Last November we launched our global Market Intelligence tool, which gives unparalleled insights into shopper traffic trends. This year we’re on a mission to help retailers and shopping centres tap into this rich data resource, and significantly boost performance in their enterprises. Below we provide a few ideas about how businesses can benefit from the Market Intelligence tool in 2019.
What is the Market Intelligence tool?
This is the largest retail data lake in the market landscape with unmatched global reach. Explaining its scope, Nick Pompa, General Manager of ShopperTrak says the Market Intelligence solution provides retailers and shopping centres “with a holistic view of shopper traffic trends to improve marketing campaign effectiveness, attract more shoppers, make better real estate decisions and create meaningful customer experiences”.
Help with strategic planning
The tool features a set of indices designed to benchmark shopper traffic performance and provide reliable data to make informed strategic decisions. Visibility into worldwide data allows retailers and shopping centres to recognise evolving shopper trends and benchmark their performance on a local, regional, national and global scale, and to make vital decisions where and when it counts.
For European retailers, 2019 will undoubtedly be affected by Brexit and the changes to trade and consumer confidence to come with the UK’s withdrawal from the EU. This will be front of mind for most businesses, and the Market Intelligence tool will certainly aid decision-making when reacting to or trying to predict the impact of Brexit.
How can the Market Intelligence tool be put to practical use?
In 2019 retailers will only be trading on one Sunday per month, due to changes in the trading law. The Market Intelligence tool will allow its users to compare their performance against national benchmarks to assess their success in the transition from bi-weekly to monthly Sunday trade. It will also give insight into the changing shopping patterns of the public, allowing for better resource management. Has the missing trade moved to Saturdays, Mondays, spread across the previous or following week? How much is actually ‘lost’? (i.e. If some of the missing traffic is not picked up elsewhere). Answers to these kinds of questions will be forthcoming with Market Intelligence insights.
France also benefits from having national, regional, city (Paris) and apparel indices available via the Market Intelligence tool. Retailers and shopping centre owners can use the data to analyse performance across different regions during key periods such as the January Sales, Easter, and at seasonal fashion launches. Traffic peaks or troughs can be given context, and better forecasting can be achieved based on opportunity rather than current performance.
The UK benefits from 11 regional indices as well as city indices for London, Manchester and Glasgow. With the current uncertainty surrounding Brexit, it is all the more important to focus on opportunity ahead of actual performance, to maximise potential. Market Intelligence benchmarking by region and city can also be used to support effective targeted marketing and social campaigns. During volatile market conditions, external measures have never been more important.
Real estate expansion / contraction decisions
The Market Intelligence tool can give a detailed view of footfall performance by country, region and city, supporting critical real estate decisions for expansion or contraction. The tool gives store estate managers, real estate managers and portfolio managers insight into locations where they currently may not have a presence. Additionally, where they do have a presence, Market Intelligence can offer additional evidence to support expansion or contraction plans.
Consulting to maximise the benefits
The new Market Intelligence index is an integral part of the ShopperTrak solution suite for retailers and shopping centres. The data and insights come to life in the web-based reporting portal – ShopperTrak Analytics – a one-stop shop for all retail store and shopping centre traffic data needs.
To ensure the best insights are drawn out of the Market Intelligence tool, ShopperTrak’s analysts and consultants are available to work directly with clients. Our objective is to give context to the data, to help apply it to individual businesses in line with unique challenges, and to integrate it with their other business metrics.
We typically work closely with retailers and property owners to support projects for Labour Optimisation, Customer Experience, Estate Optimisation, and a range of other business areas where performance improvement can be achieved over time. Talk to us today about how our far-reaching Market Intelligence tool can help your business thrive in the months ahead.
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