Bagian Competitor Benchmarking module allows you to match against your competitors. Here you can find valuable insights and information regarding a competing brand’s pricing ladder, to understand the effectiveness of a pricing strategy within a market.
Step 1: Establish retailers and categories you wish to compare
Select the list of atau retailers and that you have in mind with the relevant . In this example, we are looking at fast fashion Zara, H&M and Topshop in the UK market.
Step 2: Analyse the pricing architecture/breakdown between retailers
To determine the difference of architecture by these different , go to the Price Distribution card under Retailer Analysis.
Focus on the difference of brackets and the type of products listed for each bracket. This helps you to further understand the price range for the different tiers of product fashionability based on the ‘Good, Better, Best’ (GBB) pricing strategy.
For instance, the first bracket is within the range of GBP 0-10, the mid- bracket is within the range of GBP 10-30 and the highest price bracket is within the range of GBP 30-80.
Gain more insights on the price breakdown by comparing the list of products offered by these within the various brackets.
For example, in the GBP 0-10 range, you would only find core and basic Tops such as T-Shirts and Cami Tops. If you are producing similar products, compare the against your own to understand whether the target is within a similar range.
This helps you to gauge the competitiveness of your pricing against others in the market and to avoid overpricing or underpricing a product.
Reviewing the price breakdown of competitors gives you insights into consumer expectations and to gain a stronger foothold in the market. Regular pricing optimisation allows you to maximise the value of your products and sustain high margins throughout the trading period.
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