COMPETE UNVEILS NEW SERVICE TO PROVIDE REAL-TIME INSIGHT INTO RETAILER PERFORMANCE FOR UPCOMING HOLIDAY SEASON
Holiday Retail Intelligence Arms Retail Executives With Real-Time, Data-Driven Market Intelligence to Maximize Sales Performance During Critical Shopping Season
Boston, MA., SEPTEMBER 16, 2002 -- Compete, Inc., a premier business intelligence firm that combines consumer behavior data, advanced technology and sophisticated business analytics to provide industry-leading customer and competitor insights today announced a breakthrough new intelligence service targeting the retail and consumer products industries–Holiday Retail Intelligence™. The new offering provides industry executives with the most timely business intelligence available on holiday retailing performance, interpreting consumers’ online browsing and purchase behavior across competitive retailers, to guide day-to-day marketing decisions during the intense holiday shopping period.
Holiday consumers have made online retailing an essential component of their shopping experience, using the Internet to directly or indirectly influence several billions of dollars of consumer purchases. Retail industry data confirms that consumers are increasingly turning to the Internet to research pricing, product features, consumer reviews and product availability prior to completing their holiday purchases. With online shopping reaching critical mass, web-based revenue is now a significant component of financial performance and online browsing behavior has emerged as a leading indicator of consumers’ offline purchases. These forces add a critical and highly dynamic variable to an already complex and condensed holiday shopping period.
Compete’s Holiday Retail Intelligence™ service provides retail decision makers with real-time business intelligence regarding customer traction within their customer base and sales performance across their competitive set. Leveraging consumer behavior data representing 10 million households, leading-edge technology and sophisticated analytical models, Holiday Retail Intelligence™ is the only available source for daily and weekly insight and decision support that executives can use to hone their key marketing decisions to attract and capture consumers’ holiday dollars.
Compete’s Holiday Retail Intelligence is designed to be a critical input into retailers’ marketing tactics and is configured to focus on the following components:
Promotional Offers: optimize promotions and quickly minimize the impact of competitive offers.
Multichannel Performance: maximize interest and market share across online and offline channels.
Sales Conversion: increase the look-to-buy ratio and stem defection to competitive sites.
Customer Loyalty: increase sales per customer and capture larger share of wallet for holiday purchases.
Product Interest: synchronize inventory and promotions with top selling products and product categories across competitive retailers.
Compete developed this breakthrough new intelligence service as a result of trends that it observed during the 2001 Holiday Season. During this period, Compete identified a marked shift in consumer behavior beginning with the Thanksgiving shopping weekend. Specifically, Compete identified a clear emphasis on value as a primary consumer buying criteria, based on factors including:
Pronounced online traffic increases and increased consumer purchases at all major retail sites, with the mass merchandisers WalMart and Target outpacing all other retailers on growth and conversion metrics;
Amazon continued to be an online focal point, with the exception of consumers shopping for toys and software, where comparison shopping across retailers demonstrated notable price sensitivity;
A sharp increase in frequency and intensity of visits to third party sites (brand-neutral and branded consumer products) for consumers researching big-ticket appliance and home electronics purchases.
About Compete
Compete, Inc. is a premier business intelligence firm that provides industry-leading companies with competitive insights and strategies to drive their financial performance. Built upon the industry`s foremost pool of consumer behavior data, representing over 10 million consumers, Compete provides an unprecedented understanding of customer and competitor dynamics, plus performance metrics and business recommendations to isolate businesses challenges and opportunities. Based on a patent-pending approach to data management, Compete translates consumers` online behavior into highly actionable information that targets companies` strategic business issues including demand forecasting, pricing and promotions, marketing programs and product optimization. Compete offers its intelligence services to financial services, automotive, media & entertainment, and retail & consumer products companies.
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