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Fashion industry competitive analysis : how to maximize your profitability
How to release more on-trend collections while increasing net profits? Improve your brand positioning strategy with benchmarking intelligence that analyzes real-time data on the competitive landscape.

Position your collections within the competitor landscape using real-time data and deep insights

Market intelligence is a vital function of any brand or company operating in the fiercely competitive fashion industry. Valuable benchmarking data can boost profitability by helping to determine market segmentation and brand positioning.

 

Why is fashion collection benchmarking so important?

Inventorying new arrivals is essential to avoid missing out on emerging trends and business opportunities. Benchmarking enables you to evaluate the strengths and weaknesses of your collections, as well as the comparative advantages of rival brands.

This visibility makes it possible to adjust collections and apply relevant best practices. By identifying and comparing key market metrics that pinpoint the chief differences between your collection assortment and that of your competitors, you can better differentiate your offering.

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Why perform automated fashion benchmarking?

Automated competitive analysis solutions give you the real-time visibility you need to release the most successful collections at the right price. In particular, they let you:

  • Monitor the competition faster and more cost-efficiently.
  • Get greater returns from your company’s time and resources.
  • Improve product mix and planning with real-time market insight.
  • Achieve the perfect price model with the right price positioning.
  • Accelerate time to market to produce and deliver styles on trend.
  • Ease cash flow by cutting costs and reducing unsold stock.
  • Increase your profitability by releasing the designs consumers want.
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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.

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Benefits of automated fashion benchmarking

  • Compare competitor collections in a few clicks.
  • Graphically chart price change patterns.
  • Stay on trend by quickly changing your product mix.
  • Set up dashboards to track performance over time.
  • Know when the time is right to discount goods.
  • Spot assortment opportunities and improve categories.

    Achieve your brand positioning goals

    With the benefit of an accurate, real-time competitive benchmarking tool, your fashion company can better track existing and emerging trends, quickly assess your product mix and adjust collection assortment to remain relevant and competitive.

    Across multiple countries, you can use real-time data to compare your international positioning to that of local competitors. This visibility and the responsiveness it enables allow you to improve your brand positioning across product categories and borders.

    Benchmark your brand's positioning

    Understanding rival companies’ pricing and assortment are key to determining which competitors have the strongest brand presence. Automated fashion benchmarking lets you see precisely what your competitors have on offer and at what price point.

    By gaining insight into their brand positioning, you can also develop a better grasp of their brand strategy. This is especially helpful in improving your own brand strategy. A clearer view of your brand’s place in the competitor landscape allows you to better adjust and differentiate your product offering.

    See how to best position your brand for growth

    Your brand’s unique value proposition sets you apart from your competitors. It attracts your ideal customer demographic by aligning your designs and collections with your target market's desires.

    When consumers can readily recognize the value of your differentiated product offering over that of rival brands, it becomes simpler to win them over. Your marketing efforts can be focused on attracting the shoppers most likely to make a purchase.

    By analyzing your customers' purchasing data, you can better understand their needs and adjust your offerings accordingly. This will create growth opportunities, increase revenue, and improve overall profitability.

    Interested in increasing your fashion company’s competitive advantage?