New tool allows business users to assess local business performance
NEW YORK – September 20, 2016 -- 1010data, Inc., offering the only integrated platform that combines self-service data management and analytics at scale with ready-to-use data, today announced the availability of Local Market Insights (LMI), a browser-based tool that enables merchants to measure business performance against competitors over time at the local metropolitan market level. Whether theirs are retail, restaurants, or other direct-to-consumer businesses, merchants can use LMI to identify drivers of performance and take action to improve their business or generate incremental growth.
Using actual consumer spending behavior, demographic, and store location data, 1010data LMI enables users to view business KPIs such as market share, basket size and trip-related metrics by MSA (metropolitan statistical area) for their business as well as a custom competitive set of their choosing.
The 1010data LMI tool is based on multiple data sets that are integrated to work together within the award-winning 1010data platform, resulting in analytical outputs that are generated in a matter of seconds. A clean, easy-to-use dashboard interface displays the information in heatmaps at both a national and local view. A local scorecard provides business metrics alongside demographic data. A historical comparison view captures trends of key metrics across time via charts and graphs for instant analysis vs. the competition. The data sets of the LMI tool are updated within days, eliminating lag and giving decision-makers an immediate view of outcomes based on their actions.
Key features of LMI include:
- Market share change and other key sales metrics by major metropolitan market
- Consumer transaction information, including basket and trip metrics
- Store location data that provides a targeted, localized view of business performance
- Ability to view the data by demographic and socioeconomic attributes, such as age, gender breakout and household income
- Monthly refreshes of the consumer panel for the latest, most relevant information
“Now, more than ever, it is important to understand granular merchant performance by local market,” said Natalie Seidman, Senior Vice President of Data Insights at 1010data. “LMI gives companies a tremendous advantage by allowing them to see in near real time the opportunities that are in front of them with the consideration of their direct competitors in the exact markets where they operate.”
Gaining actionable insight requires the best analytical tools and access to all relevant data. 1010data is a complete solution that provides both, with the only out-of-the-box, self-service, cross-enterprise insights platform. More than 750 of the world’s largest companies trust 1010data to manage, share and analyze over 29 trillion rows of data because of the company’s proven ability to deliver results more quickly, easily and accurately than any other solution. Please visit www.1010data.com for more information.