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The market landscape across Asia has rapidly changed over the past ten years. Retailers operating in China, India, and Southeast Asia have faced the rising cost of supplies, local salaries, and real estate, which has put incredible pressure on strategic planning and more efficient operating practices.
In order to ensure the success of your sales, marketing, and expansion planning, you need to think and act smarter than in the past. The margin for error is much smaller than it used to be. Staying ahead of local, foreign, and online competition is an ongoing effort that needs considerable priority.
Rising Cost of Operations — The rising costs of supplies, local salaries, and real estate have applied new stress to growing retailers in the Asia Pacific region. High real estate costs in particular have put brand owners in a difficult position of making risky site selection decisions without the market research to support. Often times retailers choose to go with second rate locations based solely on the cost of rental, but at what cost to the business?
Variance in Consumer Behavior — Consumer purchasing habits and product preferences vary across geographies. A lack of understanding consumer behavior (where people live, work, and shop) can cause an underlying problem planning out key functions of your business from product assortment, to marketing, to site selection and store format decisions.
Locate Areas — It's possible to save time, cut costs, and reduce the risk for key investments by using accurate market data, tools, and services. Through the use of these data-driven solutions, you can identify high potential areas in your markets based on target consumers, retail density, and key competitors. These key areas, also called trade zones, are the hotspots consumers will travel to for shopping and entertainment. Identifying them empowers your sales, marketing, and development teams with the knowledge needed to capture more of the market.
Better manage the rising costs of operations by validating new site locations based on potential. By categorizing areas based on potential, you can help reduce the risk of high real estate costs. Also, by locating trade zones, you can discover high potential areas with lower leasing costs.
Better understand how to deal with variance in consumer behavior based on key retail trade zones. Your team can make better store format decisions and improve product assortment based on the kinds of consumers in different areas.
Discover Synergies — Correlation analyses of your performance data against getchee's market data can identify key market variables that appear to have positive effects on store performance. These could be a variety of factors including the distance to subway exits, bus routes, retail POI and brand synergies (less than 100M from McDonald's or KFC), geographic barriers, or road network data. Discovering these synergies can lead to better sales, marketing, and expansion planning by enabling your team with a list of market attributes to focus on during execution.
If you knew that the number one factor that drives traffic to your retail locations is the availability of public parking within 300M of your store, you'd have a very useful piece of information needed to improve your business planning.
Suppose you knew that for some reason your best performing stores are always within 100M of a subway station, and always have at least 3 fast food restaurants within 350M from your store. This is powerful information that can helpful in improving your planning and operating effort.