Producing a demand-driven collection is crucial in driving profit. Without a thorough understanding of the market, brands are more prone to misinterpreting demand and poor design decisions.
The Omnilytics dashboard helps you get a better grasp of the market and consumer demand. With data analytics, design decisions can be made more accurately and you will be able to identify the right items to produce.
Step 1: Get an overview of the overall market demand
The Overview tab in Competitor Benchmarking allows you to get a high-level understanding of the overall market.
The Overview tab surfaces top brands and retailers in the market, the gender contribution, median prices, discount depths, sell-out performance, and categories mix. You can use these data as a foundation before deep diving further down to the SKU level to collect insights on any of the segments available.
Step 2: Identify trends and opportunities in the market
Tap into rising trends and opportunities by understanding the data points that indicate potential on the dashboard. Here are some help articles to help you spot and validate trends and opportunities in the market:
- How do I identify uptrending categories?
- How do I analyse the most popular products?
- How do I validate external trends?
- How to spot colour opportunities?
Step 3: Collectively combine external data with internal data
Historical data external data on their own are not enough. Combining external datasets from the Omnilytics dashboard as well as other platforms with your own internal data will yield more accurate findings that are relevant to your brand direction and target market.
Here are some questions to ask when researching a trending detail or style that you plan on investing in:
- According to past sales data, how have the trending detail or styles performed?
- How will the trending detail or style suit your customer preferences? (e.g. Animal prints are trending but your customers consist of mostly older women who prefer more subtle patterns)
- How much should a new trend be priced? Is it within your brand’s price range?
Combining external data with past internal data will give you richer insights into determining the right products to produce.
External data combined with internal data helps brands make informed decisions that affect everything from production to pricing and marketing optimisation. With consumer demand changing faster than ever, brands need to have data-backed information to validate their decisions.
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.