Spotting the Sweet Price Points with Data
Brand H established its Hijab brand in 2018 as it saw an opportunity to target the mature consumer demographic. The brand’s speciality in creating square scarves allows it to focus on a niche segment of the market with less direct competitors.
The Problem: How to Apply Strategic Pricing
The main challenge for the merchandisers of Brand H is finding the best price points. As increasing competitors enter the same segment space, it is crucial for the brand to price its products competitively without diluting its brand value.
The Solution: Applying the “Good-better-best” Pricing Strategy
To solve this issue, the merchandisers looked towards Omnilytics to guide the pricing strategy for their latest collection.
To get the market overview of Hijabs, the merchandisers analysed the pricing architectures for different Hijab styles across various retailers using Omnilytics data. Based on the pricing analysis of each competitor, the merchandisers applied the multi-tiered “good, better and best price ladder” against fashionability attributes and sell-out rates to map out each retailer’s pricing strategy.
Through this process, they were able to identify the most suitable price range that could accommodate their profit margin, brand positioning and align with market expectations.
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