Constantly performing price benchmarking will not only help you remain competitive but also allows you to set effective prices based on demand. By mapping the market’s current brand positioning, you can easily identify potential opportunity gaps to tap into.
Here are the key steps to do so:
Step 1: Select the key retailers in the market and the category you are targeting
Step 2: Narrow down the analysis by selecting ‘New In’ in Stock Status to limit the analysis to most recent launches during said selected period
Step 3: Identify the pricing range that has high sell-out but low product count
In the chart above, we can deduce that the SGD 25-49 price range accumulated the highest sell-out rate for Pinkoi but also has the lowest product contribution. This indicates a price gap that can be leveraged to improve margins.
The same exercise can be applied to other retailers to spot more opportunities.
Identify the price spread mapping in the market and compare their sell-out performance against the product count. This will give you an idea on what prices are in demand, but lacking in assortment volume.
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.