Low-key luxury or “stealth wealth” define the industry’s hottest topic today, quiet luxury. The aesthetic has allowed numerous brands such as The Row, Khaite and Loro Piana to stand out now more than ever, and considering the decline in spending from aspirational shoppers, luxury brands are increasingly targeting the high-end consumer. This begs the question of, how can luxury brands remain resilient to these market shifts and nail their own strategies to better leverage trends?
Luxury’s leading brands are already tapping into the power of AI to optimize performance, analyzing the data behind their competitors’ strategies in real-time, and allowing them to finetune collections as well as pricing strategies, to ensure success amid a time of economic uncertainty. Retviews, Lectra’s automated benchmarking tool, has proven to be the best ally for fashion’s leading brands in staying ahead of the curve.
Inside the power of AI
Innovation is at the cornerstone of competitiveness, and Lectra’s collaborative approach is pushing innovative boundaries and in turn providing groundbreaking software solutions to key challenges that fashion brands are faced with today. AI has swiftly become a game-changer in the industry, offering brands unprecedented opportunities to succeed in an increasingly competitive market, and in turn reshaping the industry landscape.
Automating processes allows brands to retire time-consuming manual tasks that are often prone to error, and in turn make confident data-backed decisions in a fraction of the time. Data analysis fueled by AI is revolutionizing how fashion brands process product data, understand their market and stay ahead of their competitors. This is precisely how Retviews’ AI-powered competitive intelligence comes into play to help brands remain responsive to changing trends.
Using AI, Retviews’ allows fashion brands and retailers to analyze every detail related to competitors’ products, from product descriptions, fabrics, patterns, colorways, and size availability to stock history, as well as receive real-time notifications to track competitors’ pricing strategies. This allows brands to confidently adjust their own strategies accordingly and optimize margins.
The automated solution to nailing your product mix
When benchmarking your competitors manually, by the time you’ve gathered and analyzed the data on their collections, the trends you’re seeing on the market may no longer be relevant, and with the fast-paced trend cycle being able to adapt quickly is essential, to remain profitable on the market. Knowing exactly where to place your bets in terms of products and optimize your sell-through rate is crucial.
Retviews’ AI-powered real-time data and unmatched image-based recognition allows you to track exactly what items your competitors are releasing, right down to their fabric composition and available colorways. This in turn is allowing the industry’s hottest brands stay ahead of trend progression and reduce their time to market.
Taking a closer look at the quiet luxury trend, Retviews’ data show exactly what colors are most prominent in the quiet luxury market, looking at brands’ share of colors in their collections. You no longer need to make assumptions on what the hottest trends are on the market, as the platform’s tailor-made dashboards allow your brand to see exactly what colors competitors are adding to their collections, at specific points in time.
With a penchant for muted shades, Retviews’ data show that core quiet luxury brands such as The Row and Loro Piana use 11% more neutral shades such as black, white, beige, and grey than their loud luxury counterparts. Using data-driven insights on color trends boosts your strategic decision-making, allowing you to best leverage the trend.
So, what are the exact products that lie behind your competitors’ collections? Retviews’ enhanced image-labeling provides faster and more accurate garment image processing and labeling, easily identifying key points in an image, allowing you to track even the smallest detail defining a product. When comparing quiet luxury powerhouse Loro Piana with GUCCI, famous for its maximalism, Retviews’ product data indicate a strong style divergence between the two brands, GUCCI having significantly more pieces with loud colors, logos, and patterns.
Focusing on detailed product information, Retviews allows your brand to track competitors’ detailed fabric mix and see where your own collection stands. Should you be focusing more on premium fabrics in your own apparel collection when embodying minimalism through the quiet luxury trend?
The automated solution to nailing your pricing strategies
Pricing plays a significant role in staying on top of industry shifts and pricing your collection to perfection is an essential component to maximize sales and combined with the right product mix, optimize margins. AI powered competitive analytics take the guesswork out of your pricing strategies. In which categories should I be increasing my prices? Are my competitors increasing prices on a certain popular category at the moment? Using Retviews, leading brands are able to track international markets and their respective pricing structures, right down to each and every item’s price. In light of recent economiccircumstances, knowing by how much prices are increasing and when your competitors are increasing prices allows you to make better decisions on your own pricing structure. Retviews’ data allows you to track price changes through time and receive real-time alerts when your competitors increase prices on specific products.
From categories to products to product characteristics, Retviews’ AI allows you to track specific product keywords, finetuning your benchmarking processes further and getting into the details behind each competitor’s strategy. Diving into the quiet luxury trend, where minimalism is key, Retviews’ data show that within luxury’s current hottest brand Loewe, bags without logos or anagrams are over 20% more expensive than the overall leather goods collection. Thanks to Retviews’ tailor-made approach to each brand’s benchmarking, dive into the specificities behind each product in your competitors’ collections.
Harnessing the power of AI with Retviews
What will the quiet luxury shift mean for the sector? Will brands shift towards a muted approach in the long run, with a higher price tag? How can your brand remain resilient to industry shifts and make quicker, more efficient decisions for your collections, each time? You can access all this data and more with Retviews. Getting the right price positioning and optimizing your collection’s sell-through rate are key, thus making effective benchmarking crucial. Keeping track of your competitors and the market’s leading brands has never been smoother, thanks to AI. As AI is becoming an essential component of a successful brand strategy, make sure your own brand stays ahead of market trends, with the help of Retviews.
Find out how automated competitive intelligence can help you here.