Retail Market Data
The Ultimate Guide to Retail Market Data 2021
What is Retail Market Data?
Retail market data is a sub-category of commerce data. It refers to retail data that tracks consumer demand for goods. It does this by measuring perishable and non-perishable goods purchase rates over a specific period of time. The most important thing about retail market data is how it can be used for projections and to drive more sales. Retail market data helps businesses and investors make more informed decisions, and it also helps in the retention and acquisition of customers.
How is Retail Market Data collected?
Retail market data is usually collected through three main methods. First, data can be collected using direct requests through online or offline surveys and direct feedback forms. It can also be attained through indirect means using consumer tracking methods, as well as combining external data on consumers with pre-existent data. Most of this data is abundant on social media and websites that contain consumer activity. Location-based advertising utilizes technology-based tracking such as IP addresses, web analysis, POS data collection. Other sources of retail makret data include uch as customer counts, margins for profit, sales trends, and customer service records.
What are the typical attributes of Retail Market Data?
Retail market data is made up of a number of attributes, the majority of which are consumer-centric. Such attributes include:
• Customer-related data - personal information that can be used to form market segments and document demographics
• Store space data - which includes all relevant information about a retailer such as turnover, products and products niche
• Point of Sale (POS) data - information which documents transactions facilitated through card payments and cash transfers. Data such as profit margins, customer counts etc. is also collected
• Foot traffic - data involving number of visitors and visit duration times.
What is Retail Market Data used for?
Retail market data has many applications in business. It provides information used to formulate innovative market strategies, keeping its users at the forefront of the market. Retail data helps users better comprehend their consumers and what makes them tick (wants, needs, tastes and capabilities). It also helps in improving the general retail experience for consumers, as well as helping to set market trends.
Timeliness is key in marketing, and retail data helps to determine the right campaigns for the right time frames. Additionally, retail data helps to plan ahead and prepare for any impending fluctuations in the market.
How can a user assess the quality of Retail Market Data?
Low quality retail market data has a negative implication on any business that utilizes it in strategy, largely because of its incorrectness and inaccuracy.
To assess the quality of retail market data, frequent reviews need to be conducted to ensure accuracy and eliminate errors. It is important that retail data is up to date, as data like this is time specific. Outdated data can cause setbacks for businesses that use it.
A regular check on retail data quality is necessary, as well as a sample set for data testing in real world applications.
Who are the best Retail Market Data providers?
Finding the right Retail Market Data provider for you really depends on your unique use case and data requirements, including budget and geographical coverage. Popular Retail Market Data providers that you might want to buy Retail Market Data from are GBSN Research, Bright Data (Formerly Luminati Networks), MBI Geodata, Oxylabs, and Alpha Affinity.
Where can I buy Retail Market Data?
Data providers and vendors listed on Datarade sell Retail Market Data products and samples. Popular Retail Market Data products and datasets available on our platform are Bright Data | Retail Data - Global Coverage - Pricing Data, Seller Ratings Data, Customer Reviews Data by Bright Data (Formerly Luminati Networks), MBI Geodata - Retail Centrality Index Worldwide by MBI Geodata, and Retail data worldwide & ecommerce APIs from Datahut by Datahut.
How can I get Retail Market Data?
You can get Retail Market Data via a range of delivery methods - the right one for you depends on your use case. For example, historical Retail Market Data is usually available to download in bulk and delivered using an S3 bucket. On the other hand, if your use case is time-critical, you can buy real-time Retail Market Data APIs, feeds and streams to download the most up-to-date intelligence.