The Competitor Benchmarking module allows you to price match against your competitors. Here you can find valuable insights and information regarding a competing brand’s pricing ladder, to understand the effectiveness of a pricing strategy within a market.
Step 1: Establish retailers and categories you wish to compare
Step 2: Analyse the pricing architecture/breakdown between retailers
Focus on the difference of price brackets and the type of products listed for each bracket. This helps you to further understand the price range for the different tiers of product fashionability based on the ‘Good, Better, Best’ (GBB) pricing strategy.
For example, in the GBP 0-10 range, you would only find core and basic Tops such as T-Shirts and Cami Tops. If you are producing similar products, compare the price against your own to understand whether the target price is within a similar range.
This helps you to gauge the competitiveness of your pricing against others in the market and to avoid overpricing or underpricing a product.
Reviewing the price breakdown of competitors gives you insights into consumer expectations and to gain a stronger foothold in the market. Regular pricing optimisation allows you to maximise the value of your products and sustain high margins throughout the trading period.
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.