Fashion’s price struggle
As price inflation reaches a 40-year-high, fashion brands and retailers are rallying, trying to best position their own pricing strategy to stay competitive on the market, without losing out on sales.
Countless brands are already feeling the effects of inflation, as they react to rising costs by hiking up their prices – but consumer demand is also shifting, as shoppers are cutting back on discretionary spending, where fashion is among the top categories in which consumers intend to decrease spending.
The automated solution to tackling price hikes
Brands can see exactly how their competitors have increased prices
Retviews, the AI-powered competitive analysis platform for fashion allows brands to eliminate the guesswork and get right to the data behind competitors’ strategies. Brands can see exactly how their competitors have increased prices over time and where exactly they are hiking prices up – in real-time. Whether it be mass market retailers, premium or luxury brands prices are increasing, therefore keeping track of how your competitors are positioning themselves on the market is crucial.
A costly risk, the uncertainty of trying to manually pinpoint the right rate at which to increase your prices can leave your brand with an uncompetitive pricing strategy, leading you to lose not only sales but also customers – which is a hassle that no brand wants to face.
Brands can adjust their pricing strategies
With access to real-time data brands are using Retviews to keep a close eye on how competitors are increasing prices and can then adjust their pricing strategies to stay relevant on the market. Looking at how competitors’ prices have increased for specific categories, products made of fabrics whose cost has skyrocketed or individual iconic products, allows brands to confidently increase their own prices and pinpoint the optimal pricing strategy for their own collection, without compromising on sales volume.
Access to real-time competitor insights, brands can make efficient and confident decisions about collection
Using Retviews, the automated competitive intelligence platform for fashion allows you to put behind the time-consuming and risk-induced task of manual benchmarking, often resulting in obsolete data. With access to real-time competitor insights, your brand can spend less time collecting data, and more time making efficient and confident decisions about your collection.
Mastering competitive pricing analysis
As cotton prices have hit decade-long highs, and brands are trying to find their way around supply chain issues, it was inevitable that the fashion industry was going to see a significant shift in prices.
Retviews data has shown that when it comes to the apparel industry and leading brands’ most recent collections, US inflation rates are higher than European inflation rates – as popular brands within the US market are increasing prices at a higher level than brands within the European market. Evidently, knowing how to price your collections within different markets is key in today’s global supply chain disruptions and price hikes. As a brand, using AI data intelligence to get an in-depth look into your competitors’ pricing strategies would allow you to identify how you can improve your own pricing strategy and determine market gaps where your brand’s pricing can stand out and stay ahead of the curve.
Whether it be a desire to elevate your brand’s offer to boost perceived value and comfortably raise prices, or track competitors’ increases so that your brand can keep its price increases low, having access to real-time data allows your brand to keep track of what your competitors are doing in terms of pricing their collections - by how much they are increasing prices, how average prices for leading categories are changing, as well as how iconic pieces’ prices are growing – all of which provide your brand with the insights it needs to hike prices successfully. Brands are increasing prices but could very well be doing so inefficiently. Could they be increasing their prices too much on the wrong products? Has selling the same product, at a higher price made their collection irrelevant on the market?
These questions, and countless others that a brand is faced with in today’s industry shift are quickly and simply answered by three words: automated competitive intelligence. Retviews is the tool that minimizes the pressure and guesswork of detecting the ideal pricing strategy, by providing your brand with the in-depth insight behind competitors’ data and giving you the key to developing an effective and successful pricing strategy to tackle inflation rates and drive sales – thanks to real-time analytic data.