3 Ways to Gain an Edge Over Competition Using Data
There has been much uncertainty over the past year in the industries we track. As an example, COVID-19’s disruption accelerated consumers’ shift to online shopping. With our actual sales data from Canadian retailers, you can see what your competitors are doing. These examples illustrate how you can use it to stay ahead in a changing retail environment:
How effective are my promotions compared to my competition?
In the coffee and espresso subcategory, nearly three-quarters of category gains source to the opening price point, which is the value segment. Of the gains in the value segment, the majority are sold during the crucial holiday season.
Aggregated sales data from retailers in Canada uncovers competitive price points and shows you how to base your promotional calendar on the largest selling weeks, with the most compelling offers.
To what extent should I discount prices?
45% of Brand A, Brand B, and Brand C units were sold on promotion, and 10% were subsidized, meaning they were sold on promotion but could have been purchased at a higher price. This represents $1.6M in missed revenue.
With access to data on what sold at retail, you’ll understand how to make strategic adjustments to price and promotion decisions with less risk and allocate investments to brands and items that will have the most impact.
Am I losing distribution in a certain category to a competitor?
In microwave ovens, Brand A ranks in the top 3 brands, but it has lost distribution. Brand B is gaining distribution and volume and has quickly moved into the top 5 brands. However, Brand A is nearly 2x more productive per item than Brand B.
This level of granularity reveals the products that deserve more shelf space because they’re your most productive revenue generators. These compelling insights can be used with your retail partners to support building category performance.
Source: The NPD Group/Retail Tracking Service, Canada
This story just scratches the surface. We know retailers and brands have big questions about COVID-19’s impact, including recovery indicators, price sensitivity, online shopping, brand and retail survival, and repercussions of the widespread shift to working from home. We’re here to support your business. Let us help you make confident decisions that position your business for recovery and growth.
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Canadian Home Report
Complete this form to receive our 2021 Canadian Home Report for Q1