How to Identify Bestsellers for Assortment Planning

Introduction

This report aims to uncover how to identify performing categories and bestsellers for leading homegrown retailers in Singapore, namely:

1. Our Second Nature
2. In Good Company
3. Ying the Label
4. Klarra
5. Beyond the Vines
6. Sabrinagoh
7. Weekend Sundries
8. Aijek
9. Moxie
10. Collate
11. Zalora (Zalora & Something Borrowed)

The analysis period covers April 1 to September 18, 2020.

Omnilytics is a fashion market insights platform that helps brands understand demand and compare assortment mixes across other retailers to spot opportunities in the market.

In the following, we will show you how using Competitor Benchmarking module in 7 easy steps.

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Identify Performing Catgories

Step 1: Select the main ‘Filters’

1. Click on ‘Add Filters’.
2.  Select the market and retailers or brands to compare.
3.  Navigate through available filters to find brands and retailers quickly by using the search bar.

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Step 2: Use ‘Sell-out at Full Price’ as a performance indicator

1. Determine the performing categories by observing the highest volume for full price sell-out.
2. Select the date range for period of analysis.
3. Select ‘Trade Performance’ page under ‘Product Analysis’ tab.
4. Scroll down to the ‘Trade Analysis’ card.
5. Select the following filters: ‘Full Price’ for price status and ‘Out of Stock’ for stock status.

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Step 3: Identify the categories with highest sell-out volume

1. Determine the performing categories by observing the highest volume for full price sell-out.
2. The top 3 apparel categories were Dresses, Tops and Pants & Leggings, whereas the top 2 non-apparel categories were Shoes and Bags.

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Spot Bestsellers

Each category needs to be analysed separately to identify bestsellers. These SKUs can be examined further to recognise common designs and prints to be adapted in future assortments.

Step 1: View items that sold out at full price

1. Click on the ‘Total Sell-Out’ metric for the Dresses category.
2. A new page with all the bestselling dresses will appear.

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Step 2: Sort by ‘New-In’

1. Select to sort SKU images by ‘New-In’.
2. Observe recurring prints and styles in these bestsellers that can be adapted.

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Create Virtual Lookbooks

Omnilytics’ ‘Saved Products’ feature can be used to create a series of product images by collection. These collections can be easily modified over time and shared with internal teams to facilitate real-time collaboration.

Step 1: Select the desired collection

1. Continuing on from the previous SKU images page, click on ‘Save products to’ to start a new collection by selecting ‘New Product List’.
2. Give your new collection a name that is informative.

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Step 2: Start saving products

• Hover over an image that you wish to save.
• Click on the heart icon that appears to add it to the collection.

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Interpret Bestsellers for Assortment Planning

The 12 bestsellers at the bottom (Chart 11) were identified from 4 different retailers. Let’s look at how we can interpret these for 2 different brand positioning.

Sophisticated

• The 3 images framed in green have a combination of minimalistic and textures.
• These seemingly simplistic styles have subtle detailing – the gathering technique on ‘Gathered Shoulder Crop Top’ and the textured material of ‘Sara Woven Mules’.
• The layering of ‘One-Shoulder Jersey Top’ over a shirt adds sophistication to otherwise a common top.

Easy-Going

• The 3 images framed in red exude playful and feminine looks.
• There are fitted and fitted-flare silhouettes on ‘Gentlemen Cigarette Pants’ and ‘Broad Hem Swing Top’ respectively.
• ‘Life Dumpling Bag’ completes the casual looks with its unstructured shape and crossbody sling.

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