Developing markets across the globe offer exciting opportunities for the retail industry, especially as expanded technology makes it increasingly possible to reach diverse populations through ecommerce and efficient business operations. However, entering a new market environment comes with its own significant challenges. The Wall Street Journal cautioned investors to do their research before jumping into emerging markets. Big data and retail business intelligence might be able to help retailers prepare for their global ventures.

According to Retail Info System News, global companies competing for developing middle classes need information resources to help them navigate new waters. Data-driven insights are crucial for identifying strategies that work well in different cultures and among diverse populations, the source added. Consequently, merchants need access to information that can fuel useful retail reports to isolate and predict trends. When collecting their own information based on sales and initiatives in other countries, retailers require management software that is robust enough to consolidate large amounts of data and separate information if they want to analyze specific regions.

"The difficulty you face in emerging markets is the timing," Richard Titherington, chief investment officer of J.P. Morgan Asset Management, told the Wall Street Journal. 

Merchants need reporting tools to help them plan for rapidly changing conditions and to become familiar with new market environments.

This entry was posted by Retail Pro on Wednesday, March 5th, 2014 at 7:55 am .