If you are seeking a strategy to optimise your pricing for a marketplace, the Omnilytics Competitor Benchmarking module provides a solution to help you identify the most optimal price range for each platform. Learn how to identify and leverage pricing opportunities in a marketplace with just two simple steps.
Step 1: Identify price range with a high sell-out rate and low product contribution
The Competitor Benchmarking module allows for various types of performance comparison, such as by retailers, brands, products, sizes and more. You can select the Price Distribution analysis under the Retailer Analysis tab to analyse the pricing architecture of a retailer.
In this example, we are analysing pricing opportunities for newly launched Cami Dresses on ASOS UK in the last 3 months. Once you have selected the market, retailer, gender and category on the main filter, select ‘New In’ in the stock status filter, at the top.
Scroll down to the Price Breakdown with Sell-Out chart where the product contribution is cross analysed against sell-out rate. Seen below, the chart shows opportunities within the GBP10 – GBP19 price range which currently has low product contribution but high sell-out rate.
Step 2: Analyse the designs within the price range
The next chart, Price Breakdown by Retailer provides access to the SKUs within the various price ranges. To view the most popular products under Cami Dresses, simply click into the total sell-out to view all 32 products that have gone out of stock in the last 3 months within this price range.
Analysing the most popular products can provide insights into potential designs that can be produced. From this observation, the most popular Cami Dresses silhouette is short and flowy.
Alternatively, if you already have similar products on the marketplace, you may want to review your existing price points to stay attuned with consumer preferences.
Leveraging on market insights to confidently formulate the right assortment plan is an important part of any business. Identifying and validating pricing opportunities to produce or stock products at the right price point for a marketplace is essential to help brands grow while minimising risks.
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.