This week’s trend report shares how you can conduct effective and efficient competitive analysis of other independent retailers easily so that you can remain compelling to customers in a competitive retail environment.
Competitive Analysis for Independent Retailers is part 3 of the 4-part trend report series Use Your Size to Your Advantage.
Competitive Analysis for Independent Retailers is part 3 of the 4-part trend report series Use Your Size to Your Advantage.
Topics Discussed in this Trend Report:
- Competitive Analysis frameworks: SWOT Analysis, PEST Analysis, and Porter’s 5 Forces
- Analysis should include an assessment of external and internal influences, and an action plan based on your assessments
- Why you should think broadly about whom you consider to be your business competition
- Why you should be cautious of delegating the entire task of competitive analysis
- Study your competitors’ customer experience by shopping your competition
- Understand your competitors’ market competition by reviewing their website and newsletter copy
- The importance of comparing retail prices, shipping charges for online orders, and return or exchange policies
- How to conduct research on the quality of two-way online engagement and customer reviews
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