How to Identify the Most Profitable Retailers?

Analyzing the offerings of a supermarket, department store or convenience store and examining what type of consumers frequent those establishments is key to establishing which chains a company's products should be present in to increase their profitability.

Wednesday, April 21, 2021

By analyzing large volumes of data, it is possible to combine information on the products that commercial establishments sell with details of the types of consumers that are attracted to the different chains.

You may be interested in "Geomarketing, Successful Investments and Case Studies"

In order to identify the retailers that best suit a company, it is possible to use advanced technology that makes it possible to monitor the brands, products, prices and in some cases the existing inventory of the different distributors.

This type of detail provides insight into potential competitors and their pricing structure. With this information, business leaders can establish a data-driven marketing strategy.

Tailor-made solutions also help to forecast how successful the introduction of a product will be in a chain of stores or warehouses.

See "Big Data for Retail Space Optimization"

According to Erick Macias, Senior Data Analyst at CentralAmericaData, it is possible "... to analyze the characteristics of the consumer who shows interest in a particular retailer, together with the information of products and brands in the same, allows business leaders to establish the optimal product mix to introduce, in a way that helps them manage the risk involved in such introduction."

Macias adds that "... by analyzing information on brand presence, product types, prices and inventory in different retailers, it is possible to identify those where a product may have the lowest risk of introduction and therefore the probability of its success is higher."

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Convenience Stores: Where is the Best Location?

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One of the sales points of the AM PM convenience store chain in Costa Rica, is located in the surroundings of Parque La Sabana, it has a potential market of 254 thousand consumers 15 minutes away by car, and 24% of them are interested in fast food.

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