What are the benefits of conducting a retail competitor analysis?
If you run a retail business, you know how important it is to stay ahead of the competition. But how do you know who your competitors are, what they offer, and how they perform? That's where a retail competitor analysis comes in. A retail competitor analysis is a systematic process of researching, evaluating, and comparing your rivals in the market. It helps you identify their strengths, weaknesses, opportunities, and threats, and use this information to improve your own strategy. In this article, we'll explain the benefits of conducting a retail competitor analysis and how to do it effectively.