If you are a brand researching on what categories to produce for a marketplace, the Omnilytics fashion retail data platform provides a solution to help you identify the right assortment to produce or stock up at a marketplace. Learn how to identify and leverage category opportunities in a marketplace in this article with just 3 simple steps.
Step 1: Identify category opportunities
The Trend Performance module helps provide an overview of popular categories in a market or retailer. If you are a brand selling women’s apparel on ASOS, you can limit your research using the main filters on the left to select the gender of your choice.
From the analysis, we identified that “Pants & Leggings” had one of the highest trend score (ie. 2.2).
You can click here to learn more about how trend scores are determined.
Step 2: Identify sub-category opportunities
Select “Pants & Leggings” on the main filter to deep dive into popular sub-categories.
From the above analysis, we observed that Joggers registered one of the highest trend scores out of all sub-categories.
Step 3: Validate sub-category opportunities
For any existing trends, it’s important to validate the performance of the trend before you proceed to produce. Within the Competitor Benchmarking module, select on “Trade Performance” analysis in the “Product Analysis” tab. Similar to Step 1 & 2, you can limit your research to recently launched products by selecting “New In” in the Stock Status filter.
Scroll down to Trade Analysis to analyse category performance. Since the goal of the analysis is to identify category opportunities, you can shorten your date range to reflect the strength of the category/sub-category in recent months.
From the Trade Analysis, we observed that the benchmark sell-out rate for ASOS was approximately 32.83% in the last 3 months.
In comparison, Pant’s & Leggings are slightly lower at 30.95%. However, Joggers registered a strong performance with 37% eclipsing the benchmark indicating a strong performance.
To view the most popular assortment for “Joggers”, simply click into the total sell-out to view all 84 products that have gone out of stock in the last 3 months.
Leveraging on market insights to accurately formulate the right assortment plan are an important part of any business. Identifying and validating category opportunities to produce or stock the right products for a marketplace is essential to help brands optimise sales growth whilst minimising risks.
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.