Industries : Fashion

The role of price / assortment monitoring in fashion industry

MataHari Mall - monitored by Price2Spy

MataHari Mall - monitored by Price2Spy

Dual experience this is how we can, in short, describe Price2Spy's fruitful collaboration with clients from fashion industry.

 

  • We are working with several renowned players from US, Latin American, Turkish, Arab and Indonesian markets - selling not only apparel, but watches, jewelry etc.
  • On the other hand, we provide services for several Spanish, French and German agencies specializing in working with clients in fashion industry

One of the specifics of this highly demanding industry is the ability to monitor not only the pricing, but product assortment as well (not all stores offer a full range of products from certain brands - so establishing who's offering what can be a real challenge).

Technically speaking, the fashion industry is characterized by product variation (a shoe can have several sizes, and several colours - all having different pricing / availability). Very few online price monitoring tools can monitor such individual variations the way Price2Spy does.

As you can imagine, the fashion industry has no firmly standardized part numbers, meaning that manual product matching has very few alternatives. Some of our clients do it themselves, while others hire the Price2Spy team for such tasks. One exception to this rule are online stores dealing with watches that  do have standardized part numbers, enabling highly reliable Automatch to take place.

Price2Spy will enable our clients to easily dive into various aspects of a competitive landscape by many different segments (e.g. brands,  categories, suppliers). Easily drill down to the product details at any time - price history chart will show the development of prices over time, so you will easily recognize important patterns in your competitors' pricing behavior (for example: who's setting price trends / who's following).

On the other hand, partner agencies usually connect to Price2Spy using our API, meaning that they show product data and reports in their own tools, which are in turn used by their end-clients.

Best price monitoring practices in fashion industry

Leopardi - our Brazilian client
Leopardi - our Brazilian client

Here is how Price2Spy can help product managers from this industry:

  • Usually between 5 and 15 most important market competitors get monitored;
  • Marketplaces like Amazon and Ebay (of course, if Amazon / Ebay are operating in the client's market) typically need to monitored as well (usually for the cheapest price offered). In some cases several different sellers on Amazon are monitored;
  • Number of individual products (SKUs) is usually less than 2500 (very few clients monitor their full product range). This makes manual product matching quite acceptable (both in terms of cost and time);
  • Price change alerts are heavily used (in certain cases combined with Automated Price Matrix report);
  • Use Pricing Strategy module to identify products with price change opportunities - it will result in a clear and interactive list of products and suggested pricing changes;
  • Most recent price changes (per brand or category) can be spotted via Pricing Dashboard;
  • The same goes for the share of cheapest products per site or price change history (either per product, or per site);
  • Manufacturers using Price2Spy are relying on MAP module to detect retail sites who are in violation of minimal advertised price.