Fitbit Charge 2: How Data Can Help Fitbit Win the Category Back

Fitbit had a tough time maintaining its status quo as the category leader in fitness trackers and overall wearables in 2017. Falling to the third place for the first time in the first quarter of 2017, between Chinese gadget maker Xiaomi and Apple, what the fitness brand could do with is a little introspection. Product pricing and timing impacts, not just the sales, but also its visibility at an online store. Working on this factor can help Fitbit elbow out the competition, all with the right data.

We have focused on a particular product: Fitbit Charge 2 to illustrate what accurate Big Data insights can do for the brand.

Using our analytics, Fitbit can study in detail about the e-commerce stores from segregated geographies across the world that are selling their product. Retail can deliver a live comparative analysis of the prices—ensuring that their merchandising teams can quickly adopt optimum margins and maximize sales revenue.

Building A Deeper Insight Into Global Competition

Fitbit exact match geography graph

Fitbit Charge 2 is sold not just by sports apparel and fitness stores, but also by multi-brand e-commerce giants. A large chunk of Fitbit sales in for each region come from Amazon.com (USA), Flipkart (India), Target (Canada), Currys (UK), PC World (UK) and Tokopedia (Indonesia).

By studying these retailers, Fitbit manufacturers can have a clearer idea of where the product stands in the current market.

Real-Time Updates In Data

A dashboard screenshot of the product pages reveals where the Fitbit Charge 2 is up for sale. With the Compare & Analyse module of Incompetitor ™ manufacturers can do a comparative study of FitBit Charge 2 pricing over time.

This gives a broader picture, enabling Fitbit to stay up-to-date with the changes and create successful marketing strategies for the future. It makes global price comparison for Fitbit Charge 2 a matter of a few clicks and couple of seconds.

price change graph ( on different portal) for fitbit

By going through the single view USD currency chart, it is learnt that the prices have been constant for Curry’s (UK) and variable for Flipkart (India), while Target (USA) sells the product at a minimum price.

Relationship Between Price And Visibility  – Price Sensitivity

Fitbit Price Sensitivity

Let’s take into consideration the price vs time and visibility vs time graphs for Flipkart. It is observed that there is an inverse relationship between prices and visibility. For instance, from August 2015 to September 2015, when the prices increased, the visibility of the product declined in comparison to its competitors and it also means that this product is price sensitive.

This metric allows FitBit Charge 2 manufacturers deploy a specific pricing strategy for a particular online store. The brand can define custom prizing rules which are meant specifically for the product, and auto-generate smart prices that always competitive while pushing maximum margins.

Graph showing Fitbit price visibility on Target USA

Let us take another example. As far as Target is concerned, there is a huge fluctuation in the visibility for September 2015, even while the product price remained constant. This could have  been related to the release of the Apple Watch this year.

Huge differences between the pricing of the Apple watch and the Fitbit Charge 2 can ensure the gradual increase in the visibility of FitBit Charge 2.

An Insight Into Consumer Preferences Based On Geographic Location

Graph showing fitbit price visibility on Currys UK

A detailed insight into consumer preferences based on the consumer’s geographic location allows for decisive assortment planning. For instance, Curry’s sales charts show that the teal blue colour for Fitbit Charge 2 is the most preferred colour in the UK market.

Graph showing fitbit price visibility on Myer Australia

 

Using Data To Deploy Better Marketing Strategies

Fitbit Charge 2 manufacturers can use retail data analytics to get real-time insights to revise their product release strategies, helping them make better marketing decisions combined with intelligent pricing strategies.

We’ll be up looking at the data while you’re chasing bigger targets. Optimize your retail business and always stay ready for the New Age Shoppers. Request a Demo !

How Data helps Herman Miller outwit global rivals

To boost product visibility and sales with optimized prices, retailers and brands can use retail data analytics to access real-time insights into the global e-commerce landscape. Let’s look at how Michigan-based furniture manufacturer Herman Miller can use retail data analytics to gain a competitive advantage in the global retail market.


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How Dynamic Pricing is Disrupting Online Retail in 2017

With the era of online shopping came the concept of dynamic pricing. This is a natural turn of events that might not be working as well as expected.

Dynamic pricing is a strategy based on which retailers change the price of the product based on supply and demand.

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Find Out How Your Competition Reacts To Your Pricing By Using Incompetitor

Competition is the norm by which a pricing is often defined. Recognizing your customers’ needs and demands and acting on them quicker than your competitors can give you a pivotal advantage in an increasingly tough market. In addition, you must understand your competitors’ strengths and weaknesses and know how they will react to all the things you are reacting (it’s a closed circuit, really) so you can be one step ahead.

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Step Up Your Game, Start Tracking Your Global Competition Using Incompetitor

Tracking competition can be a fool’s errand if not done properly. By properly, we mean using modern technology to cover all the aspects that define your competitor’s product and their pricing methods. In that regard, companies usually target competition that is nearest to them in terms of local positioning. Direct competition, if you will. However, ever since the triple W entered the mainstream, the scope has been slowly shifting to all corners of the globe.

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How Artificial Intelligence(AI) Is Helping Retailers Predict Prices

It safe to say that artificial intelligence (AI) is changing every aspect of modern living. From our phones to cars to healthcare and every other industry, AI is slowly becoming a common part of today’s environment, deeply embedded in everything we do. Retail is no exception, entering a new era of predictive commerce. Thanks to AI, retailers are able to cater to their customers to the tiniest detail possible, while also leveraging the technology to improve their business operations.

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How Incompetitor Can Save You Time Spent On Manually Tracking Competitor Products

Introduction

In the world of ecommerce, there is so much going on that it’s hard to keep track of everything. You should be aware of what your competition offers while catering to the increasingly demanding customers. Often guided by pricing as their primary decision-making criteria, your customers can perform comparisons between your online store and others in an instant. Hence, being aware of your competition’s products and when to adjust your pricing is a vital process for e-commerce business.

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Manually Tracking Competitor Pricing Vs Automated Solutions

Obviously, you should track your competition’s pricing. There is no question about that. With all the competition that’s constantly growing, consumers have their veritable pick of the litter. In essence, they are spoilt for choice and can easily find the best deals on the required products in just a few taps or clicks. So, in order to keep up with the savvy customers and competitors, businesses turns to price tracking. It allows them to be increasingly competitive and focal in their efforts while achieving greater profitability through the use of data.

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How To Provide Better Pricing Than Your Competition Without Jeopardizing Your Brand

Regardless of the industry, a business operates in, even if it’s relatively new or small, a careful research will reveal two or more competitors. Their existence immediately changes the playing field. In a concentrated effort to gain that one step ahead, businesses adopt numerous competitive strategies to increase their competitive advantage. That’s all fine and dandy, but how exactly do you cope with your competition? The most usual suspect in the case of intense competition is the price war.

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How Often Should You Adjust Your Pricing?

Every business that seeks to achieve maximum levels of profitability needs to think carefully about its pricing. Specifically, it needs to think about how often to change its prices. Once you identify and set the best pricing strategy for your product or service, it can be quite tempting to hold on to it. We know how you reason and we empathize – you spent considerable time and effort to set it up, it works so why would you ever change it?

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