Competition analysis is the process of evaluating and understanding the strategies, strengths, and weaknesses of rival businesses operating in the same market. It involves gathering and analyzing information about competitors’ products, pricing, marketing efforts, customer service, and overall market position. By conducting competition analysis, retailers can gain valuable insights that help them make informed decisions about their own business, such as identifying opportunities for differentiation, improving their offerings, setting competitive pricesand developing effective marketing campaigns. This analysis helps retailers stay abreast of industry trends, anticipate market changes, and maintain a competitive edge. Ultimately, competition analysis empowers businesses to adapt and respond effectively to the ever-evolving marketplace, leading to enhanced performance and customer satisfaction.
