Omnilytics’s Trend Performance allows you to analyse uptrending or downtrending products in the market. In this article, learn how to identify trending materials and incorporate them into your assortment plan.
Getting the right materials for your product range and seasonality is key to increasing sell-out and minimising the risk of overstock.
Step 1: Identify the trending material
The Trend Performance module does not require filtering by a brand or retailer to generate insights. To get an overall market analysis, you can begin by selecting your preferred market. From there, click on the drop-down menu under ‘Group by’ filter and select Material.
The Overview tab provides an aggregated view of all the trending products within the market. If the overall trend score is positive (ie. uptrending), the chart is represented in green. Conversely, if the trend score is negative (ie. downtrending), the chart is represented in red.
Step 2: Narrow down to uptrending materials
The Trend Scorecard provides key insights into a particular trend. The chart above shows nylon had an uptrending score of 1.3 and consistently outperformed all other materials in the period of analysis, as indicated in the performance chart.
Based on the trend performance of nylon throughout the timeline, you can decipher how the demand for nylon is changing against specific months or seasons.
Clicking on any of the charts will present you all the products tagged under that category. Above is the example of nylon products found in outerwear.
The findings from this analysis provides insights and information about existing nylon products in the market that can inform the product development process in terms of design, styles, colours and patterns.
Step 3: Identify uptrending materials by retailer or brand
On the same Trend Scorecard tab, you can also find the top retailers and brands with nylon products in their assortment. To view the products by each brand or retailer, click on any of the names shown on the chart.
Step 4: Deep dive into Pricing
The three donut charts below showcase the percentage of nylon products sold out at full price, replenished or being discounted. This helps you to understand if the performance of Nylon was driven by full price purchases or discounts.
To get a better context of a trend’s potential, we recommend you to compare both uptrending and downtrending trends to help identify an emerging trend or a trend that could be coming back into popularity.
By studying a material’s trend performance over a period of time, you can decipher the demand behind it and gauge consumer reaction. Analysing products from leading brands and retailers also helps in providing inspiration and ideas on how to incorporate the material into your assortment.
To find out more about Omnilytics’s Trend Performance, please reach out to your respective Client Success Manager