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.
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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.
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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.
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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.
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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.