Multiple product ranges
Volume alone is not enough
Vendors who provide a highly varied range of products that don’t neatly fit into a specific category have many competitors. So many, in fact, that reputation, service and especially pricing become the key selling points for their products. Big-box stores are by nature generalists, meaning they can rarely fall back on their expertise or other industry-specific value-adds. If new customers become regular customers, they do so because of the price – in conjunction with the service provided.
In order to make this type of business profitable, retailers need data more than anything else. They have to know at what price comparable products are being sold on the market, which product categories are currently trending, and how to conceptualize their product range in the long term. In summary, they need to know the competition inside and out, and use this information to make strategically sound investment and pricing decisions. Unfortunately, the market is fiercely competitive, competitor data is mostly well-protected, and their own expertise tends to be limited.
Understanding the market to influence the market
All this means that big box retailers are more dependent than any other type of retailer on rapid, high-quality data collection and experienced experts at their side. This is essential for gathering and organizing the necessary amount of information and drawing the right conclusions for their business. We can help you sort it out – with data consulting and custom, personalized solutions in guaranteed quality using our unique SaaS+ approach.