Fashion Trade Insights is designed as a simplified retail analytics tool to power better business decisions and growth strategies
Omnilytics, a retail market intelligence platform, announced the official global launch of its Fashion Trade Insights product. Available as a module on the Omnilytics Market Insights Platform, Fashion Trade Insights is specifically designed for small-medium enterprises and smaller fashion brands, enabling them to strengthen their market, competitor, and trend analysis to power their growth strategies in an easy, simple way.
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“When it comes to fashion design, Omnilytics has provided us with the necessary information and market analysis needed for the first step. I’m able to make well-informed design decisions with the help of Omnilytics as a one-stop platform for both trend and market analysis.”
Kendrick Wong, CEO and Co-Founder of Omnilytics, said: “Amid mounting competition across the global fashion and retail ecosystem, brands need the right data that can enable them to make better business decisions. Armed with real-time insights, brands of any size and stage will be able to better capitalise on growth opportunities in their respective markets. To make this possible, data intelligence and analytics needs to be simplified and made fully accessible and our launch of Fashion Trade Insights is a critical step forward in enabling this, as a product specially made to meet the needs of our SME partners.”
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Fashion Trade Insights simplifies the market research process, consolidating several existing capabilities in the Omnilytics platform to provide a starting point for newcomers to retail data analytics while providing key actionable insights for immediate deployment. Within a single module, Fashion Trade Insights addresses the needs of management teams, merchandisers and buyers, and designers alike, including assortment planning, competitor shopping analysis, pricing planning, trends analysis, and trading and reporting capabilities.
Sinyi Siow, Fashion Designer and Product Management Specialist at Fu Yuan Clothing said, “When it comes to fashion design, Omnilytics has provided us with the necessary information and market analysis needed for the first step. I’m able to make well-informed design decisions with the help of Omnilytics as a one-stop platform for both trend and market analysis.”
Over 50 fashion and retail brands across the Asia Pacific region, Brazil, and the United States have begun using the Fashion Trade Insights module to inform their business strategies. A select number of early access brand partners have so far seen an over 20 percent increase in sell-through rate, over 17 percent increase in product margins, as well as a 15 percent reduction in deadstock.
With its competitor analysis capabilities, Fashion Trade Insights allows brands to gain a full view into product selling and demand patterns but most importantly, categories that are undersupplied, enabling them to address gaps in the market. The pricing planning function also provides a better understanding of the success of competitor pricing strategies, providing the insights for a data-driven approach to revenue optimisation. Lastly, Fashion Trade Insights trend analysis capabilities at a more granular level, designed to validate category and sub-category trends to maximise supply chain and product profitability.