The ability to react fast and with confidence is the secret to success this year
Before looking at the latest consumer and market intelligence, it is important to understand the key challenges faced by players in the tech and durables industry. Amid today’s unpredictable consumer landscape, retail conditions can change rapidly — and drastically.
In fact, in a July 2021 report by S&P Global, the technology sector ranked fourth on the list of sectors with the most volatility.
As such, even if you already have a solid planning, pricing, and promotion strategy in place for the upcoming holiday season, it is critical that you track and understand these constant fluctuations. The secret? Closely monitoring and analyzing current developments and competitors’ activities, which can help you make the most of market shifts.
From improved customer segmentation to optimized inventory management, the benefits of having the latest market intelligence at your fingertips are numerous. A recent McKinsey global survey of 2,500 B2B companies found that 72% of the fastest
growing brands say their analytics are effective in helping them with sales planning.
Additionally, according to the Boston Consulting Group, retail companies that successfully adopt a data-driven approach can boost
their revenues by up to 20% and enjoy cost efficiency savings of up to 30%. Clearly, having access to up-to-date sales data is key to maximizing your revenue this lucrative holiday season.
While uncertainty must be expected, the popularity of year-end promotional events, and in particular of Black Friday shopping, has grown consistently year-over-year and stretches over multiple weeks in Q4.
In 2020, the total technical consumer goods (TCG) sales revenue across key markets during the two weeks leading up to Black Friday as
well asthe actual week itself grew by 5%, compared with the same period in the previous year.
Black Friday 2020 generated a turnover of US$5.6 billion across key markets
according to GfK’s TCG Market Intelligence: Sales tracking results from last year's event.
Manufacturers and retailers that make the most accurate decisions will thus be best placed to seize greater market share of this overall growth.
When navigating today’s volatile competitive landscape, using up-to-date market intelligence is key. With the Seasonal Peak Monitor you take the right decisions week by week. Find out more.
