As consumers are getting more stringent with non-necessities such as clothing, retailers are faced with the challenge of running their business such as how to maintain or improve profit margin. The retail sector is currently sales or discount driven to trigger with consumers to spend. Asides from offering the right products to consumers, retailers must always be mindfull when determining the of their products.
Learn how to conduct analysis to trade better at harga penuh using the Optimise Pricing Strategy use case available in the Trade Insights Dashboard.
Step 1: Select brands and date range
The first step is to click on the Start Here button under Optimise Pricing Strategy use case.
Step 2: Compare median price and price spread
Next, toggle over “Price distribution by brand.
Referring to the price distribution table the harga tengah of Pull & Bear is USD 26.16 with majority of their products being priced between USD 15 to USD 19.99. However, it is crucial to anlayse further to understand which price range is best accepted by consumer on a category level.
Step 3: Analyse the best price range top3 categories.
Bagian price breakdown by brand table below shows harga penuh SKUs that went terjual habis for respective with pricing breakdown. The top 3 that registered highest amount of harga penuh going out-of-stock are outerwear, tops and jeans. With this information, it tells you which category that is different the harga penuh business.
Now, dive into respective to identity the best price range for each category. Looking into outerwear, 48% of its SKUs were sold between USD 20-30 followed by USD 30-40. This indiciates that customers are willing to pay at such points for outerwear.
Understanding deeper, majority of the outwear comprised Knitwear and sweats which were dominantly sold at USD 20-30.
Click into knitwear & sweats USD 20-30 to view through the product list. Analyse the product attributes that drove. This would help you to understand why customers are willing to pay the product at that particular harga penuh. Take note of factors such as product material, design complexity, prints and etc.
With insights collected from this analysis, you can now strategically your products to ensure it is competitive in the market. It can also help you with your assortment planning as you now know what your customers are buying from your competitors. Blindly pricing your products based on markup or ideal profit margin may lead to the product being diskon as the you have set may not have the same perceived value as your customers. This will then lower down your profit margin and driving away your customers.
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