Summer sales, winter sales, black friday, how can you optimize them?
The fashion industry is changing, with prices increasing, trends coming and going at a record pace and supply chain issues taking over every brand’s collection lifecycle. Considering the state of the industry, a brand’s discount strategy is also subject to change. As prices increase, you need to know how to discount your collection accordingly.
How can your brand optimize upcoming sale periods? Knowing exactly how much of your collection to discount and doing so at the right rate, is essential in maximizing margins. Retviews, the automated competitive analysis platform allows fashion brands and retailers to do exactly that, with accurate real-time data.
The key to smarter discounting: automated competitive analysis
Keep track of how your competitors are discounting
Basing your discount strategy on information gathered manually is risky and relies primarily on guesswork. Getting the right discount strategy allows your brand to improve performance and maximize margins. Doing so has never been easier, thanks to the automated competitive analysis platform Retviews. Brands can get an in-depth look at how competitors are discounting their collections in real-time and adjust their own strategy accordingly.
If you are discounting a large portion of your collection at once, you may also be compromising a large amount of revenue. Retviews shows you exactly when your competitors add new discounts, and how much of their collection they mark down each time. Access to a detailed look at your strategy next to competitors’, will allow you to you avoid marking down too much of your collection, too soon.
Pinpoint the ideal discount rate every time
Not only is it essential to know when to discount, but your brand also needs to know at what rate you should be discounting. Considering the current state of fashion and the hike in prices, the way brands discount has shifted.
Discounting at high rates for an entire sales season may no longer be feasible for brands, as supply chain disruptions are still looming over the industry, and costs have increased to such a level that a brand cannot afford to discount as much as before.
This is exactly where Retviews can help. Monitoring the rate at which your competitors discount on a regular basis will allow you to better position your offer during winter sales, summer sales and Black Friday. You can adjust your discount timeline and avoid losing out on margins throughout the sales period, thanks to automated competitive analysis.
Minimize unnecessary discounts
Manual benchmarking is tedious and time-consuming, but most of all inefficient. The collection lifecycle begins with planning the right collection and Retviews comes into play in this initial step. Without access to the right data to plan and build your collection, you run the risk of releasing apparel that would not sell, and ultimately result in a need to heavily discount, to eliminate stock.
An automated competitive intelligence platform like Retviews plays a key role in minimizing unnecessary discounts. Your brand can monitor your competitors’ positioning versus your own, pinpoint the ideal collection, with the right price to best target your market. At the end of each season, the need to discount leftover products is minimized, considering your brand’s ability to spot the right product mix, thanks to Retviews.
You no longer need to heavily discount and lose out on margins. Your brand can optimize its strategy each season and discount at the right rate and time, with an automated competitive analysis platform for fashion.