Increase profitability with the right colour assortment. To do so, you have to analyse trend movements and adopt uptrending colours to seize the market.
In this article, we will guide you on how to analyse colour trends for specific categories to stay competitive in the market.
Step 1: Analyse market colour trend
Using the Trend Performance module, first choose a category to spot trending colours. To demonstrate, we chose Market: United States and Category: Dresses.
Next, head to the filter ‘Group by:’ and select ‘Colour’.
From there, you can see in the US market, White, Grey, Green, and Yellow colours are currently uptrending amongst the category Dresses.
To focus on a specific trend, click on the thumbnail, where the Trend Scorecard will slide out from the right. In this example, we’ve selected the colour white for further analysis.
The Trend Scorecard contains analytics to help you deep dive into the trend. Here, we can see that the colour carried a positive trend score of 1.4. On the top right, you can also find the product with the highest trend score, which in this case, is Michael Kors’s Puff Sleeve Mini Dress.
Step 2: Analyse competitors’ colour trend
With insights into colour trends in the market, we are now going to analyse your competitors. To demonstrate, we’ve chosen the Dresses category in Asos to show you how.
Click on the Trend Scorecard to have a further analysis.
Step 3: Validate the colour trend
Our last step is to validate the colour trend by using Colour Analysis on Trend Performance module. We chose the same filter, Market United States, Retailer Asos, and Category Dresses.
From the Trend Breakdown by Retailer section, we sorted the items by Highest and displaying the Sell Out Contribution %.
Diving further into Asos’s analysis, you can see there’s a high sell-out contribution and product contribution % for the colour white. Here, it’s also clear that there’s an opportunity for this colour amongst Asos’s target market, given its high sell-outs, yet lesser product contribution.
If one colour has good sell-outs amongst leading retailers, it typically indicates a higher potential demand in the market. With these indicators, you can better understand colour positioning, which helps you to spot opportunities for the next production.
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.