Navigating Retail’s Complex Landscape: How Qumind Helps Brands Optimise Strategy, Pricing, and Customer Reach

The retail sector is complex; constantly adapting to shifting consumer expectations, economic pressures, and competitive demands. The Centre for Retail Research has described the industry as undergoing a ‘permacrisis’ since the 2008 financial crash.  More than ever, retailers and brands need reliable, actionable insights to optimise everything from pricing strategies and product offerings to opening times and customer satisfaction. 

With a track record of supporting major retail players as well as major brands operating within those retailers, Qumind offers a versatile platform and expert research team that help brands make data-driven decisions to succeed. 

Key Challenges within Retail

From fast-moving consumer goods to in-store and online experiences, retail brands face unique challenges that require agile, in-depth understanding:

1. Optimising Product, Price and Pack Size: Setting the right price can make or break a brand’s success. Retailers need to balance consumer expectations with profitability while considering variables like pack size, competitor pricing, and willingness to pay.
2. Product Range & Menu Design: Food and beverage brands must strategically curate their menus to cater to customer preferences and maximise revenue. However, understanding the right balance of options to include—and which items will resonate most—is complex.
3. Customer Reach and Frequency: For brands operating in competitive spaces, reaching the widest possible audience with their offerings while also increasing purchase frequency is crucial. This requires precise insights into consumer preferences and likely purchasing behaviour.
4. Navigating Physical and Digital Retail: Retail brands today often operate through both physical stores and e-commerce platforms, requiring insights that span both environments to create a cohesive brand experience.

Qumind’s research solutions provide retail brands with the data-driven insights they need to tackle these challenges head-on. Here’s how we can empower brands with tailored research methods and cutting-edge technology:

Case Study:  Pricing Optimisation and Pack Size Strategy with Conjoint Analysis

Qumind has conducted multiple studies to help retail brands identify optimal price points and packaging configurations that meet consumer expectations while maximising revenue potential. For example, when one of our manufacturing clients  sought to understand the ideal RRP and pack size for their core product range, Qumind applied Conjoint Analysis to reveal the optimum balance of price and pack size that resonated most with consumers. This method enabled our client  to optimise their significant investment in  product lineup with data-backed confidence, improving profit margin,  market positioning and customer satisfaction.

Case Study. Menu Optimisation Using TURF Analysis

When another retail client aimed to refine their menu offerings to maximise customer appeal, Qumind deployed TURF (Total Unduplicated Reach and Frequency) analysis to model the optimal combination of products that would attract the largest unique customer base. By evaluating customer likelihood to buy from a selection of 31 different products, TURF analysis helped the client to  identify which menu items would drive the greatest reach and frequency.

Beyond individual products or menu items, retail brands need to understand how their offerings align with customer segments. Qumind’s platform enables granular segmentation, identifying the unique preferences and purchase motivators for diverse customer groups. For a brand with physical and online retail channels, Qumind’s insights can highlight variations in customer needs across platforms—allowing for more personalised engagement strategies that increase both loyalty and conversion rates.

Qumind’s Versatile Research Solutions for Retail

Our platform is designed with the flexibility to address any aspect of retail research—whether brands require self-serve tools, full-service support, or a hybrid model that combines both. Here’s how each of our offerings caters to retail brands’ unique needs:

• Self-Serve Option: Retail brands that need rapid, in-house research can leverage Qumind’s intuitive self-serve platform to gather insights and monitor consumer trends. With tools to assess shifting preferences and regional differences, brands can quickly adjust to consumer demands across channels.
• Full-Service Option: For in-depth research projects, Qumind’s full-service model offers a complete research solution from start to finish. Whether brands are evaluating multi-region product launches or conducting longitudinal studies on customer loyalty, our experienced team guides the process, delivering actionable insights.
• Hybrid Model: Combining self-service convenience with expert oversight, our hybrid model provides flexibility for brands looking to conduct agile research with strategic input. For retail clients looking to fine-tune aspects like pricing or segment preferences, the hybrid option delivers the best of both worlds.

Retail’s complex environment requires a deep, data-backed understanding of consumer preferences, purchase behaviour, and competitive positioning. Qumind’s research platform and expert team empower retail brands to meet these challenges, whether its optimising pricing, product assortment, and reach to align with the consumer landscape. Whatever your brand is navigating,  Qumind’s platform solution backed up with our experienced in-house research team can deliver the insights needed to drive impactful, strategic decisions in the retail sector.