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 To Analyze And Identify Ways To Improve Existing Retail Financial Operations

Introduction

Online retail businesses have to a lot to worry about and fight against but perhaps nothing quite screams danger as the financial aspect. Shallow pockets and thin resources, overwhelming competition from both big brand-name businesses and and smaller online retailers, declining sales and so on – these are just some of the challenges faced on a regular basis. Thus, it’s only natural to try and squeeze an extra dollar here and there out of the existing financial operations. Naturally, there are some quick fixes that turn things around but these are all short-sighted solutions. Any online retail store built on a sound financial basis knows better than this but not every business has the benefit of that insight.

Continue reading “How To Analyze And Identify Ways To Improve Existing Retail Financial Operations”

It’s All About (the) Pricing Strategies

On its own, pricing is a complex subject that requires thorough understanding, yet it is massively important. If you set it right, the sales and profit will flow. Get it wrong and, well, you know, you’re doomed, to put it mildly. Your pricing affects everything, from profit margins and sales to brand positioning and market share. So, what’s the trick? How do you implement a pricing strategy that conveys everything you want to stand for as a company while bringing in profit in the process?

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Spikes & Dips April 2016: State of E-commerce in the US

What is our Spikes & Dips Series?

Intelligence Node’s Spikes & Dips series tracks the retail price change of a basket of products spread across online retailers using our real-time retail analytics software. ‘Spikes & Dips’ covers the top 1000+ leading North American e-commerce retailers and is continuously monitored by proprietary market-monitoring algorithms. Intelligence Node’s algorithm processes approximately 750mn products daily and are taken from real-time, live data. All benchmark indexes are tracked in real-time, however, updates will be published in our monthly State of E-commerce newsletter.

Continue reading “Spikes & Dips April 2016: State of E-commerce in the US”

Spikes & Dips March 2016: State of E-commerce in the US

What is our Spikes & Dips Series?

Intelligence Node’s Spikes & Dips series tracks the retail price change of a basket of products spread across online retailers using our real-time retail analytics software. ‘Spikes & Dips’ covers the top 1000+ leading North American e-commerce retailers and is continuously monitored by proprietary market-monitoring algorithms. Intelligence Node’s algorithm processes approximately 750mn products daily and are taken from real-time, live data. All benchmark indexes are tracked in real-time, however, updates will be published in our monthly State of E-commerce newsletter.

Continue reading “Spikes & Dips March 2016: State of E-commerce in the US”

Showrooming and Webrooming: Moving beyond buzzwords

Showrooming is the practice where shoppers examine items during store visits, but choose to buy them online because they are cheaper there. Online retailers are in a position to offer better deals as they don’t have to bear the same operational costs as their brick-and-mortar counterparts. Effectively, traditional retailers unwittingly act as showrooms for ecommerce portals.

Continue reading “Showrooming and Webrooming: Moving beyond buzzwords”

Raiding the Indian fashion closet for never before insights

 

Given that retail is India’s largest service sector, the future of this vital industry really matters. But how are we to work out what the best ways forward are? Should we listen to the pronouncements of entrepreneurs or designers, or the predictions of analysts or commentators?

Continue reading “Raiding the Indian fashion closet for never before insights”

List price, the sales fatigued shopper and misleading deals

Before we dive into the subject, let’s establish what ‘list price’ is just so we are on the same page. In very simple terms, list price or manufacturer’s suggested retail price (MSRP) is the full price for which a business entity is willing to sell its products, without applying any discounts or special offers. While the manufacturing and distribution costs are taken into account for arriving at the list price for consumer goods, it’s the demand vs supply dynamics and level of competition which dictate how much profit margin can be applied.

Continue reading “List price, the sales fatigued shopper and misleading deals”

Spikes & Dips February 2016: State of E-commerce in the US

What is our Spikes & Dips Series?

Intelligence Node’s Spikes & Dips series tracks the retail price change of a basket of products spread across online retailers using our real-time retail analytics software.

‘Spikes & Dips’ covers the top 1000+ leading e-commerce retailers and is continuously monitored by proprietary market-monitoring algorithms. Intelligence Node’s algorithm processes approximately 750mn products daily and are taken from real-time, live data. All benchmark indexes are tracked in real-time, however, updates will be published in our monthly State of E-commerce newsletter. The goahttp://demo.firm.in/inode/wp-admin/post.php?post=152&action=edit#l of our Spikes and Dips series is to put online retail price movements in the context of macroeconomic factors thus enabling retailers to understand how these macroeconomic factors influence their day-to-day retail pricing strategies. Continue reading “Spikes & Dips February 2016: State of E-commerce in the US”