With retail transitioning into a consumer-driven business faster than ever, determining the right assortment and inventory size are of strategic importance to a retailer looking to cash in at e-commerce platforms. With ever-shortening lead times, personalisations, and year-round discounts, every brand and retailer needs a strong assortment strategy to stand out from the pack.
Understanding the best performing assortment of your competitors allows retailers to determine what is working well for your competitors while identifying in-demand products or potential trends that resonate with your customers in the market.
Learn how to quickly identify your competitors’ assortment strength using the Monitor Competition & Spot Opportunities use case available in the Trade Insight dashboard.
Step 1: Select brands to monitor
First, click “Start here” under the Monitor Competition & Spot Opportunities use case.
Select the market, brands, gender and the date range that you wish to compare. In this example, we will be looking into the best performing category/subcategories for Fashion Nova in the United Kingdom market from January 2021 until March 2021, in comparison to the previous quarter.
To do a comparative analysis on the timeline, simply click on the date range filter and select “Compare to Previous Period”. You can also compare to the same date range in the previous year or customise your date range accordingly.
Step 2: Analyse category performance
Click “Show All” at the bottom of the metrics selection window and select “Category ranked by performance” to analyse the category performance of Fashion Nova in the UK market.
As shown in the chart, Tops and Dresses are seen with the highest category contribution at 15% against all categories for Fashion Nova. The Tops category for Fashion Nova showed significant growth at 489%, whereby Dresses showed 381% of growth compared to the previous quarter based on the sell-out at Full Price.
Diving deeper into Tops, we saw that Crop Tops dominate in Fashion Nova as the growth rate full-priced out of stock products is significantly high at 854%, with 21% of the contribution to the total Tops category.
As for dresses, we see that bodycon is dominating, with 50% of this category contributed by bodycon dresses accompanied with solid growth at 617%.
From this analysis, we conclude that both tops and dresses are the top categories for Fashion Nova in the UK market, evidenced by strong growth from the previous quarter.
By identifying your competitors’ top categories, you stand to gain a more profound knowledge of customers demand in the current volatile market landscape. You can leverage on these insights to help you optimise your assortment strategy by identifying opportunities for category expansion.
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.