It is important to regularly monitor popular products to stay on top of shifting demands and seasonal changes. There are 2 ways to identify popular products using the Omnilytics fashion retail data platform:-
- Identify items that were sold out within a selected date range
- Identify items that were frequently restocked or replenished
Learn more as we discuss the different types of filters to analyse popular products and when to use them in this article.
Step 1: Identify out of stock items
The most common way to analyse popular items is using the stock status filter at the top to limit the product selection to only products that were newly launched and out of stock within the selected timeframe.
When we deep-dived into the activewear category, we observed that the popular products at the moment are activewear shoes, joggers and activewear pants. To analyse popular products for sub-category, select a category at the main filter on the left.
This is especially useful when you are analysing popular products to identify trends.
Step 2: Identify items that were most restocked or replenished
If the product is a volume driver or core product, you may want to analyse popular products by using “most size restocks” or “most replenished”. To access this filter, you can click into any product page and select “Sort By” on the top right of the page to try them out.
You may wonder what is the difference between these 2 options.
- Most size restocks – Any size restock events will be recorded even if it is only 1 size
- Most replenished – A product is considered replenished only when more than 50% of its sizes are restocked at the same time. For example, if a product has 5 sizes (ie. XS, S, M, L & XL), for the product to be considered replenished, 3 out of the 5 sizes must be restocked at the same time.
When deciding on which option to select, you can consider the size of the brand or retailer you are analysing. It is uncommon for larger brands to only replenish 1 size each time as there is MOQ to consider when products are replenished.
“Most size restocks” are more commonly applied to smaller brands that have control over their production. We see this a lot in Indonesia as a lot of brands in this market have their own factory which allows them to restock by sizes as and when required.
Here is an example of a product page to illustrate how size restocks and replenishments are shown:-
From the stock movement data above, the yellow dots indicate replenishments and are only recorded when there is more than 50% size restocked on the same day. Ranking of products that have the most size restocks or replenished is based on the tabulation of the green and yellow dots on the stock status bar. Based on the above stock status bar, we can conclude that this product was quite popular with multiple replenishments before it completely sold out towards the end of May 2020.
In identifying product opportunity, it is important to not decide on just a single product but rather review the collective strength of the opportunity. For example, focus on repetitive details and or silhouette on the assortment page and cross analyse findings with internal data to decide on whether it is a product that aligns with your brand.
With regular reviews of popular items, you can monitor shifts in market demand and capitalise on any product opportunities identified. Tracking customer demand is important to help brands stay competitive and identify opportunities that can be leveraged on.
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.