A Detailed Guide To Competitive Analysis In Fashion

In a previous article, we provided an introduction to competitive analysis in fashion; to help fashion businesses know what to look out for, and what take note of, before and when carrying out competive analysis.

In this article, we will be taking it a step further - highlighting the different forms of competitive analysis fashion businesses can carry out, and providing a detailed guide on what these analyses entail.

Using Woven Insights as the go-to tool for this exercise, we will be providing a walkthrough of how to easily perform competitive analyses in the fashion industry. We will be making use of both the Market Insights and the Consumer Insights modules for this exercise.

Fashion Competitive Analysis With Consumer Insights

When carrying out competitive analysis, one of the most powerful tools at a your disposal is data-driven insights derived from real customer reviews. These insights offer a direct window into the minds of customers, revealing not only what they think about your products but also how they perceive your competitors.

Consumer insights go beyond basic metrics like star ratings, offering rich, qualitative and qualitative data that highlight what customers truly value - whether it’s product fit, functionality, pricing, material quality, or design aesthetics.

With Woven Insights' Consumer Insights Module, fashion businesses can easily conduct in-depth competitive analysis by comparing their performance against competitors - based on real customer experiences.

Competitor Product Analysis With Consumer Insights

With our Consumer Insights solution, you can easily analyze how a competitor's product is performing based on what shoppers think and say about it in the reviews.

Here is a breakdown of the features in our Consumer Insights solution that will enable you to carry out this analysis:

1. Sentiment Analysis: With Consumer Insights, you can easily determine the overall sentiment of shoppers regarding your competitor's products, as detected by our AI-powered review analysis algorithm.
2. Attribute Analysis: Our solution also gives you a deep breakdown of shopper sentiment based on Fit, Material, Comfort, Aesthetics, Quality, Functionality, Workmanship, Durability, Price and Performance.
3. Keyword Analysis: With this feature, you can easily identify the most common keywords associated with your competitor's products, based on what shoppers write in their reviews of the item.
4. Ratings: This feature analyzes star ratings given by shoppers, and shows the distribution of the ratings of your competitor's fashion product.
5. Comparative Analysis: With Comparative analysis, you can directly compare 2 or more fashion products, comparing their performances based on Overall Sentiment Analysis, Attribute Analysis, Keyword Analysis, and Ratings.

You can also take a look at all the analyzed reviews, filter based on sentiment and/or specific keywords, and get quick answers to questions like:

1. "What are the most common negative themes in the reviews?"
2. "What are the top activities this garment is worn for?"
3. "What are the top selling points of the garments?"
4. "What are the top pain points of the garments?"

With the insights gotten from Woven Insights' Consumer Insights module, you have all you need to:

1. Optimize your sourcing, design, production and retail strategies to reflect what shoppers love about your competitor's products in your own products.
2. Take advantage of your competitor's weaknesses to communicate your unique selling points in your marketing strategies.
3. Identify gaps in your products, as well as gaps in the overall fashion market for the particular clothing segment you're interested in.

Conclusion

Competitive analysis in fashion is an ongoing practice, not a one-time task. Enhancing your competitive analysis efforts will help you secure your brand's position, adapt to change, and lead the way in the world of fashion.

Woven Insights provides you with all you need to dominate the market and stay ahead of your competitors with AI-driven fashion retail consumer & market insights to help you make profitable business decisions.

Get started with Woven Insights today by clicking on the Book a Demo button at the top of your screen.