OVERVIEW:
In the age of rapidly evolving customer needs and demand – good quality & innovative product offerings have become one of the topmost priorities of any business. As customer preferences change with time, it becomes imperative for a brand to reposition itself for long-term growth and survival.
Tenovia partnered with a footwear giant and raised the awareness among younger audiences with the right merchandise leading to higher revenues.
THE CHALLENGE:
Today, a majority of online shoppers belong to the younger side of the age spectrum consisting of GenZ’s and Millennials. As the new-age shopper accelerates the growth of online shopping, the footwear brand had to rethink its business strategy and reposition itself to attract the younger demographic. The brand wanted to launch modern, trendy, and youth-centric designs to expand its current product portfolio.
APPROACH:
APPROACH:
To identify the gaps, we did an in-depth analysis of market trends, demand categories, and trending styles in the online footwear market. We studied the competitors in the online ecosystem based on SoV and bestseller rankings with the ratings and reviews mapped to identify the potential sales trends. A cross-mapping of competition pricing trends, with the raw material costs incurred by the brand, was undertaken to understand the product range and pricing strategies and find out the gaps in the current portfolio. To study the demand and market size, we mapped the current audience size on marketplaces through industry survey, own site google analytics visitor trends to pin down on the effective audience to cater the new range too. The data for trending designs were collected by analyzing the bestsellers and popular competitor products from top marketplaces such as Amazon, Flipkart, Myntra, and AJIO. A trend study to evaluate the upcoming design themes forecasted in the footwear category was performed. We also mapped the performance of the existing merchandise of the brand through perceptual mapping by ASP vs range size to identify a sharp niche of product mix that will best suit the market and thus provided recommendations to improve the overall offering.
CONCLUSION:
- To meet customer demand & maintain a competitive edge, we suggested introducing a trendsetting range of styles for the upcoming season.
- 5% of the total revenue in Q1 was contributed by the merchandise recommended
- 58% growth of new merchandise ratings in just four months since its launch
- The reviews for special merchandise have grown 3x after the launch of the new products.
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