If you are a brand and you are wondering how to produk Anda dengan tepat untuk semua , the Omnilytics fashion retail data platform provides a solution to help you identify the right pricing structure for your offerings. Learn how to review your competitors pricing strategy across different through a few simple steps in this article.

It is important to review competitor’s pricing strategy across different to help benchmark their own product against competition to optimise point for different /subcategories offered. Through review of their own & competitor’s good-better-best pricing ladder by , retailers are able to benchmark their product points against market perceived value for similar offerings.

Reviewing your competitors pricing strategy by can be performed monthly, quarterly, every half a year or  based on seasonality. It is also dependent on the segmentation of your brand. Fast fashion would need to constantly stay on top of their competition with more regular reviews to match products to stay competitive. We recommend reviewing your competitor’s pricing strategy by on a regular basis so that you are up to date with the pricing structure adopted by your competitors.

Step 1: Decide on goal of the comparison

There are multiple analysis tabs and cards within Competitor Benchmarking. Therefore, it is important to start by establishing what you would like to compare.

You can analyse at an overview level or choose to analyse on either

(i) Retailer level

(ii) Product level

Each of the options within the dropdown menu represents a different analysis. You can access the support centre article di sini to learn more on each of these analyses and its key takeaways.

We have selected “Product Analysis: Price Analysis” to illustrate this example. Product Analysis provides a deeper level of analysis that allows you to analyse data on a category and level within a specific timeline. 

Step 2: Select relevant market and retailer/brand

Now, select the market that you would like to monitor and the brand that you would like to analyse. It can be one retailer/brand, or multiple if you need to analyse a few competitors at a time. This depends on the goal of your analysis. In this example, I have selected the UK market and ASOS as the retailer.

Step 3: Set the date range 

The preset timeline is the past 3 months and you may change this according to your preferred timeline. In this example, the timeline chosen is from May 1st 2020 to July 31st 2020. 

After setting the Periode Tanggal, you may choose the preferred of products that you would like to view. You may select All if you would like to look at all available products and new in for newly launched products. This depends on your goals, whether to look at changes in the points of the during different seasonalities or overall products  carried by the retailers.

Step 4: Analyse median price and price spread

We can now take a look at the summary by category. Here, you can see the median prices for each category. This helps when you are starting a new category, it’s important to establish the harga dibandingkan dengan kategori lain. offered. If you typically sell dresses and now want to stock tops, you can analyse the difference in harga tengah to give you an idea of the market perceived value for the new category. For example, Tops are usually priced lower (approx 20-35% lower) when compared to dresses so take note when pricing a new category for optimum results. For example, here we can see that Asos’s harga tengah for Tops is GBP 15.83 while dresses are priced higher with a harga tengah of GBP24.81 which is a difference of 36%. 

Step 5: Compare pricing structure with price spread

Next, analyse the price spread of the competitor. Price spread represents the sweet spot or product points from 1st to 3rd quartile for the retailer. When comparing against your product points, it provides a good gauge on your positioning, which is an important factor to consider to stay competitive.

Step 6: Compare Product Pricing with Levels of Fashionability

Last but not least, view the assortment in each bracket by clicking into the brackets. This is especially useful to identify white spots as well as understanding retailers/ Good-Better-Best pricing structure. Here, establish the points for core, fashion and high fashion products for the competitor and compare that with your existing product offerings within each of these levels of fashionability. You can also deep dive into sub- for a more granular analysis. With this, you can always ensure that your products are priced right in the market and be alerted of pricing architecture and strategy changes to allow you to stay competitive in the market.

Dresses from the GBP 50-75 Price Bracket.

Step 7: Review Sell-Out of Pricing Structure

Last but not least, notice that under each circle in the Price Breakdown table there are sell out rates for each pricing bracket. What this means is that you are able to track of /retailers’ sell out rate % of each point for the category by selecting the ‘Sell Out Rate %’ option within the card. Here, observe that they had hgh sell-outs for the lower point products across different which shows the market acceptance value of their customers and their customer buying behaviour.

Poin-poin Penting

Reviewing your competitor’s pricing across different is important as the pricing across different differ in a brand / retailer. You might spot some opportunities that you can tap into, to avoid underpricing and overpricing your product offerings. Some key considerations are  “Which category interval holds a high sell out rate?” The next question is “What interval is the category sweet spot?” and “What is the Good-Better-Best pricing ladder for each category?”. 

Semoga artikel ini bermanfaat bagi Anda! Jika Anda memiliki pertanyaan atau ingin mengeksplorasi lebih tentang dashboard Omnilytics, silahkan menghubungi Client Success Manager Anda.

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