What’s the right approach when increasing prices?
Brands in the UK, such as Ted Baker, Reiss and All Saints have increased prices in a similar manner, between 8% and 10%. Knowing this as a brand, allows you to best position your pricing accordingly. Are you steering away from the market trend and would prefer to stand closer to competitors? Or is your pricing strategy to increase prices at a lower rate than your competitors?
Access to real-time data is crucial in order to get your pricing strategy on track, so as to maximize margins, without compromising sales. This is precisely how AI-powered competitive analysis solution, Retviews helps its clients stay ahead of the curve.
Another key factor here is essentially where your prices should increase. Retviews data allows brands to eliminate the guesswork of manually checking what your competitors are doing, showing you exactly where their prices are increasing most, and by how much. Thus, allowing you to make decisions from actionable, data-based insights.
Ted Baker’s footwear prices increased by 18%, whereas Reiss’ footwear is only 1% more expensive. Is footwear a leading category that performs well for your brand? Is there room for growth with regards to pricing? Retviews allows you to access this information in just a few clicks, so you can plan collections accordingly.
From supply chain snarls to an inventory glut – what’s the lowdown on discounts?
Following the pandemic and the setbacks stemming from supply chains, countless brands have been faced with the challenge of overflowing inventory. This has thus led to large markdowns, namely in the premium sector.
Although premium brands are aiming to limit strong markdowns, Retviews data shows that numerous brands are still discounting upwards of 60% of their collections in 2022. Considering the shift in consumer behavior what is also valuable is knowing which categories to discount. As consumers are moving away from casualwear and loungewear, discounting these categories would be a strategic move.
Pricing collections to perfection
Download the report to get an in-depth look at how UK fashion leaders are managing price hikes, whilst also trying to limit markdowns and get the right positioning in 2022. Leave the guesswork behind and discover leading brands’ secret to success amid an industry shift. See how they are leveraging AI-powered data to make faster, more accurate, data-backed decisions and how your brand can do the same in a matter of clicks.
