Tag: retail industry trends

Retail industry

Overcoming Challenges in Retail with Infiniti’s Solutions – A Storyboard Series of Success Stories

Lower unemployment and tax cuts have fueled the growth of the retail industry over the past year. According to the retail industry experts at Infiniti Research, 2019 will be a precarious year for players in the retail sector. As the stock market is in flux, the future of retail is expected to be dominated by steepening tariffs. Furthermore, another intriguing retail market trend is emerging markets are taking on a greater share of global growth. However, these challenges could also present several opportunities for savvy retailers who are willing to face the winds heads on.

Infiniti’s solutions to overcome challenges in the retail have helped several established brands to enhance their overall performance and drive greater business growth. This newsletter offers a snapshot of some of our success stories and how our experts helped clients overcome some major risks facing the retail industry.

Attracting new customer groups for a fast-fashion retailer using market opportunity analysis

Recently, several fast-fashion retailers have had to wind up their operations due to their inability to cope up with the dynamic market trends and ever-changing consumer demands. This has acted as a wake-up call for other players in this segment to reinvent their strategies to survive. This success story is a great example of how brands that have the courage to self-disrupt will emerge as winners. Our client, a fast-fashion retailer based out of Central America wanted to attract new customer segments and wanted to identify the right marketing channels to invest in. With our market opportunity analysis, they were able to effectively target the right customer groups and thereby increased their targeted segment spend by 19%. They were also able to reverse their declining sales in less than 60 days.

Using customer buying journey maps to identify untapped opportunities

Personalization of customer experience is becoming vital for companies in the retail industry to retain their customers. To do so, retailers will need to map their customers’ journey from awareness to the purchase stage. This is where the importance of customer buying journey maps come into play for companies in the retail industry. A German retailer wanted to devise personalized product offerings, develop better marketing strategies, and drive sales. Experts at Infiniti provided the client with a customer buying journey analysis solution and devised strategies to help them personalize their marketing and sales strategies to drive maximum sales. By identifying the right marketing channels to target customers the client was able to drive customer engagement and enhance ROI by 23%.

Competitive pricing analysis to boost sales and enhance profit margins by 19%

Companies in the retail industry resort to different pricing strategies based on their unique business goals and other key factors affecting their business. However, increase in the number of competitors in the market is increasing challenges in retail especially when it comes to setting prices for products. The client is a renowned company in the Canadian retail industry. The company was facing predicaments in pricing their products in line with the current market demand and adjust to the competitors’ pricing structures. Our competitive pricing analysis solution focused on identifying how similar products of the same category are priced in the Canadian market. This helped the client to identify the optimum price at which they can set their products to attract more customer while making steady profits. As a result, the client was able to overcome challenges in retail pricing and increase their profit margins by 19% in one year.

Reducing customer churn by 37% for a European retailer with customer needs assessment solution

The European retail industry is growing exponentially and presents huge opportunities for retail companies around the globe. Despite this steady growth, rising need for convenience and rapidly changing market realities are making it vital for retailers to understand customer needs and analyze their buying patterns. Our client is a well-known brand in the European retail industry. They noticed a steady decline in sales and consequently increasing customer churn in their business. They wanted to identify the prime reasons for them and overcome the key retail industry challenges coming their way. Infiniti’s customer needs assessment solution helped the client identify their customers’ unmet needs and demands. They also gained detailed insights on the product features that drive product purchase. With this, the company in the European retail industry was able to reduce customer churn rate by 37%.

retail industry

The Reasons Behind Soaring Private Label Success in the European Retail Industry

In the European retail industry, there is currently an unprecedented prominence of private labels. According to our industry experts, the sales and market share of private label brands have climbed to an all-time high in countries including Belgium, Netherlands, Austria, Denmark, Poland, Sweden, and Norway. Our experts believe that some of the key drivers behind the success of private labels are the expansion of retailing around the world, the emergence of e-commerce, the success of discounters, and changing millennial shopping habits. Furthermore, Private labels allow companies in the retail industry to offer something distinct to their customers. With intensifying competition in the retail industry, private labels have grown to include exclusive products aimed at increasing brand loyalty.

Brands in the retail industry should always be on the lookout for opportunities to better serve their customers. Request a free proposal to know how we can help you capitalize on the right market opportunities.

retail industryThe rise of millennials

Millennials are expected to outnumber baby boomers over the next decade as the generation with the highest discretionary spending power. Millennials are known to be experimental in trying out new products and consequently, private labels are becoming increasingly popular among this group. They demand products that do more, provide greater convenience and offer a variety of lifestyle options and are known to undertake extensive research before buying products. Loyalty to established brands in FMCG cannot be expected from millennials. As a result, almost all major retailers in Europe have developed sophisticated private label programs that give tough competition to established FMCG brands.

Attractive and meaningful packaging

Modern retailers have realized the importance of attractive and meaningful packaging and generally, they have been succeeding in using packaging to get the right message across to shoppers. In the case of private label, it is mostly up to the retailer to set the specification, and there has been some heavy investment in packaging solutions. Apart from increasing the market share, private labels have also undergone stratification with the rise of premium and mid-range offerings besides the traditional bargain ones. Stratification has been in practice over several decades. Today, however, we can see stratification based on factors including organic, natural, gluten-free, and value-based.

Private label is a secret weapon for retailers today. To use it right and maximize its potential, experts at Infiniti can help you as it has done with many companies in the retail industry. Get in touch with us for more insights.

Health-conscious customers

The UK is a market where players in the retail industry use private-labels to reinforce an already-strong store equity position. The major supermarkets’ strategy has been to grow private-label sales. This can particularly be seen in fresh foods, while reducing the range of packaged goods. Retailers are gradually expanding their private-label brands to include healthier options, including for consumers with special dietary needs, and recommends looking for opportunities to remove, reduce or replace undesirable ingredients in their prepared foods. The benefits are also being prominently highlighted on packages and with in-store signage.

Ecommerce boom

Private labels are being disrupted on many various levels due to the rise of ecommerce. Several top ecommerce companies are fragmenting the path to purchase and opening new opportunities for private labels. E-commerce platforms are opening up many doors to expand the sales of private labels.

Learn more about Infiniti’s solutions for companies in the retail industry

retail industry

The Age of Retail Revival: How Top Players are Adapting to the Changing Retail Industry Trends

The rules of retail are gradually changing. The success of retail companies no longer revolve around who can offer the lowest prices or a wider category of products. Rather, retail customer experience is now paramount to entice shoppers and persuade them to stay loyal to the brand. While some popular retailers are shutting stores to cope up with the losses incurred, other agile players in the market are embracing new retail industry trends and increasing investment in their physical space to get the desired results.

Although e-commerce sales are soaring, the apocalypse of brick-and-mortar is a concept that is far from reality. The fact remains that consumers love to gain a look and feel of a product before making a purchase, even though they can get it done otherwise through the click of a button. Top retail industry companies understand this behavior and are trying to set the bar high in terms of service and customer experience, in an attempt to outperform ecommerce companies. In this blog, experts at Infiniti uncover new rules for success in the retail industry.

The retail industry is transforming in important ways. Request a free proposal to know how we can help you identify these challenges and formulate strategies to survive.

Adapting to changing retail industry trends

retail industryCreating exceptional in-store experience

Recent studies show that it is more likely for customers to turn to competitor brands in case they face an unpleasant experience in a store. This includes lack of cleanliness, disorganized shelves, and unsatisfactory customer experience. Top companies have accepted such retail industry trends and have already started revamping their in-store facilities and taking efforts to enhance service provided to become more-experience driven and garner more customers to their stores.

Diversification

Retail outlets can no longer survive by only offering what they specialize in. Smart retailers have figured out that expanding their product lines or services is the future of retail business. Several top retail companies have already started venturing into categories apart from their core offering in order to give more value to customers and drive them to these retail outlets.

Adapting to new retail industry trends benefit customers and businesses alike. Wonder how you can stay updated with the retail industry trends and gain an upper hand in the market? Get in touch with our experts for more insights.

Building partnerships

There is no denying to the fact that ecommerce businesses will grow exponentially in the years to come. Entering into partnerships with e-tailers is a great way for brick and mortar companies in the retail industry to survive in the long run. For instance, some retailers have struck partnerships with ecommerce companies that lets customers return goods purchased from other retailers online. It is indeed a very clever way to draw a new demographic for retailers.

Transparent use of data

There is an abundance of customer data available with most of the established companies in the retail industry. Retailers must ensure that these data are put to use without invading the privacy of customers.

Learn more about Infiniti’s solutions for the retail industry

Future of ecommerce

The Flourishing Future of Ecommerce in Canada

Future of ecommerce in Canada

The ecommerce sector continues to gain momentum in Canada, giving the future of ecommerce in the region a positive signal for growth. According to Infiniti’s industry experts, approximately eight in ten Canadians shop online, and they are gradually buying more often, more items, and across product categories. For companies who want to venture into ecommerce business in Canada, now’s the time! While several Canadians prefer to shop from Canadian online retailers, the availability of varieties on cross-border websites are attracting many shoppers towards US and European ecommerce players as well. Though the future of ecommerce in Canada looks bright, the fact remains that not all Canadian provinces are experiencing the same ecommerce growth. Regions such as Ontario, British Columbia, and Quebec recorded the highest ecommerce growth compared to other provinces in Canada. The future of ecommerce in Canada will largely rely on enhanced buying experiences that are rooted in personalization, convenience, and a consistent, timely buying experience across all channels.

Canadians are spending more time online in 2019 than ever before and this trend is expected to continue and boost the future of ecommerce in Canada. Request a free proposal to know to make a place for your business in the Canadian ecommerce space.

Future of ecommerce

Here are a few important facts about the Canadian ecommerce business that companies who want to establish themselves in the future of ecommerce in Canada must know:

Falling shipping time and prices

One of the key factors that have fueled the increased spending on online shopping by Canadian customers is the decreasing shipping costs in the country. As several major online retailers are now offering free or affordable shipping on a large variety of products, Canadian shoppers are now able to purchase online more frequently and without having to shell out excess money. However, the charges for coast to coast shipping may still remain high.

Developing omnichannel capabilities

As majority of the Canadian population are located in urban areas and the prices of coast to coast shipping are rising, we can expect to see more omni-channel initiatives in the future of retail in Canada. New ecommerce trends such as ship to store and store pickup have worked well with Canadian shoppers and has helped to change their mindset to become more accustomed to shop online without immediately losing the brick and mortar store experience.

Get in touch with our experts to know more on how you can stay prepared for the trends and challenges in the Canadian ecommerce market.

Weak Canada dollar and cross border purchases

Ecommerce companies in Canada are adding products outside their traditional product scope into their offerings. One of the prime reasons behind this is the weakening Canadian dollar against other currencies.  This has resulted in fewer cross-border orders because it will cost more with the current unfavorable currency exchange rates for Canadian customers. Moreover, the shipping costs of importing from another country would also prove to be higher.

Learn more about how Infiniti’s solutions can help your business

retail market segmentation

4 Common Retail Market Segmentation Mistakes that You Might be Making

Even the most successful retail companies agree that the ‘one size fits all’ approach is no longer a viable option to survive in today’s exceedingly competitive marketplace. As such, they are using techniques such as retail market segmentation to stay ahead of the game. However, often the lack of preparation or faults in implementation of a retail market segmentation strategy is where companies fail, and this is just the beginning for any retailer looking to segment their audience and better target the most valuable consumers. With over 15 years of experience in engaging retailers in successful retail market segmentation analysis and implementations, experts at Infiniti Research have identified four retail market segmentation mistakes that companies often make and also suggests how to avoid them.

Improve your marketing effectiveness with the right retail market segmentation strategy. Request a free proposal from our experts.

Why do retail market segmentation strategies fail?

 

Retail market segmentation

Defining segments too broadly

Segmenting the customer segments too broadly is one of the most common retail market segmentation mistakes that most companies make. This will consequently make them fall short to a competitor who targets more narrowly. Retailers can successfully create narrow segments by analyzing their customer accounts, website visits, and transaction history. By doing so, companies can better target customers. For instance, a customer who may be frequently purchasing a particular product and may be interested in a new and improved version of the product that the company is planning to launch. Although this might be challenging to achieve at the moment, but it would be more feasible when over time more and more data is gathered.

Not aligning business by market segments

Successful retailers tend to create market focused teams or segments which later gets organized into a market-focused business model. This allows the customer communications and transactions to be more targeted, consequently, making the business more streamlined. Businesses who refrain from doing so are more likely to find their retail market segmentation strategy fail.

By segmenting your customers into different, narrow subcategories, you’ll create more targeted experiences for them that result in better marketing and a better ROI from your marketing efforts. Get in touch with our experts to know how we help our clients achieve this.

Managing segments locally

Some businesses that operate in a smaller market currently tend to set up their retail market segmentation strategy to only apply to their local or regional organization. Although this may work well at present, in the long run when the business grows there are chances that the retailer will get blind sided by a more dynamic global economy.

Unclear retail market segmentation results

An effective retail market segmentation analysis should provide the company with strategic direction to move forward. Furthermore, it should also provide a clear idea of which markets are the most viable to target. If a retail market segmentation research does not meet these requirements, then it is an indicator of a failed approach. So, before beginning, get your research team together and clearly define their goals and the information you’re aiming to get.

Learn more about Infiniti’s solutions for retail businesses.

food packaging market

Achieving Savings of $3.2 Million for a European Retailer | Infiniti’s Latest Market Trend Analysis Engagement

Infiniti’s Market Trend Analysis Engagement for a Retail Company

The European retail industry is rapidly evolving as consumer centricity is becoming mainstream. Also, the advent of experiential retailing and personalization is creating huge opportunities for companies in the retail industry. However, these increasing opportunities and innovations in the market necessitate retail companies to stay abreast with market innovations and changes. This is where companies realize the importance of leveraging market trend analysis solution. Infiniti’s market trend analysis solution has helped various retail industry giants to analyze the evolving retail industry trends and respond to the ongoing market changes to meet customers’ needs at a faster pace.

Request a FREE proposal to learn how market trend analysis solution will help you identify the latest trends and innovations in the market.

Business Challenge

The client is a retail company based out of Europe. With shifting consumer preference, increasing technological innovations, and changing dynamics of the retail marketplace, the client was facing difficulties in analyzing the latest retail industry trends and market opportunities. Their inability to respond and innovate according to the latest trends and ongoing market changes resulted in huge financial losses for the company. The company even witnessed an unexpected rise in their customer churn and this further resulted in a dip in their overall sales. The client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering market trend analysis solution.

With Infiniti’s market trend analysis solution, they were also looking to:

Revamp in-store experience – With experiential retailing becoming mainstream in the European retail market, the client wanted to revamp their in-store experience by understanding the latest retail industry trends and customer preferences.

Personalize shopping experience – Personalization has been one of the major retail industry trends that have been on the rise since the past few years. Therefore, with Infiniti’s market trend analysis solution, the client wanted to understand shifts in customer perception of value to personalize the shopping experience for them.

Understand changes in European retail industry – With Infiniti’s market trend analysis solution, the client also wanted to identify market trends in terms of product development and marketing initiatives.

Solutions Offered and Value Delivered

To help the client understand the retail industry trends and market opportunities, the experts at Infiniti Research followed a three-phased approach. The engagement involved analyzing the latest innovations in the European retail industry, understanding how the client’s competitors adapted to evolving trends and market changes, and identifying the needs of target customers.

The insights obtained from Infiniti’s market trend analysis solution helped the client to understand the latest changes and market innovations taking place in the European retail market. Also, the client was able to understand how customers reacted to these evolving trends in the market. Infiniti’s market trend analysis solution also helped the retail company to understand how their competitors were adapting to these market changes and innovations.

With Infiniti’s market trend analysis solution, they were able to respond to the ongoing market changes and revamp in-store experience to attract customers. Furthermore, understanding the demands and requirements of their customers helped the client to personalize the shopping experience for them. Also, the client was able to understand the potential demand for their products and identify attractive investment opportunities.

With Infiniti’s trend analysis solution, the client was able to enhance sales, reduce customer churn rate by 44% and achieve savings of $ 3.2 million in a year.

CONTACT US to know how our market trend analysis solution will help you identify trends in terms of product innovation, competitor product features, and marketing approaches.

Retail Industry Trends 2019

TOP RETAIL INDUSTRY PREDICTIONS FOR 2019

Want to gain more insights into our services for retail companies? Request for more info!

future of retail

Future of Retail: Top retail industry predictions for 2019

2018 was a year of growth for the retail industry as several brands saw accelerated growth rates due to tax cuts and low unemployment. According to the retail industry analysis by experts at Infiniti Research, 2019 will be a precarious year for players in the retail sector. As the stock market is in flux, the future of retail is expected to be dominated by steepening tariffs. Furthermore, another intriguing retail market trend is emerging markets are taking on a greater share of global growth. However, these challenges could also present several opportunities for savvy retailers who are willing to face the winds heads on. Here’s our take on the key predictions for the future of retail in 2019 and also how retailers can stay prepared for the upheavals in the market.

Is your business prepared to meet the challenges in the future of retail? If not, request a free proposal to know how our tailor-made solutions can help you.

Top predictions defining the future of retail

future of retailConsumer centricity to go mainstream

Putting customers at the center has been one of the key factors of focus for most companies in the retail industry today. But most companies have realized that holding a strong market position involves more than merely monitoring and connecting with customers on social media. The future of retail will revolve largely around the use of advanced technologies like Voice of Consumer (Voc) analytics. Such retail industry trends will allow retailers to determine what their customers want and deliver it with speed and at scale. Data will play an integral role in the future of retail to meet customer needs and expectations.

Impact of increasing tariffs

The retail industry will begin to see the real impact of the Trump administration’s tariffs on the Chinese exports which will increase steadily this year. A major portion of the burden of these rising tariffs will ultimately fall on the U.S. shoppers. A detailed retail market analysis undertaken by our experts also reveals that companies will be soon be faced with making decisions to determine the categories and products where they raise prices and push the cost increases onto the customers, and where they need to absorb the cost increases themselves. This may result in retailers evaluating whether it makes sense to exit certain categories which they are not able to sell profitably. The future of retail in the UK and EU will also face similar challenges.

Request a free brochure to gain comprehensive insights into our business intelligence solutions.

Algorithms will take control

As the future of retail is now largely being driven by innovative tools to leverage consumer data, 2019 will be a year where retailers increasingly leverage data to make decisions relating to what to offer to the customers. While data has long been available to retailers, its true potential wasn’t realized until the retail industry learned the hard lessons from some popular e-commerce websites, whose assortment decisions are made exclusively using data and bots. The data available can be used to build tailored assortments and target customers effectively to drive conversions.

Learn more about the opportunities and challenges in the retail industry

Read more about the role of customer intelligence in the future of retail:

Role of Customer Intelligence in the Future of Retail

Financial risk analysis

Top 4 Customer Service Skills That Can Drive the Growth of Your Retail Business

The retail industry is witnessing constant changes and players in this industry are facing immense pressure when it comes to keeping up with the ever-changing customer expectations, maintaining customer loyalty, retaining and engaging employees, and digital disruptions. With the constantly changing customer behavior, meeting customer expectations is getting really difficult for companies in the retail industry. To meet customer expectations, it is highly essential that you provide great customer service as it is a vital element of business operations that can affect your bottom line as well as how your business is viewed by the public.

If your business fails to provide a great customer service, it is likely that you will end up damaging your brand’s reputation. High-quality customer service management is important for a growing or established company’s bottom line. Therefore, businesses need to realize the importance of customer service. They must understand that it is a virtuous circle that drives profits and allows companies to compete against rivals with more resources and funding in their pocket.

At Infiniti Research, we understand the impact that excellent customer service can have on your business. And to help companies excel in a highly competitive landscape, our team of experts has highlighted four best customer service skills that can drive the growth of your business and boost your ROI.

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