Nets provides valuable insight into the market at large

Illum is a fashion luxury department store in the center of Copenhagen. The company’s history in the Danish capital goes all the way back to 1891.

In the retail business, staying on top of consumer trends is essential. Retailers can easily learn from the behavior of customers in their own stores and adapt their strategies accordingly. However, companies are left in the dark on much of the broader consumer habits and fluctuations in their area. By pooling relevant data on transactions, Nets Market Insights shines a light on ongoing trends in the retail market as a whole.

Hong Ly, Head of Finance at Illum, says Market Insights gives Illum actionable data on how people spend their time and money in Copenhagen. Examples of this include how much is spent at different types of businesses in the local retail space and how much is spent before and after visiting Illum.

– Once the customer is in Illum, we know much about it. What they’re purchasing, how long they’ve been in Illum and where they’re from. But once they step outside of Illum, we don’t have any data on them of course. So that’s the part where Market Insights gives us unique possibilities. It gives us data regarding the flow and the tendency of what's happening outside of Illum.

Going with the flow

Optimal responses are based on awareness of the broader context. Nets Market Insights helps maintain an accurate overview of the current situation and expose the need for strategic adjustments. The service includes tools for benchmarking against the competition and monitoring contingencies that affect retail business in the region, such as tourism.

– Once we do the benchmark analysis, it helps us see how we're actually doing compared to the city itself. The tendency is also very important to us, how the market is doing right now. So the benchmarking helps us know how to improve our business and gives us insight into how we’re performing against the market. Market Insights also gives us the possibility to know how tourism is doing in Copenhagen in general.

Keeping up with the times

The retail market is highly dynamic and subject to rapid shifts in consumer behavior. Market Insights helps companies keep tabs on the situation in real time by running smoothly and being easy to use. Ly commends the service for how well it works and how intuitive it is. He’s also pleased with Nets’ responsiveness in the event of any questions about the service. Based on his own experience, Ly sees great utility in Market Insights for retailers.

– I think a lot of retailers would benefit from it. It’s very user-friendly. A great experience is actually how fast the service has been once we’ve had questions.

All in all, Ly endorses the service for gaining relevant information to stay on top of market developments:

– I would recommend Market Insights. It’s a great tool.