Step 1: Analyse the timing of the launches of other brands/retailers
Focus on the frequency of launches by brands or retailers and determine the amount of products dropped in every past launch. For instance, Zara Singapore has a distinctive launch & and discounting strategy where they consistently launch products every month with 2 seasonal sales (June and December) in a year.
Next, pay attention to the product phasing strategy used by brands or retailers during the markdowns period and normal launch dates. In this example, Zara reduced the number of SKUs launched during the seasonal markdown. This is a strategy where brands/retailers do not want to be cannibalising sales on their full-priced items. When launching during seasonal markdowns, retailers may want to launch products at a lower price point by re-engineering the best sellers into cheaper price points. For instance, by altering the materials and details of the items into market them as value-buy items.
Step 2: Deep dive into the New Ins by Day/Week
When looking at the New In by date, you can see exactly on what day or date the products were being launched, and how many were dropped on each day. This allows you to determine whether products are being launch in which quarter of the year. The calendar chart shown below, Zara choose to launch on every Monday and Friday of week. This information indicate that these two days are the best consumer traffic day during the week at Zara.
Step 3: When to launch the product?
From these observations businesses will be able to identify competitors launching pattern. Once you have reviewed these pattern, you can start adjusting your launches timing. For example, you can optimise your launch strategy by having launches twice a week, copying competitor launch behaviours.
Key Considerations: Analyse your website traffic against other brands to identify whether there are similar patterns or trend. If not, you might want to adjust the launch day according to your highest consumer traffic. Experimenting on different launch dates, then recording on the findings may help to generate more traffic by picking the best possible date.
Monitoring the launch dates of your competitors in the market allows you to stay competitive. It helps businesses stay ahead of competition and have an effective launch strategy capture the right targeted consumer at the right time. By doing this analysis, you will be able pick the best possible launch date, match with your competitors with even an earlier launch. This will cut down the risk of you launching your products too early or too late.
We 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.