Determining the best performing price range for the respective category or subcategory allows you to stay competitive and promote business growth. Pricing is strongly linked to formulating a successful brand strategy and positioning.
So let’s learn how to run this analysis using the Trade Insights Dashboard in this article.
Step 1: Establish your competition
It is critical to compile a list of your top three competitors before beginning the review. This helps to best streamline the insights that target similar customer preferences and performance.
Step 2: Set the date range
Click into the first Top Filter from the right to access the date range filter. You are recommended to conduct pricing analysis monthly to closely monitor competition and keep tabs on price changes across online platforms.
Step 3: Understand your price breakdown filters
The price breakdown filters have already been preset to show full-priced products that have gone out of stock to help brands understand which price range is the most desirable by category. This is especially useful when brands are deciding on how to price their upcoming collections.
That being said, you can reset your filters depending on the angle of your price analysis or your brand direction. If you are more focused on discounted products, you can select “discounted” from the “Price Status” filter to analyse your most popular exit price.”
Step 4: Analyse category/subcategory pricing strategy
We have selected the Tops category in the below example. You can expand Tops selection to compare the price breakdown by subcategories. You may choose any other category from the drop down list as well.
You can also expand “All Brands” and compare the price breakdown by different brands. Cross analyse the price breakdown to identify the best performing price range for each category/sub-category. The price range with the highest number of products will give you an insight regarding the best performing price range for that particular category/subcategory.
By understanding which category/subcategory is doing well in the market you will be able to plan out the assortment better. From there, you can dive in deeper to each subcategory and spot the common silhouettes and colour that pops up at the top based on the most replenished function. From the above example, we are able to see the bestselling price range for Tops for all brands was SGD 20.00 – 29.99, followed by SGD 30.00 – 39.99.
Identifying the best performing price range for each category and subcategories by understanding competitor pricing strategy aid your brand in consciously pricing your product to have a competitive edge.
Conducting competitive pricing analysis regularly is key to effectively formulating your brand pricing strategy relevant to market stance.
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