Retail: Prices vs Location

In the retail business, the closeness and proximity of sales channels is becoming increasingly important for consumers, and may even be more decisive than product prices.

Tuesday, January 7, 2020

Consumer behavior has been changing in recent years, with increasing access to the Internet and the growth of tools and applications that allow not only searching for information, but also making online purchases. Over time, buyers have confirmed their preference for looking for sales points that offer promotions and good prices, but also close to their homes or workplaces.

You may be interested in "Geomarketing for business decisions"

"... 'The issue of proximity and closeness of sales channels has become even more relevant than prices, as have demographic changes and changes in the roles of family members. The consumer is looking for omnican establishments, which have physical presence but also online with an offer of many services'," reviews an article in Martesfinanciero.com.

"... The consumer combines physical purchases with those of e-commerce. 'In Panama we still see supermarkets that do not offer online service and that is a mistake. It is very serious, because the consumer is sitting in the digital era and is constantly looking for information to compare prices and see the best options."

Also see "Digital Supermarkets Are Here"

In order to maintain sales levels, in the coming years it will be crucial for consumers to interact with sales channels, so offer innovative options to buy not only in their physical stores, but online.

In CentralAmericaData we develop geomarketing solutions that allow not only finding the most optimal location for the opening of a new sales point, but also allow estimating the sales volume that could be reached, depending on the potential demand of the chosen area.

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More on this topic

Retail Sales: Physical or Electronic Channel?

February 2020

While some companies in the sector focus their efforts on one or the other channel, others, such as some department store chains, seek a balance between the two marketing modalities.

Companies dedicated to retail sales are facing a context in which consumers are less and less willing to spend their time mobilizing to make a purchase, but managers of chain stores have chosen to integrate physical sales with electronic sales.

Selling Online to Stay Alive

October 2019

Changes in consumer preferences, which increasingly value ease, convenience and time savings in their purchases, are forcing companies to strengthen their online marketing channels to stay in competition.

Several companies that have not developed their digital marketing channels in time have gone bankrupt because of the growing competition represented by online sales.

Private Label: Arrived to Stay?

August 2019

In the retail business, large distributors boost the sales of their own brand products through strategies aimed at consumers who prioritize the price factor over other elements when buying.

Globally, the tendency to buy private label products is becoming more and more evident in markets, as companies engaged in the retail trade of other products, such as supermarket chains, are capitalizing on their experience by placing their own products and competing with their suppliers.

Retail: New Market Challenges

July 2019

Meeting the demands of consumers who increasingly seek responsibility in the production chain and balancing sales between physical and digital formats are part of the challenges faced by businesses in Panama.

The CEO and president of Grupo Rey, Hernán Muntaner, points out that globally the sales of modern channels such as hypermarkets and supermarkets are decreasing, giving way to other forms such as online channels and discount stores.

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