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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.

Latest insights

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

    • 07/10/18
    • Fashion and Lifestyle
    • Media and Entertainment
    • Retail
    • Technology
    • Automotive
    • Consumer Goods
    • Geomarketing
    • Geodata
    • Global
    • English

    Belgians’ purchasing power for food three times that of Poles

    GfK calculated the product-line purchasing power for 17 product groups in various European countries.
    • 06/26/18
    • Financial Services
    • Retail
    • Geomarketing
    • Geodata
    • Picture of the month
    • Global
    • English

    Map of the Month: Retail share of private consumption, Europe 2017

    European consumers spent 30.5% of their available funds for private consumption on brick-and-mortar retail in 2017.
    • 06/15/18
    • Media and Entertainment
    • Retail
    • Technology
    • Global
    • English

    How to win the world cup with price and promotions

    A major sporting event offers a fantastic opportunity for manufacturers and retailers to take advantage of an increase in Television viewing and general spending amongst fans. No other event offers a greater opportunity than the FIFA football world cup.

    The ‘World Cup’ effect

    With the tournament kicking off in Russia this month, May and June represent crucial months for sales in the UK TV market. Our forecast is that 814,000 TV’s will be sold in the UK over these two months – an increase of over 20% against the same period in 2017. To win the lion’s share of this opportunity, TV manufacturers and retailers are focusing hard on competitive pricing and promotional activity to entice shoppers.

    ‘Bigger and better’ line-up to combat falling unit sales

    World Cup themed promotions are very evident online, with a large number of major retailers pushing promotions and football themed messaging on both category and product web pages. In addition, many are focusing on premium ranges, with promotions of larger screen sizes (55+ inches) and the latest high-resolution technologies (4K/UHD), to bring the stadium atmosphere in to the living room. In a market that has been showing a steady decline in the number of units sold over the last years, this strategic focus on promoting higher-end products can deliver increased margin levels and profitability. Throughout May 2018, the average selling price (ASP) of a 55 inch 4K/UHD TV was over £1000. Although this is still a significant outlay for the consumer, it is 23% lower compared to last year. We have also seen similar ASP decreases with other screen sizes, such as the 43-49 inch category, which is, on average, 15% cheaper in May this year than a year ago. So overall, we are seeing a market focus on promoting higher specification units at a price that makes them a more affordable proposition for customers looking for an upgrade.

    Online specialist retailers leading the promotions field

    On the day of writing, the average TV retailer has 54% of its range on promotion. Within that, the online specialist retailers are showing the largest offers for UK shoppers, with retailers, on average, offering promotional cuts of 21%, whereas major high street retailers are offering 11%.

    Summary

    Discounts on larger screen TVs and the latest display technologies look set to bring the World Cup experience closer to home for UK football fans – but will more TV sales move online this month? And will World Cup promotions help to drive growth of over 20% against last year? Watch this space for our next update. To find out more, please contact Barry Meacher at Barry.Meacher@gfk.com or Daniel Wellman at Daniel.Wellman@gfk.com Source: GfK Online Pricing Intelligence (OPI) – May – June 2017 and 2018 and GfK’s ‘The World Cup & TV sales – What’s the real impact?’
    • 06/05/18
    • Retail
    • Global
    • English

    Redefining forecasting

    The rapid evolution of technology combined with fast-changing consumer behavior means consumers, not retailers or manufacturers, are the driving force in today’s economy. They create the appetite for products, and shop for them using the very latest tech, making the traditional models of supply and demand redundant. So how can retailers and manufacturers ensure they get the right products in front of the right customers at the right time? Firstly, businesses must radically re-evaluate their approach to forward planning.

    Helping you predict future demand for your products

    In our customer centric economy, both brands and retailers must perfect the art of sales planning. The challenge is to accurately predict future demand of both existing and new products. Agility and adaptability are key. Armed with the right insights, businesses can predict consumer demand, and position themselves to meet the expectations of increasingly demanding consumers. We have three basic principles of forecasting:
    1. Continuitycontinuous, up to date forecasting
    To be accurate, forecasting needs to be a continuous process. Customers don’t stand still, and neither should your forecasting. For some industries, a daily flow of live information can deliver competitive advantage. Durables, which have no “expiry” dates are ideally suited to monthly insights. Updating forecasts monthly means they remain relevant and reflect the latest market situation. Market events such as sales promotions are reflected in these timely predictions.
    1. Accuracy – a solid foundation for forward planning
    The accuracy of your forecast will depend entirely on the quality of the data upon which it is based. Shipment data or expert interviews, which have traditionally formed the basis of forecasts, have little to offer by way of accuracy as they are typically biased and don’t reflect actual demand. Basing forecasts on real sales data has a transformative effect on the reliability of the predictions. Objective, up-to-date data combined with ongoing monitoring represents best-in-class forecasting.
    1. Granularity – getting the right level of detail
    The ideal forecasting solution offers scalability and flexibility, from overall country and product group coverage to price band and channel. You want both big picture and more detailed information. Using point-of-sales data enables you to enjoy the best of both worlds. This breadth of data provides the opportunity to uncover the growth opportunities, even in the most challenging markets, for instance in static or declining sectors. We believe that forecasting needs to have enough flexibility to offer the correct level of detail required to uncover the hidden growth opportunities.

    Summary

    With technology and consumer behavior changing at such a rapid rate, success depends upon the ability to anticipate and respond to future consumer demand. Empowered with this information, businesses that are agile and flexible have the best chance of fulfilling those demands. Continuous, accurate and objective forecasting data will be key to success. Choosing the right forecasting can be the difference between success and failure. hbspt.cta.load(2405078, '6821d097-d4d5-44a0-ab5b-03eba7b05389', {});
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. 

  • 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.

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