Retail Market Research
As consumers are no longer concerned with just the prices of products, it is becoming vital for retail brands to focus on brand differentiation, reputation, and customer-centric return policies. In addition, to sustain a leading edge in today’s competitive retail marketplace, retail brands will need to keep a constant track of market trends, industry developments, and customer requirements. However, this becomes difficult without the right market research partner. As such, retail brands are approaching companies like Infiniti Research to leverage retail market research services.
Looking to gather comprehensive insights into a new market? Our market research solutions can help. Request a FREE proposal today!
Business Challenge
The client is a retail company based out of the United States.
Our client, a well-known retail company, wanted to expand their operations to Canada. Before investing a huge sum into this project, they wanted to gather detailed insights into the Canadian retail market. As such, they approached the experts at Infiniti Research to leverage their expertise in offering retail market research solutions.
By leveraging Infiniti’s retail market research solution, the client wanted to:
Gather insights into the Canadian retail market landscape: With Infiniti’s retail market research solution, the client wanted to gather comprehensive insights into the market trends and opportunities. In addition, they wanted to evaluate the market potential for their services in the Canadian retail market.
Evaluate customer segments: The client wanted to obtain insights into their target customers and understand ways to support customer acquisition. In addition, with Infiniti’s retail market research solution, the client to segment customers in Canada into various groups based on factors such as age, gender, education, income, personality, and lifestyle. By doing so, they wanted to devise personalized approaches for each group and address customers’ needs and demands effectively.
Understand competitive landscape: By conducting a retail market research study, the client wanted to identify the top retail companies in Canada. Also, they wanted to analyze key competitors’ product offerings, pricing strategies, and marketing initiatives.
To gain a leading edge in today’s competitive retail marketplace, retail companies will need to keep a constant track of market changes and industry developments. Contact us to leverage our retail market research solutions.
Solutions Offered
As a part of the Canadian retail market research, our experts conducted a retail market intelligence study. This phase of the engagement helped the client to identify lucrative market opportunities, assess markets’ readiness for new offerings, and review the region’s macro and micro-economic environment.
The next phase of the retail market research study involved market scanning and monitoring analysis. This phase of the engagement helped the client to understand regional market developments and keep tabs on target market segments.
By conducting a customer intelligence study, our experts helped the client to identify the most profitable customer segments, assess changes in customer expectations, and also segment target customers into various groups based on factors such as age, gender, education, income, personality, and lifestyle. This phase of the engagement helped the client to devise targeted marketing and sales strategies for each segment.
The last phase of the retail market research study involved a competitive intelligence engagement. This phase of the engagement helped the client to analyze the business strategies and marketing approaches of the top retail companies in Canada.
Results Obtained
The insights obtained from Infiniti’s retail market research engagement helped the client to gather comprehensive insights into the Canadian retail market and competitive landscape. Also, the client got an understanding of the offerings and strengths of key competitors. Based on our retail market research insights, the client was able to devise a sound market entry plan to expand to the Canadian retail market. Our experts also supported the client in setting up retail stores and identifying the right partners to support them in Canada.
They were able to achieve huge success in Canada and become one of the top ten retail companies. In addition, within two years of entering the Canadian retail market, they were able to grow from 3 stores to more than 50 retail stores. Also, they were able to realize savings of over $3.7 million.
Request for more information to know how our retail market research services can help your business to boost profitability and drive sales.
