Old Fashion
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Old Fashion

The role of price / assortment monitoring in fashion industry

Working with both brands and retailers

 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, Canadian, UK, Latin American, Turkish, Arab and Indonesian markets – selling not only apparel, but watches, jewelry etc.
  • On the other hand, we provide services for several brands (mostly based in US and Western Europe) to monitor how prices of their own products compare to prices of their competitors.

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.

Most of the products from this industry have standardized part numbers, meaning that Automatch is possible in most cases (a Scandinavian distributor of several global brands is monitoring nearly 120 sites across 7 countries). However, it’s not a must – some other clients, much smaller in size (monitoring no more than 1000 SKUs) are going for manual product matching instead. As always, Price2Spy gives you flexibility, so each client can find the solution which suits their needs the best.

 

Large stores typically have different product managers taking care of different segments of their offer. In some cases, the work is split by product category (mobile devices, cameras etc.), while in others it can be done by brand, or even by product supplier. No matter how your internal organisation works, Price2Spy’s flexible setup can address it – so each product manager takes care (and gets alerted) only of the products from his domain.

 

For those looking for in-depth analytical data, Price2Spy will give you all you need to easily identify your competitors’ pricing policies (which probably differ from one brand to another, from one product category to another), and react to important price change alerts (for example, when a competitor lowers the price below a certain threshold). In cases where MAP-observance is needed, Price2Spy will indicate the MAP-pricing violations.

 

Let’s also mention the possibility of API integration, where clients have implemented Price2Spy API interface within their own software, so they promote / demote potential Automatches (or watch price changes) directly from their own system, with no need to login to Price2Spy at all. We also have clients which have fully automated their dynamic pricing solutions, so their software always gets fed with fresh pricing data from Price2Spy – enabling it to automatically adjust (usually lower) the price on their own website.

Best price monitoring practices in fashion industry

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);
  • Price optimization – 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.

Leopardi - our Brazilian client