large volumes of data, it is possible to combine information on the products that commercial establishments sell
with details of the types of consumers that are attracted to the different chains.
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In order to identify the retailers
that best suit a company, it is possible to use advanced technology that makes it possible to monitor the brands, products, prices and in some cases the existing inventory of the different distributors.
This type of detail provides insight into potential competitors and their pricing structure. With this information, business leaders can establish a data-driven marketing strategy.
Tailor-made solutions also help to forecast how successful the introduction of a product will be in a chain of stores or warehouses.
See "Big Data for Retail Space Optimization
According to Erick Macias, Senior Data Analyst at CentralAmericaData
, it is possible "... to analyze the characteristics of the consumer who shows interest in a particular retailer, together with the information of products and brands in the same, allows business leaders to establish the optimal product mix to introduce, in a way that helps them manage the risk involved in such introduction.
Macias adds that "... by analyzing information on brand presence, product types, prices and inventory in different retailers, it is possible to identify those where a product may have the lowest risk of introduction and therefore the probability of its success is higher.