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Smart insights: Retail

The pace of change in the retail industry is driven by digital advancements: more touchpoints, more product reviews and comparisons for consumers to access anytime, anywhere. And more variety in the path to purchase of shoppers.

To stay competitive and relevant, retail businesses need to understand evolving shopping behaviors and target group demands. They need to apply this knowledge to create differentiated experiences across both digital and physical environments.

Our retail industry research experts provide the insights to support you at every stage: from measuring your shoppers’ experiences and paths to purchase, to monitoring retail performance and trends.

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Latest insights

Here you can find the latest insights for retail industry. View all insights

    • 06/23/17
    • -INDUSTRIES
    • Financial Services
    • Retail
    • Technology
    • Consumer Goods
    • FMCG
    • South Africa
    • English

    Targeting the Township

    Understand township consumers and what they value well enough to really add value to their lives through marketing efforts
    • 06/23/17
    • -INDUSTRIES
    • Fashion and Lifestyle
    • Media and Entertainment
    • Retail
    • Technology
    • Consumer Goods
    • FMCG
    • South Africa
    • English

    Centennials: Capturing tomorrow's opportunities

    Through unpacking Centennials we can not only predict the demands of the future but we can also understand the shifts in values which opens future untapped opportunity for innovation.
    • 12/15/15
    • Retail
    • Consumer Goods
    • Geomarketing
    • South Africa
    • English

    Purchasing power: All-rounder among market indicators

    There’s no limit these days to the volume and type of data that companies use to improve their competitiveness. Much of this data is unique to the industry in question, but some market indicators such as purchasing power have nearly universal application. A measure of the population’s disposable income, purchasing power data is the primary benchmark for determining consumer potential. So why is this market indicator so valuable and versatile? Simply put, purchasing power shows companies and manufacturers where the population has sufficient disposable income to spend on retail purchases. And even more importantly, good purchasing power data shows how this disposable income varies throughout the entire market and at different regional levels such as municipalities and postcodes.

    Exploiting more potential through regional insights

    Let’s now look at how purchasing power data can help a consumer electronics retailer who sells products via chain stores throughout Europe. Optimally placing and managing these stores requires precise, up-to-date knowledge on how the product potential tracks across regional markets. The retailer happens to know that Europeans have roughly €9 trillion to spend in 2015, but this information alone is useless. This is where our purchasing power data comes into play. Our data offers a highly textured breakdown of the geographic distribution of this wealth. It’s not enough for our retailer to work with composite figures and rough averages, because actual purchasing power amounts fluctuate dramatically from country to country, municipality to municipality, and even postcode to postcode. So where does the retailer start? A good first step is to assess the relative wealth in the areas around the chain stores. This has a direct effect on how the retailer should optimize the product mix for each location. A quick look at the data reveals that Liechtenstein is a veritable purchasing power dynamo, with 4.5 times the average disposable income. Our retailer has two stores in this area, so a good move would be to offer a larger selection of high-end products at these locations. If the two stores are not fully tapping the available potential, the retailer can consider opening up some additional stores in this country, strategically positioning them in municipalities and postcodes with especially high purchasing power.

    Boosting turnover & market share with geomarketing

    The retailer also has stores in Central European markets, such as Poland, which has shown signs of rapid retail growth. But unfortunately the retailer’s stores in that country have not be able to capitalize on this trend. Another look at the data shows why: All of the retailer’s stores are in districts with below average purchasing power by Poland’s standards. The retailer now has several options. It can open stores in some of the districts with higher purchasing power, such as Sopot, Piaseczynski or Warsaw, the latter of which has almost 83 percent more purchasing power than the rest of the country. Alternatively, the retailer can adjust its product mix at the existing locations to better appeal to the surrounding demographic. Up until now, the retailer has been using the same or similar marketing campaigns for all of its stores. Using the purchasing power data, marketing campaigns and POS promotions can now be tailored on a store-by-store basis to the income level and purchase affinity of the nearby population. The retailer can also use the purchasing power data to more objectively measure the performance of its stores in each of its active countries and regions. Previously, the retailer had no way of gauging what a good result was for the markets where its stores are located. For example, the retailer knew its best-performing store in France was in Paris and its worst performing in Pas-de-Calais. But this knowledge was meaningless without insight into how these performances relate to the market potential in those areas. Using the purchasing power data, the retailer discovered that Paris has an average per-capita purchasing power of €29,433 (more than twice the European average), while Pas-de-Calais has just €15,688. Thanks to these precise, regionally sensitive numbers, the retailer can more accurately gauge both individual store performance and how those performances compare as a percentage of the total local market.

    About GfK Purchasing Power

    Purchasing power data is the ideal foundational market indicator for users across all industries, from retail and real estate to automotive and tourism. Users can easily supplement purchasing power with additional market indicators, such as retail turnover potential and purchasing power for specific product lines. GfK Purchasing Power Europe is calculated annually for 42 European countries and provides comprehensive coverage down to the level of municipalities and postcodes, as well as data on inhabitants and households. GfK’s Geomarketing solutions also include digital maps and other market data that fit seamlessly with the purchasing power data. For more information on GfK’s Geomarketing offering, visit http://www.gfk.com/solutions/geomarketing.
    • 08/14/17
    • Retail
    • Consumer Goods
    • Global
    • English

    4 things your brand is missing out on without an online store finder

    According to a 2017 study on ecommerce trends, 61% of shoppers are more likely to research brands before making a purchase. So while shoppers are on your site, it’s important to keep them there and give them more of a reason to buy your products. One strategic way of doing this is to capitalize on using a store finder or ‘where to buy’ application on your website. Besides what may seem obvious with this function (giving customers information into where they can buy your products), there are some other key benefits your brand may be missing out on if not installed.

    Lost sales due to comparison shopping

    Many brands lose business to competitors through comparison shopping. In a 2017 survey, 71% of shoppers believe they will get a better deal online than in stores, so it’s likely that they are going to shop around for the best one. Having a store finder that displays pricing and stock information for other retailers can help sales tremendously as it keeps potential buyers from starting a product search on a marketplace where they can compare and find competitive products. Tip: Make sure your store finder technology is able to list pricing and stocking info in real-time so that you are giving our customers the most accurate and up-to-date info.

    Value-Added convenience

    Today’s digitally connected and multi-channel shopping consumers always seem to be on the go either by surfing the web or physically out shopping. By having a store finder application on your website you are providing your shoppers with all the right ways to buy your products – your website, in store, or through other online channels. And by displaying all pricing, inventory and location information this is a major convenience that helps save your customer’s time and you are helping your customers find retailers who they may already be loyal to. Tip: For further convenience, it is essential that your store finder is responsive for those mobile shoppers and can be geo-targeted to their location so that location results are showing near-buy retailers.

    Channel support

    Although not customer facing, by having a store finder that lists the location, pricing and stocking info of your key retailers, you’re offering more support to your channel partners. And if you are a brand that doesn’t have a shopping cart on your website to support resellers, a store finder is even more valuable to your business and your channel relationships. Eliminate cart abandonment due to comparison shopping and keep them coming back with a positive shopping experience.

    A better online shopping experience

    Enhancing your product detail pages with quality product content and images all make for a good online shopping experience, which can lead to sales. With the added convenience and functionality of a store finder, your product detail pages are set up for an even greater experience that can help keep customers coming back to your site, no matter the stage of their buying journey. Tip: Ensure you are able to use your store finder technology to its full potential by tracking performance metrics. When set-up with all the right information such as, real-time pricing and inventory, geo-targeting, and a responsive design, a store finder just may be the ultimate product closing tool. Interested in adding a store finder or looking for other options? As a product content company, GfK Etilize has all of the data to easily crawl and match products with different identifiers on popular retail sites, to always show accurate products and inventory. We also automate the addition of new products as launches happen, to maximize sales on newer, best-selling SKUs.
Solutions
  • Brand and Customer Experience (BaCE)

    Brand and Customer Experience (BaCE)

    Brands are under pressure to develop emotional connections and relationships with consumers and business decision makers.  Brands need to respond in-the-moment, to enrich the customer experience – and develop strategies that influence ”moments of truth” throughout individual brand journeys.  

  • Consumer Panels

    Consumer Panels

    Your business is all about your consumers. So understanding them is essential in ensuring your products and services meet their needs, and in identifying opportunities for growth.

    Our international consumer panel data and research expertise provide you with smart customer insights into who your consumers are, their attitudes and behaviors, across channels.

  • Digital Market Intelligence (DMI)

    Digital Market Intelligence (DMI)

    When consumers shop, search, communicate, gather information and engage with companies or brands online, they behave differently depending on which device or screen they are using. They expect a consistent experience regardless of the channel or device they are using.

  • Point of Sales Tracking

    Point of Sales Tracking

    Retailers and manufacturers are under pressure to develop products and services that maximize sales and profit and to keep customers coming back.

    Success relies on having the most up-to-date sales data, combined with robust analysis to understand which products and services are performing well in the market – and which are not. With this information, clients can set clear strategies for commercial growth and increase return on investment.

  • Shopper

    Shopper

    Digital continues to open up new paths to purchase, changing how and where people shop. More and more data becomes available every day, as shoppers embrace multi-channel brand experiences.

    To stay competitive in this big data, multi-channel environment, businesses need to identify and leverage the most relevant data along the entire path to purchase. With this, companies can optimize each step of the shopper journey. 

  • User Experience (UX)

    User Experience (UX)

    Our user experience (UX) research and design experts help our clients create and improve customer experiences for existing or new products and services

    Today’s consumer is bombarded with promises for compelling experiences. They are sophisticated and demanding.  To be successful, a new product or service needs to be intuitive, usable, engaging and desirable. The user experience needs to be emotional in order to be memorable.

  • Geomarketing

    Geomarketing

    Our geomarketing solutions and consultancy provide our clients with smart insights into location-specific factors that impact the success of business sites, shops, sales territories, target groups, as well as chain store and distribution networks.

  • Mystery Shopping

    Mystery Shopping

    Consumers face a complex array of brand touch points every day of their lives. To deliver a consistent brand experience, marketers need to know how consumers are actually experiencing their brand. Our mystery shoppers give you all the help you need to understand these experiences, and respond to them to maximize the return for your business.

Contact us
Molemo Moahloli
South Africa
+27 11 803 1300
General