We’ve been here before. In early 2020, uncertainty was the word of the day, with the brief but serious recession induced by the pandemic and social distancing measures all over the globe. Somehow, things quickly rebounded and shoppers kept spending—albeit on things like home gym equipment and casual clothing until lockdowns eased. When that happened, people were eager to dine out and travel safely again.
If you’re a retailer or in any sort of chain business, you know well that doing research is critical to the success of your business. By research, we mean research on your customers, competitors, markets, and brick-and-mortar locations where your customers find you.
These last few years, most of us have grown used to change. We’ve seen ups and downs, and market disruptions upon new market disruptions. In 2023, there’s one thing that is true: it’s a nerve-wracking time for many consumer-facing businesses!
How to uncover success in your retail or other chain business in 2023 and beyond
Everywhere you turn, there’s talk of rising interest rates, inflation and an impending recession that has every consumer on edge.
Here’s a scenario we’ve seen a lot here at SiteSeer: an entrepreneur starts a business. Maybe it’s a retail business of some kind—a boutique clothing store, an ice cream shop, a bike shop—or maybe it’s a restaurant.
No matter what business you’re in, understanding both supply and demand is essential. If you’re a chain business that is expanding your store base, you’re doing so under the assumption that what you have to sell is in demand. In other words, your product or service is not only appealing to consumers, but there is room for more of it in the marketplace. But what does that mean? Is there truly untapped demand and if so, how do you measure it?
SiteSeer is in the business of site selection software, but we do a lot more than that. We help growing businesses with their market strategy, including which markets to expand into, where to find the best sites and how to forecast store performance.
There is no question: data and analytics have totally changed retail site selection. Today’s companies use software like SiteSeer Pro to determine where their best customers are located and analyze potential sites that would best attract those customers (and new ones). Choosing a location based on gut feel will no longer cut it. Site selection software has the power to tell retailers and other chain businesses what markets they should prioritize as they consider expansion, what locations will yield them the most success, where the competition is and much more.
Topics: Hotspot Analysis, Market Research, Retail Site Selection, Site Selection Software, Analyzing Retail Sites, Competitive Analysis, Customer Analysis, Client Service, SiteSeer Professional Services