Understand your Customers with Powerful Retail Market Research
With the retail industry more volatile than ever, market research has never been more important. This is particularly true if you’re selling on the high street. Over the past few years, we’ve seen numerous large retail stores close down, with the latest casualty including Wilkinsons.
Now we’re in the run up to Christmas, it’s crucial you do everything possible to stay ahead of the competition.
Fortunately, nowadays, it’s much easier for retailers to make data-backed decisions. You’re likely to have a wealth of information that reduces the need to rely on guesswork or your intuition.
Our team can gather and analyse data about your market sector, ensuring you understand both your customers, competitors and any industry trends.
With our expert research, you can better understand what your customers want, their buying behaviours and unique predilections. All of this is key for tailoring your products or services to meet your customers’ needs.
With our retail market research, it’s easy to seize new opportunities, whether online or on the high street.
From untapped areas of the market, to emerging trends, we can help grow and innovate in the years ahead.
Through in-depth research, we also help retailers gain invaluable insights into their competitors’ strengths and weaknesses. By understanding what your competitors are doing well at and where they’re falling short, you can make better strategic decisions.
Many retailers have now moved online, which means new opportunities for gathering research. Vision One Research Ltd regularly works with online retail brands who want to get ahead of the competition.
Retail market research is also helpful when it comes to setting prices.
If shoppers don’t feel they’re getting value for money, they’ll look elsewhere. That’s particularly true in the online marketplace.
By looking at what most affects their sense of value, it’s much easier to implement the correct pricing strategy. This will contribute to higher sales and profits.
Make sure your retail stores are in the right locations.
So many factors contribute to whether a shop is successful, including where it is. For brick-and-mortar stores, you want to be in an area where your target market is most likely to go shopping. Market research can help identify the best locations based on factors such as foot traffic, demographics, and competition.
Improve your inventory management and predict demand.
Over-producing stock can have a significant impact on your profits. With our market research, you can lower the risk of overstocking or understocking products, therefore mitigating the risk of lost sales.
Furthermore, by understanding market trends and potential risks, you can proactively plan for challenges such as economic downturns, supply chain disruptions, or shifts in consumer preferences. For instance, this summer has seen a reduction in the amount of shoppers due to the inclement weather.
Improve your marketing and advertising, online or offline.
Our market research services can also improve your marketing and advertising campaigns. No matter if you’re promoting products in print or online, we’ll ensure you’re reaching out to the right people, in the most effective way.
We can also support your product development by identifying any gaps in the market, or by improving your existing products. This will ensure that you’re more likely to enjoy high levels of customer satisfaction.
Our services also include brand tracking, which involves looking at customers who are already aware of the brand and what their shopping habits and preferences are.
The retail sector is constantly evolving and it’s both an exciting and challenging time to enter this market. Research can also help you to adapt to changes and stay dynamic, even in the most difficult times.