Keeping a close watch on the market and competitors is critical to gaining and retaining customer in an aggressively competitive online retail space. Retailers need to continuously improve their mix of merchandise in order to keep pace with rapidly changing customer preference. That is why product assortment has emerged to be a key function in expanding market share and customer reach, optimizing inventory planning and management while reducing cost of acquisition. Ecommerce players are increasingly shifting their focus on more customized data driven approach in benchmarking and planning product assortment to stay competitive.
To help online retailers achieve this objective Springbord offers Product Assortment Intelligence services. We analyze your competitors’ assortment and benchmark using advanced tools and algorithms to ensure process efficiency and accuracy. Our team of experts enable you to build assortment intelligence that offers in-depth insight into competitions’ assortment across brands and categories. This empowers you to make profitable decisions, efficiently manage inventory and optimize catalog as per demand. Our service is scalable which makes it effortless to keep pace with your growth and accommodate business requirements. Key features of our service include:
Catalog gaps analysis: Comparative analysis of your catalog with your competitors allows us to identify products/product combinations that are doing well and are missing from your catalog.
Niche offerings/deals: Assess and identify products or brands that are unique to your catalog and are not on offer by other players and optimize pricing based on the product/brand’s demand and availability.
Product dimension analysis: Benchmark your product assortment/s across multiple combinations and dimensions – on features, category, or brand level – based on your target areas to help you make smarter and unique product assortment decisions.
To learn how we can help you design a competitive product assortment, please get in touch with us and we will be happy to assist.