9 ways market share reports like RetailWatch benefit businesses

RetailWatch is a one-of-its-kind look at consumer behaviour, to give businesses the insights they need to make better decisions, created by Datamine and our partners in banking and finance.

You’re planning a new location, but will it be successful? You need more customers, but who should be the focus of your new marketing push? You know your performance, but what’s the market doing? These are just some of the enduring questions you face as a business owner – and they’re exactly what RetailWatch is designed to answer.

How does Datamine's Retailwatch work?

Custom algorithms and weightings process New Zealand’s most comprehensive consumer spending data set into valuable commercial insight.  Our data sources cover 77% of all electronic transactions from both merchant and consumer perspectives.  This means all insights are derived from data that’s been cross-checked and controlled for quality – something no other data sets can do.  Our custom algorithms and processes have been refined over more than three decades, which means robust controls for bias that exists in the data sets and a more accurate reflection of what’s happening in your market.  This delivers a new lens on your market, network and customers, with privacy, anonymity and confidentiality built into every part of the system.

Not just for retail, the data set has been successfully used to understand customers spending in tourism, the public sector, FMCG, telco, insurance, entertainment, not-for-profit, healthcare, utilities and banking.

Here’s how it could help transform your decision-making:

Three areas accurate market share reporting can improve

Market share services like Datamine's RetailWatch can help you stay on top of your market, plan your retail network confidently and understand your customers better.

1. how Market share reporting helps you STAY ON TOP OF YOUR MARKET

Use RetailWatch data to get a bird’s eye view of your market, trends and customers.

Retailwatch Dashboard provides market context

RetailWatch Dashboard gives you New Zealand’s most reliable monthly data spend. You’ll see a high-level view of industry trends and customer spend across multiple categories, in-store and online.

Sign up to get the RetailWatch Dashboard every month, free.

Customise the report to your needs

With your custom-built Retail Tracking, you get a granular look at the external metrics that most affect your business performance. The daily data can be broken out into retail niches or bespoke groups to give a timely picture of the market and where you stand.

choose your market share benchmark

Market share benchmarking gives you a clearer understanding of your position in the overall market and a more comprehensive view of how you’re tracking against market shifts.  

2. How Retailwatch helps you GET A BETTER HANDLE ON YOUR NETWORK

RetailWatch network solutions can help you better understand the performance of each store or location in your network.

Site assessment and network optimisation

RetailWatch removes the guesswork, answering questions like how much a new store might cannibalise your other sites, where your customers come from, and how much revenue you’ll lose to competitors after closing a site. Whether opening, refurbishing, or closing a location, you need to get it right.  Making changes to your network can burn through time, capital and customer goodwill.

You can set the scope of the solution to suit your business goals, from looking at just one site to optimising your entire network.

Catchment analysis

Catchment analysis from RetailWatch defines your catchments and provides customer profiles for each area. When you really know who you’re serving in each catchment, you can make smarter decisions about how best to serve them, the prices they’ll pay, what they want, how far they’ll travel and more. 

3. How Retailwatch helps you KNOW YOUR CUSTOMER

Using consumer spending data, RetailWatch can help you understand your customers’ priorities, spending habits and behaviours. This allows you to tailor promotions and strategies to maximise ROI.

Customer profiling

RetailWatch's customer profiling informs marketing, planning, logistics and customer service strategies because you can dig into your customer base’s unique habits and preferences. It’s most powerful when used alongside churn modelling and customer segmentation.

Customer segmentation

Using customer behaviour data, RetailWatch groups consumers into manageable segments or categories. This is the foundation of invaluable tools for your marketing teams – it expands on customer profiling to offer descriptive insights into your key customer groups.

share of wallet

RetailWatch insights can help you understand where and how do people spend in your market, and how much goes to you. These are simple questions, but the answers can help inform a range of strategies. They can indicate customer satisfaction and loyalty, your competitiveness, and what sales growth you can expect from marketing to existing or new customers.

cross-shopping and loyalty

Cross-shopping solutions measure how many customers are generally loyal to a brand and the proportion who’ll pick and choose between competing brands. In a market crowded with competitors and loyalty, this information is essential for building a strong and resilient brand.

why is retailwatch good for business?

Whether you want to optimise your marketing, customer service or site network, RetailWatch removes the risk and guesswork. Book a free consultation to find the best solution or a customised combination for you - get in touch with Datamine today.

With clever data and analytics at its core, RetailWatch's solutions deliver to your unique goals.