Whatever your product category and industry, it is always changing. Technology improves, new players enter, distribution channels change, and players exit.
To stay abreast of industry trends and innovations and to quickly identify new products and new entrants, companies need to regularly conduct a competitive analysis in their space. This type of analysis will also help to identify price and product gaps in an assortment which is a key part of Product Line Reviews and Business Reviews.
At Total Retail Group, we have developed our own proprietary tool for competitive insights called eCompShop.