Sun Tzu famously said, “Know your enemy and know yourself and never fear the result of a hundred battles.” Competition mapping is the starting point to accurately develop a comprehensive expansion strategy for a retail business. Competitor analysis also known as competition mapping is the strategic process of analyzing and evaluating your competitors’ strengths, weaknesses, […]
Affluence Index A measure of prosperity in a selected catchment area. The measure of affluence is relative to the established retail brand. The definition of affluence for a luxury brand is different from the difference of the same for a value-fashion brand. Accessibility The ease with which a customer can reach the store. The distance
In this article, we’ll start by explaining alternative data. What exactly is it? Well, it’s not your typical data. Instead, it’s the kind of information that doesn’t come from traditional sources like financial statements or official reports. It’s the hidden treasure trove of insights that can provide a more accurate, faster, and deeper understanding of
In today’s digital era, where data is abundant and constantly growing, businesses face a common challenge: how to extract meaningful insights from vast amounts of information. This is where data enrichment steps in, offering a transformative solution to unlock the hidden treasures within raw data. Data enrichment is the process of enhancing raw data by
Harnessing location data for retail profit and revenue prediction is a transformative approach that empowers retailers to gain valuable insights into consumer behavior and market dynamics. The approach of estimating future sales and the products that consumers will purchase using both quantitative and qualitative data is known as retail profit forecasting. It assists you in
In today’s competitive retail landscape, getting customers through the door is more critical than ever. With the rise of e-commerce, brick-and-mortar stores must find ways to increase their foot traffic to remain relevant and profitable. Attracting potential customers to your store requires a strategic approach that involves various marketing tactics, excellent customer service, and a
