Reviewing brands or retailers performance in the market is a good start for on your shopping research. The Omnilytics Competitor Benchmarking module allows you to review the performance of your competitors in the market. Learn here how you can review brands or retailers performance with these few simple steps.
Step 1: Establish the brands or retailers you wish to monitor
Step 2: Determine product positioning strategy by brands/retailers
Take a look at the New In rate by retailers to identify the amount of new products brought in based on the selected timeline. From here, we can see that Zara brought more new SKUs as compared to H&M in the last 3 months.
Focus on the products offered at Full Price vs Discounted price. In this example, we can see both H&M and Zara offered most of their newly launched products at full price rather than on markdowns in the last 3 months. This is typically a common strategy used by brands or retailers to place their new products at full price upon launching.
Step 3: Review the “New In” sell-out performance of brands/retailers
Focus on the sell-out rate at Full Price to determine the performance of newly launched products by different brands or retailers. For instance, Zara had a much higher sell-out rate at 60.06% for all the products launched in this period as compared to H&M with only 22.19% sell-out rate. From here, we can determine that Zara is performing better than H&M as the amount of products sold at Full Price was much higher than H&M in the last 3 months.
Click through the chart to view which products are selling at Full Price.
Reviewing the performance of other key players in the market helps you to better understand how they position themselves in the market. By doing so, you will be able to identify brands or retailers with a stronger grasp of their consumers, where consumers are willing to pay at full price for their products. From here, you can strategize on your assortment planning to adapt with what the consumers are buying.
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.