There is a myriad of nuances that shape traditional trade and make it the polar opposite of formal trade.
Traders rely on localized knowledge and market insights to curate their product offerings, tailoring them to the unique preferences and tastes of their clientele. Customer loyalty is often built on personal relationships and trust, with repeat business driven by exceptional service and quality products.
Traditional trade caters to consumers of all income levels and is popular with people from all economic backgrounds. This is due to the convenience of traditional trade outlets and because there is often a personal relationship with the stallholder. These outlet owners live in the communities they service.
Much of retail trade occurs within the informal economy, which often operates outside of formal regulatory frameworks. This makes it harder to track and quantify transactions.
Many traditional retail markets lack basic infrastructure such as internet connectivity, electricity, and computerized record-keeping systems. Without these tools, collecting data becomes cumbersome.
Traditional trade is dominated by many small, independent retailers who often stock a limited selection of products, and may be more likely to push alternative products to customers.
Government statistical agencies in many countries may lack the resources, both financial and human, to conduct comprehensive surveys or gather detailed data on traditional retail trade.
Many retailers have no registered physical address as they operate in regions with no street names or street numbers.
Many transactions are in the form of cash and few records are kept of transactions.
Addressing these challenges requires an innovative approach to data collection and a specialised knowledge of traditional trade.
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To learn more, check out our latest blog post or contact sales@frontlineresearchgroup.com to find out what fit for purpose solution can work for you and your business.
