Learn how to use competitive intelligence to gain insights into your rivals, customers, and market trends, and create innovative designs that stay ahead in the fashion industry.

Monitor competitor product offerings, collections, and design trends to stay informed about new developments and innovations in the market. Evaluate product features, quality, pricing, and customer reviews to identify gaps in the market and areas for product improvement or differentiation.

Last updated on Oct 10, 2024

How can you use competitive intelligence to stay ahead in the fashion industry?

Competitive intelligence is the process of gathering and analyzing information about your rivals, customers, and market trends. It can help you gain insights into what works and what doesn't, what opportunities and threats exist, and how you can differentiate yourself from the competition. In the fashion industry, where trends change rapidly and customer preferences are diverse, competitive intelligence can be a valuable tool to stay ahead of the curve and create innovative designs that meet the needs and wants of your target audience. In this article, you will learn how you can use competitive intelligence to stay ahead in the fashion industry, by following these four steps:

1 Identify your competitors

The first step is to identify who your direct and indirect competitors are, and what their strengths and weaknesses are. Direct competitors are those who offer similar products or services to the same market segment as you, while indirect competitors are those who offer different products or services but appeal to the same customer needs or desires as you. You can use online tools, such as Google Trends, social media, and industry reports, to find out who your competitors are, what their market share and growth rate are, and how they position themselves in terms of price, quality, style, and customer service.

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Dinesh Govind

Fashion Brands Growth Scaling Using Strategy I Founder Vastra-Sastra.in I Chief Strategist-LC Waikiki Turkey I Ex-Chief Manager Apparels Metro Cash Carry I Raymond I RedTag UAE
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In recent past surveys it's retro model of competition that is a threat to your business model Example .S.I.P Investments are seen as a threat to Luxury Cars than say in class competitors like Benz Vs BMW Vs Audi cars.

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Namita mahajan

Head of Design & Product Development @ Norlanka (PDS Limited)
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Competitive intelligence is crucial for staying ahead in the fashion industry, where trends change rapidly, and consumer preferences evolve continuously. By understanding the strategies, strengths, and weaknesses of competitors, fashion brands can identify opportunities, mitigate threats, and make informed decisions to maintain a competitive edge.

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2 Monitor their activities

The second step is to monitor what your competitors are doing, and how they are performing. You can use various sources of information, such as websites, blogs, newsletters, press releases, reviews, ratings, feedback, and social media, to track their activities, such as product launches, promotions, collaborations, events, awards, and innovations. You can also use tools, such as Google Alerts, Mention, and Feedly, to get notified of any updates or changes in your competitors' activities. By monitoring their activities, you can learn from their successes and failures, identify their best practices and pitfalls, and spot any gaps or opportunities in the market.

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Namita mahajan

Head of Design & Product Development @ Norlanka (PDS Limited)
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Monitor competitor product offerings, collections, and design trends to stay informed about new developments and innovations in the market. Evaluate product features, quality, pricing, and customer reviews to identify gaps in the market and areas for product improvement or differentiation.

Like
Dinesh Govind

Fashion Brands Growth Scaling Using Strategy I Founder Vastra-Sastra.in I Chief Strategist-LC Waikiki Turkey I Ex-Chief Manager Apparels Metro Cash Carry I Raymond I RedTag UAE
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When your radars are focused on your competition you are actually missing the pulse on the consumer Intelligence. Rather our research and development should be all out on the consumers and consumers only.

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Atoyegbe Adeyemi

Software Engineer at Lykdat
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Competitive Intelligence in fashion is now more efficient, thanks to the emergence of advanced AI analytics software specific to the fashion industry. With tools like Stylumia and Woven Insights, fashion businesses have easy access to real-time retail market & consumer insights, gotten from their competitors’ ecommerce websites, to inform their strategies. These insights are gotten by an automated process which constantly monitors and analyzes information such as customer reviews, product assortments (features, materials, categories, color, sizing), stock count, and price changes on competitor websites.

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3 Analyze their strategies

The third step is to analyze how your competitors are executing their strategies, and how they are affecting your market position and performance. You can use frameworks, such as SWOT analysis, Porter's five forces analysis, and value chain analysis, to evaluate their strengths, weaknesses, opportunities, and threats, their competitive advantage and differentiation, and their value proposition and customer satisfaction. You can also use metrics, such as sales, revenue, profit, market share, customer retention, loyalty, and satisfaction, to measure their performance and compare it with yours. By analyzing their strategies, you can understand their goals and objectives, their target market and customer segments, and their unique selling points and value proposition.

Add your perspective

Dinesh Govind

Fashion Brands Growth Scaling Using Strategy I Founder Vastra-Sastra.in I Chief Strategist-LC Waikiki Turkey I Ex-Chief Manager Apparels Metro Cash Carry I Raymond I RedTag UAE
Report contribution
Over exerting Analysis leads to the infamous terminology Analysis Paralysis. Rather Organisational Goals ,Vision and Mission statement must be attuned to the company culture. And Strategy is born out of the company culture to match to the Vision and Mission statement. Identify GAPs ,advantages,the 1* degree shift over SWOT Analysis or porters forces works always in Startegy development and execution

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4 Apply your insights

The fourth and final step is to apply what you have learned from your competitive intelligence to your own fashion design strategy. You can use your insights to improve your existing products or services, create new products or services, enhance your brand image and reputation, optimize your pricing and promotion strategies, expand your market reach and customer base, and innovate your design process and techniques. You can also use your insights to anticipate your competitors' moves and reactions, and prepare your countermeasures and contingency plans. By applying your insights, you can stay ahead of the competition and create a competitive edge in the fashion industry.