Consumer Wealth

Consumer wealth and financial data empowers retail businesses to make data-driven decisions regarding marketing, pricing, product selection, and customer engagement. It allows retailers to optimize their strategies, enhance customer satisfaction, and drive profitability by helping focus on the financial needs and preferences of their target audience. This data product estimates the income, assets, and debt of Canadian households.

Location Optimization: Wealth and financial data help to quantify where the best opportunities are to reach the right type of customer. It helps measure, analyze, and compare the size of markets and revenue potential to find, attract and keep your best customers. It also aids in tailoring a retail offering to the needs of the households in the trade area.

Targeted Marketing: Retailers can use consumer wealth data to segment their customer base effectively. Understanding customers’ income levels, spending habits, and financial preferences helps tailor marketing campaigns and promotions to specific consumer groups.

Pricing Strategies: Retail businesses can optimize pricing strategies based on consumer wealth data. This includes setting price points that resonate with different income brackets and offering discounts or loyalty programs that align with customers’ financial profiles.

Product Selection: Consumer wealth data informs product selection and inventory management. Retailers can stock products that align with the purchasing power of their target demographic, ensuring that they have the right products available for their customers.

Credit Offerings: Retailers may offer financing options or credit-based services. Access to consumer financial data is crucial for assessing creditworthiness and determining the terms and conditions for such services.

Customer Segmentation: Retailers can segment their customer base into various groups based on wealth and financial behavior. This segmentation allows for personalized shopping experiences, product recommendations, and targeted marketing efforts.

Loyalty Programs: Retailers can design loyalty programs and rewards that align with customer financial capabilities. This encourages repeat business and customer loyalty.

Risk Management: Retailers can assess the risk associated with offering certain products or services to consumers based on their financial data. This helps mitigate the risk of non-payment or defaults.