Well-founded sales planning with up-to-date market data

Update 2021 – Market data for Germany 2021

Karlsruhe, July 6th 2021: Various purchasing power data with data vintage 2021 are now available for Germany. Updates for numerous other European and international countries will follow shortly.

Whether for nationally or internationally operating companies – comparable homogeneous data are the basis for solid analyses and planning. An up-to-date database is essential for a well-founded decision-making process. For this reason, the globally consistent and comparable geographic and market data from Michael Bauer International GmbH are subjected to continuous quality controls and regularly updated to the latest data vintage.

Purchasing power as an important planning tool across all industries

In regional sales planning, purchasing power is the most frequently used indicator for the consumption potential of a region. The general purchasing power can be an important planning tool not only for the retail sector, but also for many other industries. In addition to the professional planning of new locations based on their prospects of success, purchasing power data can also be used to plan sales areas based on their sales potential. As part of the 2021 update, the MBI purchasing power data was updated to the 2021 data vintage in order to enable companies across all industries to plan in the best possible way based on the latest data.

Specific purchasing power indicators provide deeper insights into consumer behavior

In addition to general purchasing power, MBI offers other specific purchasing power indicators for the retail sector to provide even more detailed insights into consumer behavior. Retail spending is obtained at the place of residence and shows the proportion of purchasing power available for spending in retail. The retail turnover, on the other hand, is measured at the point of sale and describes the turnover of local retail trade. The retail centrality index puts those two indicators in relation and thus provides a measure of the attractiveness of a shopping location. The retail centrality index can be used to estimate the extent to which the local retail trade is able to attract supra-regional customers. With the help of these indicators, which were also recently updated to the 2021 data vintage, areas can be evaluated according to their strengths and weaknesses and unexploited potential can be localized. In addition, these specific purchasing power indicators allow marketing activities to be focused locally.

Online retail spending available for Germany for the first time

In recent years, there has been an increasing movement away from traditional brick-and-mortar towards online retail. The Corona pandemic further increased the importance of online retailing. Many consumers who previously preferred brick-and-mortar retail made their first purchases online. Even after the end of the pandemic, a large number of consumers will continue to shop online and there will be a general and permanent change in shopping behavior. In order to reflect this development, the new 2021 update also provides specific insights into online retail spending for Germany for the first time.

Consumer spending provides information about what the disposable income is being spent on

Consumer spending supplies potential data specifically tailored to the assortment. This provides companies with targeted insights into purchasing power for various product categories. It describes the amount of disposable income available to consumers in a region for spending in retail or proportionately online for the respective product range. Unlike general purchasing power, it not only includes total disposable income, but also what it is ultimately spent on. To optimize location analyses, improve advertising planning, and provide advantages in direct marketing, consumer spending for Germany has also been updated to the 2021 data vintage. For Europe, consumer spending by product groups provides information on 20 internationally consistent and comparable product groups. The data for this indicator is also updated regularly.

Purchasing power data can be visualized geographically – together with our postcode, administrative or microgeographic boundaries, they enable even more effective and efficient decision-making. Therefore, all studies are available at the level of municipalities or municipalities with 10,000 or more inhabitants and 5-digit postcodes as well as at the higher levels.

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Location Intelligence in Retail

When making strategic business decisions, retailers can rely on location intelligence to gain valuable insights on the market, competitors and most importantly consumers’ interests and preferences. By putting that data to work, retailers can better understand consumer behavior and purchasing patterns and therefore improve business results and customer experience. For critical business decisions like expansion or supply chain planning, location intelligence supports well-founded decision making.

Before taking market entry decisions, location data can support the analysis of market opportunities and competition. When entering a new market, various aspects have to be taken into consideration. For the analysis of the location, data on visitors, their movement patterns, whereabouts before and after the visit and duration of stay provide valuable insights into the customer journey. When analyzing the competitive strength, visits and frequency as well as customer loyalty to competitors’ stores are important factors besides competitors’ market share. To get a better understanding of consumers, socio-economic data as well as consumer styles play an important role. With this knowledge, retailers can offer attractive products and services and even poach their competitors’ less loyal customers.

When communicating with consumers, personalization and individualization are key and can significantly enhance customer experience. By utilizing MBI’s data on movement and buying patterns, retailers can better understand interests and preferences of consumers and therefore deliver relevant communication in a targeted manner. Moreover, these insights into consumer behavior can be used to improve the performance of marketing campaigns with for example relevant deals and offers for the target audience. Especially in light of the current pandemic, there’s an increase in demand for click & collect services, where consumers buy online to then pick their order up in-store. Here as well, location intelligence can enhance the shopping experience, for example through the suggestion of the closest store for pick-up. Overall, location intelligence makes it possible for retailers to understand the customer journey in more depth for a target group relevant implementation of marketing strategies to improve customer service and experience.

Another aspect that can be optimized with location data is personnel planning and staffing decisions. When analyzing the store visitors by weekdays and hours in relation to the sales and service staff, discrepancies can be revealed and staffing schedules optimized to match customer traffic. Because of COVID, shopping in-store has noticeably changed with consumers wanting to get in and out of shops as quickly as possible, concerned about their health and safety. In general, these changes in shopping behavior are expected to last even after the COVID pandemic is over. This development is increasing the relevance of store design concepts. With the movement patterns available through location intelligence, retailers can improve the layouts of their stores for a shopping experience that is fitted to the changing consumer behavior.

In conclusion, location intelligence can support strategic decision making with insights based on a data-driven approach in times of crisis, but also thereafter. Contact our Sales Team today to learn how you can leverage this data to improve business results as well as customer experience.

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