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How is Competitive Intelligence Changing the Game for Retailers? Read Infiniti’s Latest Blog to Find Out

Competitive intelligence in the retail industry. (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--

A well-known market intelligence company, Infiniti Research, has announced the completion of their recent article on how competitive intelligence is changing the game for retailers. This article provides key insights into what competitive intelligence means for retailers and reveals how both big and small retailers can benefit by leveraging competitive intelligence.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190704005077/en/

Competitive intelligence refers to the information collected by a company relating to its target market and key competitors, which is then analyzed to create a highly effective business strategy. The cutthroat competition in the retail sector is making it more challenging than ever before for brands to benchmark their pricing assortment and promotions against their counterparts in the market. Furthermore, trends such as the growing inclination towards mobile shopping apps and the rising influence of customer reviews in buying behavior are adding to the complexity. Therefore, to gain a competitive edge in the market, retailers must leverage competitive intelligence solutions.

When it comes to your competition, the more you know about what they're doing now and what they're planning to do in the future, the better decisions you'll be able to make. Request a free proposal to know more about our competitive intelligence solution.

Competitive intelligence in the retail industry

Identify new market opportunities

When retailers identify the rival’s weaknesses by leveraging competitive intelligence solutions, it helps them generate ideas to fill these gaps through product or service improvement and other innovative ways to enhance customer service. With the help of competitive intelligence, retailers can identify untapped opportunities and thereby solve customers’ unmet needs.

Not sure on how to gather your competitor’s data? Request more information to know how our competitive intelligence service can help.

Analyze market trends

In order to survive successfully and beat the market competition, it is imperative for retailers to be aware of the latest market trends and analyze what their counterparts in the market are doing to stay in the game. Using competitive intelligence solutions to learn about other businesses, technologies, and the buzz in the market, retailers can discover the market trends that have the potential to garner more customers and increase sales.

Enhance product offerings

Using competitive intelligence tools, retailers can monitor their competitor’s product features and pricing strategies. Through this, they can understand the ebb and flow of their SKUs’ pricing across the industry.

Better decision making

Knowing what the competitors are doing makes it easier for retail companies to plan their next move. Retailers will be able to stay competitive if they can anticipate what similar companies are planning.

Request for more information for insights on our solutions for companies in the retail industry.

About Infiniti Research

Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190704005077/en/