Step 1: Get the filters right
i) Set the timeline according to the season.
Here, we want to compare the SKUs listed in Q2 2020, so we set the timeline from April to June 2020.
ii) Select the brand and retailers you want to benchmark
In this example, we’ll compare the SKUs from the brand Nike listed by two retailers, Macy’s and Nordstrom. Narrow down to the category level for a more accurate view by selecting a category filter like activewear.
Step 2: Identify the total number of products between retailers
The Overview tab in Competitor Benchmarking allows you to benchmark your position in the market by comparing the number of SKUs listed within a particular period.
As shown above, Nordstrom listed slightly more SKUs than Macy’s for the brand Nike.
Step 3: Identify the assortment mix and the SKUs listed in each category and identify the difference in product segmentation
We can see that Macy’s listed 62% activewear tops & t-shirts as its core driver, while activewear shoes make up 36% of Nordstrom’s Nike assortment.
Deep dive into each category and compare the SKUs listed by each retailer.
Nike’s activewear tops & t-shirts in Macy’s:
Nike’s activewear tops & t-shirts in Nordstrom:
It is important to regularly monitor the products offered by your competitors, especially when you carry the same brand as customers tend to opt for the retailer that carries more popular products. Understanding your competitors’ core assortment drivers and best-sellers allows you to product match and spot product gaps in the market to tap into.
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.