Retail Competitive Intelligence Needs a Refresh

Retail Competitive Intelligence Needs a Refresh

This IDC Perspective highlights the challenges that retailers currently face with inadequate tools and processes. We discuss the gaps with current approaches, the resulting issues, and what to look for in capabilities going forward. Retail competitive intelligence is in need of a refresh. While consumers change their shopping behaviors in response to minor variations in competitive price and assortment, retailers today are often blind to data that would provide insight into these competitive differences. Within a customer-driven, analytically robust retail of the future, merchandising requires systematic analytical approaches to understanding competitive behavior."Retailers must establish broader capabilities that extend beyond the online channel and uncover insights beyond price alone to remain relevant to consumers and respond quickly to rapidly changing market dynamics," states Jon Duke, vice president of research for IDC Retail Insights.

Please Note: Extended description available upon request.

Executive Snapshot
Situation Overview
Incomplete Capabilities = Inaccurate Insights
Challenges with an Online Channel Focus
Challenges with a Price-Only Focus
What Does a Refresh Look Like?
Advice for the Technology Buyer
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