In a competitive market, remaining relevant is necessary to get ahead of your competitors. By analysing your primary competitors, you can gain more insights into what your target market is consuming.
In this article, we will guide you on how to identify your primary competitors and keep track of market players.
Step 1: Identify key categories
To identify your primary competitors, you will need to first identify your key . On the Competitor Benchmarking module, we used Zara as an example, filtered by Women in the Singapore market.
The analysis shows the top three based on Zara’s sell-out rate % and sell out contributions are tops, dresses, and outerwear. Next, to identify the bestselling silhouettes, sort by ‘Most Size Restocks’.
Step 2: Analyse product visuals to spot direct competitors
For the second step, select the same in the Trend Performance module but change the price range to match Zara’s, which is in the USD 10-50 range.
Identifying the right competitor helps you to position yourself in the market more effectively, enabling to formulate a proactive strategy and appeal to the same target market.
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