Retail

market cannibalization

What is market cannibalization in retail and how to avoid it?

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In the retail industry, market cannibalization happens when a new product reduces sales of an existing product from the same company, resulting in a decrease in overall profit and revenue. This frequently happens when too comparable items are introduced, or when the same customer base is targeted, leading to internal competition instead of drawing in

How to Start a Franchise Business: 5 Key Steps

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Have you ever wondered how to start a franchise business?  But, before understanding the steps involved in starting a franchise business, let’s learn why you should invest in a franchise.  Franchising provides a safe and structured pathway toward success for new and experienced businessmen. Starting a franchise business allows businessmen to work with renowned brands

8 Strategies to Increase Footfall in Retail Store

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Successfully attracting customers to a retail store is challenging even under the best of circumstances. But add uncertain elements like pressure from competitors, along with a lack of a target audience, and you will have a problem on your hands. However, leveraging data in your business decisions allows you to identify the strategies to increase

Retail Data Analytics Best Practices

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Retail analytics emerges as a vital asset for organizations of any scale. Its benefits range from determining client preferences and guaranteeing precise inventory management to improving the quality of service. Thus, the importance of investing in capable retail analytics solutions cannot be emphasized, as they act as catalysts for growth and the maintenance of a

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