5 Ways to Find Untapped Potential Using Data
With our actual sales data from Retail Partners across Canada, you can uncover the best-selling brands and items to guide your product development, planning, and market expansion strategies. See how it can lead you to new opportunities and drive growth for your business. Here’s a closer look:
Market Size and Trend
How does your performance across the total home and housewares industries in Canada compare to the total market?
Understand how your performance measures up to the rest of the market, the segments in which you are gaining or losing share, and whether you’re getting your fair share of sales.
Now that you have identified in which industries you lost or gained market share, drill down to identify the categories that drove your performance.
Let’s say in major appliances you grew 4% in Q4 in full-size refrigerators while the rest of market grew 15%. Full-size refrigerators accounted for 75% of your market share losses.
With point-of-sale data from retailers across Canada, you’ll have a clear sense of where to invest your time and effort to improve performance in categories where you may lag the market.
In the full-size refrigerator category, how are brands performing in your stores compared to the rest of market?
Continuing with our example, Brand A declined 3% at your stores while growing 10% in the rest of market. This caused two-thirds of your share loss in the category.
Our analysts are here to support your decision-making — they’ll show you how your performance by brand compares to the rest of market and whether or not you are getting your fair share of that brand’s growth.
Now that you know Brand A is responsible for most of your market share loss, how does your item assortment of that brand compare to the market?
One item is driving most of Brand A’s growth in the quarter. Although you had it assorted in store, sales were minimal because you didn’t assort it online.
With access to this level of detail, you’ll see whether you’re missing any key items and how your performance by item compares to the market.
Pricing by Item
You can delve even deeper into Brand A performance to analyze average sales price by item for a specific time period.
The item that accounted for the majority of your share loss in Brand A was priced 25% lower in the rest of market compared to your stores for the period.
With actual sales data on what was sold at retail across Canada, you’ll know whether to ask the vendor for more support in the future to correct the gap in pricing.
Source: The NPD Group/Retail Tracking Service, Canada