In a competitive market, remaining relevant is necessary to get ahead of your competitors. By analysing your primary competitors, you can gain more insights into what your target market is consuming.
In this article, we will guide you on how to identify your primary competitors and keep track of market players.
Step 1: Identify key categories
To identify your primary competitors, you will need to first identify your key categories. On the Competitor Benchmarking module, we used Zara as an example, filtered by Women in the Singapore market.
The analysis shows the top three categories based on Zara’s sell-out rate % and sell out contributions are tops, dresses, and outerwear. Next, to identify the bestselling silhouettes, sort by ‘Most Size Restocks’.
Step 2: Analyse product visuals to spot direct competitors
Identifying the right competitor helps you to position yourself in the market more effectively, enabling to formulate a proactive strategy and appeal to the same target market.
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.