Colour is one of the key attributes of design and it can affect the nature of product offerings. Target customer preference could be reflected directly from colours and this can result to a high sell-out rates.
A comparison between two seasons ie. Autumn Winter vs Spring Summer makes it feasible to understand more on competitor focus on colour offerings.
Trend Performance and Competitor Benchmarking modules are used here to illustrate this use case.
Step 1: Understand competitor adoption of core colours in different season
Core colours, as known as the grayscale colours are most widely adopted across all retailers/brands. The breakdown of core colours could be identified from the Competitor Benchmarking module, under Product Analysis: Colour Composition tab, with the selection of ‘Grayscale Only’ card filter.
For example, observed Zara has the most even colour spread among the grayscale colours in comparison to Topshop and River Island in the quarter of May to July 2020. The balance adoption of grayscale colour would be deemed to lighten the overall Spring Summer colour story vs. Autumn Winter season in which Black and Grey are widely adopted. Refer to insights gained below, Black has claimed as the top colour ranking for Zara in the Winter 2019 at 48% contribution vs. only 36% colour contribution in Summer 2020.
Apply the similar analysis point from Step 1 to understand the seasonal colour adoption of competitors. Select ‘Seasonal Only’ card filter to view seasonal colour breakdown by retailer/brand. Cross compare between seasons to spot any changes in colour adoption.
The breakdown of seasonal colours by retailers/brands enable you to spot the similarities and differences among key colours adopted by each retailer/brand to aid you in identifying further colour opportunities to venture into.
In this example, observed Blue, Pink and Brown are the top 3 seasonal colours adopted by all three brands across both seasons hence reflecting the opportunity to venture into. Cross compare these colour adoption insights with your brand to spot any difference.
Understand competitors’ potential core colour and seasonal colour helps you in better planning colour composition for the season. Gaps will be closed by offering colours potentially demanded among your target market.
On top of new colour injection, this analysis also helps you in establishing core seasonal colours for your brand to ensure demand is constantly being met.
Along side, there is a close correlation between colours and category whereby retailers/brands are required to understand each colour story pairing with relevant categories to produce the right product to increase sales conversion. Further analysis on understanding the relationship between colours and category are available here.
Hope you found this article helpful! If you have any questions or would like to explore the Omnilytics dashboard further, feel free to reach out to your respective Client Success Manager.