Retail today is at a turning point. Consumers demand seamless shopping experiences across physical and digital channels, while inflationary pressures and rapidly shifting buying behaviors continue to squeeze margins. In this landscape, retailers are increasingly asking themselves: “Are we performing at par with industry leaders, or are we falling behind?” The answer lies in performance benchmarking.
By systematically comparing critical retail KPIs such as inventory turnover, omnichannel fulfillment speed, customer conversion rates, and digital engagement against best-in-class standards, retailers uncover where they excel and where immediate improvements are needed. Leading global retailers are already harnessing benchmarking insights to optimize operations, enhance customer experience, and accelerate digital adoption. For others, the gap between current performance and competitor benchmarks represents both a challenge and an opportunity.
Nexdigm’s Retail Performance Benchmarking Approach
At Nexdigm, we recognize that retail success is driven by operational efficiency, customer experience, and adaptability. Our Retail Performance Benchmarking Services are designed to give retailers a 360-degree view of where they stand compared to industry leaders, and how they can close performance gaps. Our approach follows a structured methodology:
- Identify Relevant KPIs – From footfall-to-conversion ratios and basket size to e-commerce fulfillment time and return rates, we tailor benchmarking metrics to each client’s business model.
- Data-Driven Comparison – Using a blend of primary research, competitor intelligence, and industry databases, we map client performance against global and regional peers.
- Diagnostic Insights – Instead of static comparisons, Nexdigm delivers actionable insights, highlighting why performance gaps exist and how to address them.
- Strategic Roadmap – We co-create optimization strategies with clients, whether it is enhancing omnichannel capabilities, reducing logistics costs, or improving customer loyalty programs.
What differentiates Nexdigm’s approach is our ability to bring cross-industry perspectives and forward-looking insights. By benchmarking not only within retail but also against adjacent sectors like FMCG, logistics, and e-commerce, we help clients uncover hidden opportunities for transformation.
How Leading Retailers Leverage Benchmarking
Leading retailers worldwide are using benchmarking as a strategic compass to guide decisions across their value chain. Here are some key ways they leverage it:
- Enhancing Customer Experience: Top retailers benchmark customer-facing metrics such as checkout speed, return policies, and digital engagement levels. By comparing these touchpoints with industry leaders, they identify gaps and redesign experiences that boost satisfaction and retention.
- Driving Operational Efficiency: Benchmarking helps retailers uncover inefficiencies in areas like supply chain costs, inventory management, and workforce productivity. For example, leaders use store productivity comparisons to optimize staff allocation, reduce wastage, and streamline logistics.
- Accelerating Digital & Omnichannel Growth: Retailers measure KPIs such as online conversion rates, cart abandonment, and last-mile delivery timelines against best-in-class peers. This enables them to fine-tune e-commerce platforms and improve omnichannel integration, ensuring a consistent customer journey.
- Fostering Innovation and Agility: Leading players also benchmark technology adoption against global innovators. This helps them identify new growth opportunities and remain agile in fast-evolving markets.
By embedding benchmarking into their strategy, retailers not only identify gaps but also translate insights into measurable improvements, ensuring they consistently outperform competitors.
Nexdigm’s Retail Performance Benchmarking Services empower you to uncover hidden inefficiencies, optimize operations, and deliver superior customer experiences.
To take the next step, simply visit our Request a Consultation page and share your requirements with us.
Harsh Mittal
+91 96549 82241