The New and Improved Fashion Competitor Benchmarking for Speed and Precision

The New and Improved Fashion Competitor Benchmarking for Speed and Precision

Written by OmnilyticsJune 12, 2020

The New and Improved Fashion Competitor Benchmarking for Speed and Precision

The improved Competitor Benchmarking will be available for Omnilytics customers on June 24, 2020.

More than ever before, merchandisers, buyers and designers like you are counting on us to power your business decision-making with deep and actionable insights. With data accessible and insights actionable, you have greater accuracy in every step of the retail journey.

As a fashion market insights platform that is deeply invested in innovation, we want to continuously find new ways to transform the way our customers do business with groundbreaking technology. Which is why we’re excited to announce the improved features and user experience of our competitive benchmarking insights for fashion retailers. 

The comprehensive set of tools is fully reimagined to help buyers, merchandisers and designers like you to further elevate business decisions in assortment planning, brand positioning and stock replenishment. We’ve not only added advanced new tools, but also enhanced the ones our customers already love. 

But more importantly, the new Competitor Benchmarking surfaces important information and new insights immediately with new chart visualisations, bolstering your decision making with agility, without compromising precision. 

Power your business with three feature tabs, engineered to first provide a high-level overview, followed by different paths for our customers to increase the level of granularity:

  • Overview
  • Retailer Analysis
  • Product Analysis

Overview

Your Trade Meeting, Compiled in One Tab

With the new Overview tab, you can quickly access the insights most important to you. No need to spend time manually clicking through competitors’ websites to gather incomplete information. Now you can get more accurate analysis and develop key actionable steps prior to trade meetings in a fraction of the time.

You now get a quick snapshot of trade, with access to greater insights on market views with the top retailers and brands.

We’ve also built an all-new Period Comparison tool, which allows for comparing past seasons with ease.

Why our customers love it: Before trade meetings, our customers have to look at weekly performance reports – which can take many hours to complete. But with the Overview tab, every important question is answered in a single click.

Retailer Analysis

Once you have a complete market overview, head on to Retailer Analysis for a deep-dive on competitors by navigating through:

  • Trade Movement
  • Gender
  • Price Distribution

Greater Visibility, Faster Decision Making

On the Trade Performance tab, the first thing you’ll notice is the new visualisation of movements in trade. We want to not only deliver powerful data-driven insights, but also enhance it with improved visualisation to make your day-to-day tasks more time-efficient.

Your analysis of the market’s trade movement is now visualised in a combination chart, layering metrics for deeper insights.  All you have to do is to toggle with the chart filters, from Sell Out to New In, as desired.

And the best bit? Greater visualisation is paired with granularity of our data. You can still get in-depth market reads and access the data in tabular form.

What’s more, you can now extract the numbers in .csv format to incorporate with internal data for a holistic view.  

Trade Analysis now replaces Sell Out Performance table, for better context and greater relevance, and includes:

  • Positioning and Performance grouping
  • Inclusion of more reporting metrics – Median Price, Avg Discount %, New In and Replenished

This means across product development, buying and merchandising, your teams will have a wider range of data to work with. 

Why our customers love it: Omnilytics allows for complete market visibility, and with greater visualisation, our customers can quickly unearth insights, with the ability to choose which suit of insights to analyse. 

Analyse by Gender in Seconds

As the engine that powers your business with data, we want to make your processes across product development, buying and merchandising even more seamless.

That’s why we’ve created a Gender tab, which allows for analysis on womenswear, menswear, kidswear or unisex apparel in split seconds.

Why our customers love it: The gender breakdown allows sorting by category for accurate comparison across brands.

Holistic View of Pricing 

Getting pricing right has always been a challenge, especially with fluctuating consumer demands in a saturated market. So we worked hard to ensure you get a holistic view of pricing, and have even greater access to how your competitors are pricing their products. 

The Price Distribution tab does exactly that. We’ve layered the insights from our Pricing Analysis tab to provide a more comprehensive view, optimised with the ability to surface pricing opportunities and gaps. 

Why our customers love it: Price Breakdown with Sell-Out chart enables not just competitors’ comparison but also highlights opportunities where the sell-out rate outperformed product count.

Product Analysis

In this new Competitor Benchmarking, after reviewing Overview and analysing on the retailer level, you can go granular with the Product Analysis tab, obtaining deeper product-level data on categories, discounting and colours. 

Swiftly Validate Category Trends

Omnilytics’s Category Composition means you can instantly see competitors’ assortment breakdown, right down to the SKU-level. 

You can identify which categories are performing and analyse new arrivals. The Period Comparison tool is available here too, which makes historical benchmarking easier than ever. In other words, you can stay in-line with the competition by having real-time information on product mix.

You can also break down to the subcategory level for in-depth analysis. 

Why our customers love it: Merchandisers need real-time assortment insights to ensure that the right decisions are made to meet consumer demand and to get ahead of competition. With Omnilytics’s Category Composition, they can easily do that.

Optimised Discounting

Applying a standard formula in discount planning is a common practice. But now, more than ever, consumers’ demand for personalisation, and setting targeted discounting has proven to be much more effective than a blanket discount range. 

The Discount Analysis tab was designed to help create smart markdowns. We’re determined to make it easier for you to analyse data insights, so with this tab, you can easily compare retailers in the discount breakdown by sell-out rate. 

Dynamic Colour Composition 

An in-depth colour analysis means our customers can see how a competitor weighs its colour offering. The Colour Composition tab was not only revamped with dynamic visualisation to increase granularity, but it was also enhanced with key features for a strong focus on analysis.

You can now toggle between seasonal and grayscale colours to get a more comprehensive view and build targeted assortments.

We also know how important it is to get the exact shade of a colour, which is why when you click on any colour, you get directed to the site of its corresponding Pantone code.

Why our customers love it: The segmentation by fashion and grayscale colours along with the validated Pantone codes ensure accurate decision-making in assortment planning.

More to Come

Your customers expect to see the products they want, across the right categories, and at the right price, in the right channel – and we’re committed to helping you achieve that goal faster.

The improved Competitor Benchmarking is just the first step, stay tuned for more updates!

The improved Competitor Benchmarking will be available for Omnilytics customers on June 24, 2020.

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