Onboarding the right brand is essential for a multi-label retailer to retain competitiveness and grow sales. Omnilytics provides a solution to help multi-label retailers identify potential brands to fill the gaps in their assortment.
Learn how to chooses the right brands for your channel in this help article with just three simple steps.
Step 1: Establish gaps in the assortment
From the above example, we observed that the Tops category has a much higher sell out contribution (32%) when compared to the category contribution (27%). This highlights a gap within the assortment for the retailers to increase intake as the category is selling well.
Step 2: Identify products with brand alignment
Once you have identified the category gap, go to the Trend Performance module to search for the brands that will be a fit for your marketplace.
Some questions to ask during the review
(i.) Are the aesthetics aligned with the branding for my marketplace?
Narrow your search by selecting a price range from the filters at the top of the page and where applicable, to narrow the analysis further by Retailer (i.e. Competitors), Gender, Categories, Patterns and more using the main filters on the left side of the page.
In this example, we are limiting the search to Tops between GBP 50 – 100.
Step 3: Shortlist and validate business fit
It is important to ensure consistency in supply as the goal of onboarding a new brand is to fill gaps. The Calendar module is useful to understand a brand’s launch frequency as all new launches are captured on the New In by Date analysis card.
In this example, we can see consistent launches by Mint Velvet on the retailer Next from August 2019 and gaps in April 2020 before starting to pick up again in May 2020. Given the market condition, this pattern would be acceptable and we can conclude that Mint Velvet would be a viable brand to onboard.
Validate brands before you bring them onboard to ensure business fit and provide the right products to fill gaps in the assortment. Bringing in the right brands is essential for a multi-label retailer to maintain branding and grow sales.
Hope you found this article helpful! If you have any questions or would like to explore the Omnilytics dashboard further, feel free to reach out to your respective Client Success Manager.