanced technologies that improve the process of connecting with their customers.

Moving away from transactional thinking

Earlier retail businesses revolved around isolated transactions where customers were bombarded with discounts and offer messages, the primary intent being to increasing sales. Today, retail brands are highly focused on delivering exceptional customer experience and are also using it as a tactic to compete better in the market. A retail industry analysis by experts at Infiniti Research revealed that a good majority of brands are using customer experience as a strategy to boost both their online as well as in-store sales. This is one of the primary reasons why retail giants like Walmart is thriving despite several others shutting shop. The company has rolled out several initiatives to streamline in-store customer experience by using advanced technologies like touch screen, search kiosks, and allowing customers to use mobile phones to scan products. Several other top retailers are undertaking similar measures to redefine the shopping experience for customers.

We live in the age of customer-centricity where your customers expect fluid, delightful, and useful experiences from your brand. But do you have what it takes to deliver this? Request a free brochure to gain insights into our service portfolio and learn how we can help your business better under the needs of your target customers.

Pop-up luxury retail stores

Several luxury retail labels are trying to lure millennials and Gen-Z customers due to their shifting priorities and heightened spending trends. Earlier, a pop-up was merely seen as an interesting concept that allowed brands to ‘test’ a retail presence or launch a new product. It also helps generate social media buzz, although short-lived. However, the recent evolution of pop-up fashion stores holds greater intrigue by offering fresh concepts on constant rotation. They are now used as a means to grab customer curiosity and engage with them. In an age where social capital goes hand-in-hand with monetary profits, such initiatives become highly useful for brands.

Nurturing post purchase

In a move towards achieving customer centricity, retailers are giving increased importance to last mile customer experiences. Companies are even going to the extent of acquiring delivery platforms to fulfill their delivery obligations on the same day and promote customer delight. Post purchase nurturing is a long-term growth strategy aimed at giving a better success rate in the future.

Gain more insights into our solutions for the retail industry. Get in touch with our experts.

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Biggest Challenges in Retail Industry Right Now

challenges in retail industry

Customers today are no longer forced to make a purchase decision by comparing a few options that are available. Rather, they are now bombarded with dozens or even hundreds of options to choose from. Therefore, one of the key challenges in retail industry is for companies to differentiate themselves from the other players and consequently improve their visibility in the market. Furthermore, waning brand loyalty as customers tend to switch from one brand to another based on what best serves their requirements now proves to be a unique challenge for modern retailers. They now need to find innovative ways to appeal to both existing and potential customers.

In this blog, retail industry experts from Infiniti Research highlight some of the biggest challenges in retail industry this year and how reliable retail industry data coupled with effective market intelligence solutions can help oust such roadblocks.

We understand that businesses face several challenges in retail industry while identifying and curating high-value customers to develop marketing strategies and maximize profitability. Request a free brochure to know more about our solutions for the retail industry and how we help clients identify market trends, opportunities, and challenges in retail industry.

Challenges in retail industry 2019

Consumers moving to multi-channel buying experiences

Technology has been a major boon to retailers and customers alike, however, they also play a major role in propelling the challenges in retail industry. As consumers are seamlessly moving between online and brick and mortar platforms for shopping, they are becoming more open to retailers who can facilitate these transactions. So, companies that want to thrive in this sector must heed to such retail industry trends and focus on creating top-notch customer experience across all platforms.

 Demand for impeccable customer experience

Brand loyalty largely depends on the customer experience. The level of effort taken to enhance customer experience is directly proportional to the customers’ likelihood to engage in repeat purchases with a brand. However, this is currently one of the key challenges in retail industry as creating a significant customer experience requires retailers to dive-deep in customer details in order to understand their customer better. Providing personalized experiences by identifying customer preferences could contribute to delivering great customer experiences.

Siloed marketing infrastructure

Effective marketing today requires companies to engage with their target customers across various platforms. Multi-channel communications are essential in driving the creation of seamless customer experience. But this could also prove to be one of the major challenges in retail industry because with so many different channels customer data could be siloed. In case all the elements of the marketing department are not working in synergy, chances are that customers could be overwhelmed with conflicting or repeat messages.

To gain a competitive edge in the retail industry despite several ongoing trends and challenges, it is vital to adopt a data-driven approach coupled with the right solutions that can transform this data into meaningful insights. Request a free proposal to learn how our market intelligence solutions can help overcome challenges in retail industry.

How Infiniti’s solutions can help retailers overcomes these challenges?

Creating a winning proposition in today’s complex retail environment requires a superior business strategy, resourceful operations, attractive merchandising, targeted marketing, and the use of reliable technology. We provide strategic market intelligence solutions and help our clients identify challenges in retail industry and use their key performing metrics to facilitates quicker decision making and better customer service. Get in touch with us to know more about our market intelligence solutions for the retail industry.

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