Crafting and pairing the right color story with the right category and products is important to generate high commercial value. Learn how to identify and leverage color opportunities using the Omnilytics Trend Performance module.
Step 1: Select filters
Within the Trend Performance module, you have an option to group the analysis by color in the top filter. This is particularly useful when you are identifying up and down trending colours. When analysing colour trends, you can focus on specific categories as popular colors may differ depending on the category selected.
It is important to consider that different brands have different brand profiles when selecting the main filters on the left. You may want to narrow your analysis to aspirational brands or retailers with the closest brand profile or positioning (eg. direct competition) within the selected market. This depends on the goal of the research, whether it is to expand an existing market segment or penetrate a new market.
In this example, we are analysing the color trends for dresses in the Singapore market during Q2 2020.
Step 2: Analyse the colour trends
Uptrends are accompanied by a green trend line. The higher the trend score, the more popular the trend.
From the analysis, there is an opportunity for ‘Brown’ as it has the highest positive trend score of 2.9.
Step 3: Validate the colour trends
To validate color trends, you can toggle to the ‘Color Analysis’ tab and select the top retailers in the market. Remember to deselect ‘Out of Stock’ from the stock status filter as this analysis cross analyses product contribution against sell-out contribution which would not be possible if it is limited to products that have gone out of stock.
In the ‘Trend Breakdown by Retailer’ analysis card, focus on performance for ‘All Retailers’. Here, we observed that the sell-out contribution of 3.3% for brown exceeded the product contribution, evidencing a strong performance.
You can click into the bar chart for brown to access the product page. Sort by ‘Most Replenished’ at the top right of the page to identify the most popular products. From observation, we can conclude that brown dresses are most popular when adapted to floral prints in a loose flowing silhouette.
Identifying and validating colors through data-backed analysis help brands confidently decide on product development and assortment planning strategies. Eliminate gut feel and minimise risks by pairing the right colours to the right category and product to grow sales.
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.