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How Retailers Gain a Competitive Edge with Enriched Data

competitive edge with enriched data

In today’s fast-paced and ever-changing retail market, staying ahead of the competition is crucial. Retailers face numerous challenges, including improving the customer experience, while simultaneously growing their business. However, with Live Earth’s analytics platform, retailers gain a competitive edge with enriched data.

Many of them are turning to the Live Earth data platform to provide real-time situational awareness and visual intelligence on ever-changing market conditions impacting retailers and their competitors. Let’s review how Live Earth helps retailers address five common issues they face.

1. Lacking Competitive Intelligence

Retailers often struggle to identify key areas to focus their marketing efforts. Without a clear understanding of where they are winning and losing against competitors, they may be wasting resources on ineffective campaigns. Live Earth helps retailers overcome this challenge by providing a competitive edge with enriched data that includes real-time data on consumer retail spend. With this information, retailers can see where they stand in relation to their competitors and adjust their marketing efforts accordingly.

2. Inability to See Layered Marketing Campaigns

In addition to consumer retail spend, retailers need to consider other factors when developing marketing campaigns. Live Earth provides a comprehensive view of the market by layering data on top of marketing campaigns. This data includes information on digital experience performance, social sentiment, census and demographics data, and traffic, parking, and foot traffic. With this information, retailers can make better-targeted marketing decisions and improve the effectiveness of their campaigns.

3. Unaware of Customer Experience Issues

Retailers also need to focus on providing a positive Customer Experience. However, it can be difficult to identify issues that are impacting results. Live Earth provides real-time situational awareness, allowing retailers to quickly respond to Customer Experience issues. By addressing these issues promptly, retailers can improve customer satisfaction and loyalty.

4. Identifying Competitors’ Customers Close to Churning

Another challenge for retailers is identifying competitors’ customers who are close to churning. Live Earth provides real-time data on consumer retail spend, allowing retailers to see where their competitors’ customers are spending their money. By targeting these customers with personalized offers and incentives, retailers can attract them away from competitors and retain their business.

5. Lack of Real-Time Data

Finally, retailers often lack real-time data on weather, crime, power outages, and other factors that can impact their business. Live Earth provides a competitive edge with enriched data, allowing retailers to make better decisions for their customers and staff. For example, if a power outage occurs, retailers can quickly respond by redirecting customers to a different location or offering incentives to those who are inconvenienced.

In conclusion, the Live Earth data platform is empowering retailers with information to address many common challenges they face. By providing real-time situational awareness and visual intelligence, retailers can make better decisions, improve Customer Experience, and stay ahead of the competition. Whether you are a small retailer or a large chain, Live Earth can help you stay competitive and grow your business. Contact us today to speak with one of our consultants.

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