Assortment intelligence tools help online retailers track competitors’ inventory and product supply to optimize their catalog. Automated data collection and analysis services allow product and sales management to focus on making very specific assortment decisions, while leaving mundane tasks to the software. Such services and solutions scale beyond hundreds of thousands of items, allowing for unrestricted growth of the retail operations.
Competitive analysis for product assortment optimization
Data-driven assortment planning and optimization is key to preventing dead stock and cutting logistics and marketing costs. This is where assortment intelligence comes into play, allowing retailers to view, compare and analyze inventory differences with competition to identify products that are worth carrying:
- Use market data to discover the products and product-variations that sell well at other retailers to identify potential additions.
- Find opportunities to differentiate your assortment by carrying unique items that others choose not to.
- Optimize prices for the products not available from competitors
- Be alert to the new products on the market to stay ahead of competing stores
With a clear view on the market, provided by market intelligence tools, assortment can be planned in a very precise and efficient manner with measurable effect on sales.
Data-driven Assortment Management
Consumer preference is constantly changing, therefore retailers must continuously enhance their product mix by selecting merchandise based on the quantified understanding of the market. In order to win and retain a customer in a hyper competitive environment, an online retailer has to watch the market, making sure that:
- Popular items are always available and priced competitively
- New products are introduced in a timely manner
- There are unique offerings that are not available from competing merchants
- Every visitor is greeted with rich variety of products from different price segments, brands and models
Competera covers all of these bases, gathering market data and presenting relevant information in regards to competitors’ assortment, prices and availability. All the market data reports can be tailor made to customer requirements and delivered to their dashboard or email.
As an example, these reports may include:
- product name
- product category
- product description
- delivery rates