dunnhumby announced the launch of the Competitive Threat Evaluator, the only tool that swiftly diagnoses the intensity and nature of a retailer’s competitive threat and provides actionable knowledge about competitors and their attractiveness to shoppers at the chain, geographic, and store levels. This web-based tool combines geo-location data from Placer.ai—covering cross-shopping behavior, proximity to competitors, and the density of competitors within a store’s trade area—with customer perception data on price, promotions, assortment, in-store and online store experience from dunnhumby’s annual Retailer Preference Index (RPI).
“Grocery retailers often manage hundreds, if not thousands of stores, across diverse geographies and different competitive landscapes. Before today, there wasn’t a single dataset that provided a holistic understanding of both the intensity and nature of each competitor a retailer faced,” said Matt O’Grady, dunnhumby’s President of the Americas. “But with dunnhumby’s Competitive Threat Evaluator, retailers have a single dataset that provides invaluable shopper insights and store preferences to make sure they stay on top of their competitive threats.”
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Determining Top Competitive Threats
With the Competitive Threat Evaluator, retailers will be able to determine:
- Which retail chains are a retailer’s biggest competitive threats, in the short and long-term.
- Which retailer’s stores are the most and least threatened by competition.
- Which retailer’s stores are facing the biggest threat from competitors that are strong on price, promotions, rewards, assortment, experience, quality, speed, and convenience of brick and mortar, and digital channels.
By understanding the nature of their competition, retailers can prioritize which levers to address when developing overall banner, pricing, and assortment strategies. This insight will allow them to optimize resource allocation across their chain, focusing on stores facing the greatest competitive challenges. Additionally, it can aid retailers in making informed decisions about where to build new stores, as well as bring retailers up to speed quickly on new markets they have entered.
SOURCE:Businesswire