By: Stephanie Geno, SVP, Marketing and Strategy, Affinity Solutions
The retail landscape is evolving at an unprecedented pace, and staying ahead requires the most cutting-edge tools and data. That’s why the launch of the CNBC/NRF Retail Monitor, powered by Affinity Solutions, marks a groundbreaking development in how retail sales are tracked and measured. In this insightful video Q&A, we dive into this innovation with insights from Mark Matthews, NRF’s Executive Director for Research, and Jonathan Silver, CEO and Founder of Affinity Solutions.
Why a New Approach Is Essential
Mark Matthews explains the driving force behind this initiative: the retail industry’s desperate need for modernization. With the advent of new, high-frequency datasets, we can now track retail trends with a precision never seen before. This data not only complements but also shows a high correlation with traditional census data, offering a broader and more accurate view of the market.
Leveraging Purchase Data for Deeper Understanding
Jonathan Silver sheds light on Affinity Solutions’ unique position in this partnership. Our journey began with a vision to transform business understanding through data. By analyzing millions of transactions in partnership with top financial institutions, we provide an unparalleled depth of market insights. The Retail Monitor stands out by offering customizable data sets, tailored to specific industry needs and timeframes.
Insights from October’s Sales Data
Comparing the October sales data from the Census with the insights from the Retail Monitor reveals some compelling trends. Jonathan highlights a nuanced picture in sectors like durable goods and food services. For instance, there’s a noticeable downtrend in spending on home furnishings and electronics, likely influenced by broader economic factors like inflation. On the other hand, the food service sector shows a mixed trend with modest growth but also hints at changing consumer habits.
October Retail Monitor
The CNBC/NRF Retail Monitor, powered by Affinity Solutions, provides a first look at how retail sales performed last month.
Why the Retail Monitor Wins
The CNBC/NRF Retail Monitor, powered by Affinity Solutions, revolutionizes the understanding of retail and consumer behavior. Offering real-time, consistent insights derived from actual customer transactions, this tool provides recent, high-quality data. It will also unveil detailed demographic and geographical trends, previously unattainable, transforming how businesses view retail analytics.
Watch the full video Q&A to gain further insights into the groundbreaking Retail Monitor. Anticipate our next update in December and in the meantime, we invite you to discover how our custom retail insights can benefit your business.