Advantages of data-driven automated fashion benchmarking
Market intelligence platforms process real-time data from across the competitive landscape into deep insights relevant to specific products and collections. The powerful analytics built into these automated tools help fashion companies make more accurate and informed decisions with bottom-line impact.
Automated fashion benchmarking allows you to effortlessly process publicly available clothing industry data sets to gain insight into competitor pricing and discounts. Competitive analysis tools can help you understand the global apparel market by visualizing data sets in real time.
This can give you a clear view of what is available and how it compares to other products and markets. This makes it p ossible to quickly reassess your own product assortment and develop a winning go-to market strategy.
Assess competitor collection assortments
To release a successful, best-selling collection, you need to achieve the right product mix. Fashion benchmarking software lets you achieve the most relevant assortment, ensuring designs are on trend and meet consumers’ current expectations.
Using the feature-rich functionality of a fashion benchmarking solution, you can monitor competitors’ product mix in real time and spot assortment gaps in your own collection. By monitoring new product arrivals on the market, you can optimize your own brand’s presence on marketplaces.
Evaluate competitor product mix strategy
You can use an automated benchmarking platform to quickly view and filter relevant categories for research and analysis.
To conduct research and analysis, you can use the built-in functionality of an automated benchmarking platform to quickly view and filter relevant categories.
To track the performance of best-selling products, items can also be followed up individually. This allows you to see the evolution of competing offers as rival brands add new styles or colors to similar products.
Analyze competitor discount strategy
You can improve your sales performance by correlating your promotional actions and price discounts with your sellout rate. Even with the resources of a dedicated market intelligence team, keeping track of rival collections is tedious and time-consuming, however.
Automated fashion benchmarking enables you to track daily price movements and react faster. Real-time data let you identify competitors’ discounting strategies and timelines to launch markdowns at the right time and increase margins. Over time, you can optimize your own discount strategy.
Understand competitor pricing strategy
When you use market intelligence platforms to appraise competitor collections, you can see the price structure of any product or category sold by brands that compete with your business.
This allows you to track pricing fluctuations and benchmark your own brand’s positioning. For global brands that face price inflation, data-based benchmarking makes it simpler to sell competitively priced products on foreign markets.
Automated benchmarking makes it possible to track price changes in real time, and even compare prices of similar products.