Pricing for Apparel
Pricing in the Apparel industry has long been one of PriceBeam’s primary areas of expertise. Consumer goods companies benefit from price optimization more than any other industry, but at the same time, it is often an incredibly challenging task.
Challenges in Apparel Pricing
The apparel industry is rapidly evolving, and with this comes a shift in consumer buying behavior and preferences. People value different characteristics and have different needs when buying clothes. One of the most vexing challenges faced by apparel brands is setting one price that unifies all internal objectives: one price that simultaneously boosts top-line growth is aligned with the brand positioning, and increases penetration and growth. Our pricing solution addresses this challenge by using data and statistics to find a price that does just that.
Guesswork pricing leads to a loss of profits.
Poor pricing in the apparel industry leads to brands losing profits which a simple adjustment in pricing could solve.
Prices are being driven up.
On the one hand there's a demand for brands to lower prices but on the other hand, the luxury industry is growing as well as demand for transparency in production, and sustainable practices.
Price Positioning & Strategy
New Product Pricing
Understand consumers' willingness-to-pay for new products, and use such insights to optimize prices when launching innovative products.
Market Launch Pricing
Setting the right prices when launching into new markets is often a challenge in Apparel companies. PriceBeam helps understand market differences and sets optimal price points for each.
Use market research to understand the differences in willingness-to-pay across all items in an assortment, and optimize both prices and range.
Understand the benefits and features that consumers value as well as those attributes that don't impact consumers' willingness-to-pay.
Prices should not be static. It is best practice to adjust prices upwards regularly, at least in line with competition and inflation, but often also higher thanks to brand innovations.
Prices vary across countries. Understand differences in willingness-to-pay per market and set prices accordingly.
Understand consumers' potential reaction to different promotional mechanisms or discount levels, and optimize the overall revenue.
How Does It Work?
PriceBeam’s solution conducts extensive market research, collects and analyzes data before delivering a detailed report on your customer’s willingness to pay. This data will enable you to stick out from the competition, maximize profit, and set prices that aid your long-run brand positioning.
Define offering & target market
You describe your product/service on our cloud-based platform. You also define the target market to research.
Create Market Research
We add all the research details, statistical setup, etc. so you don't have to worry about it.
Conduct Market Research
We collect responses about the given product/service in the defined target market.
Analysis & Results
The results are aggregated, analyzed and presented in our cloud-based solution.
Why You Should Choose PriceBeam?
PriceBeam delivers strong value on a number of fronts, which is why our clients choose us.
PriceBeam's studies ensure statistically significant results about willingness-to-pay.
Results as fasts as 48 hours in B2C and 1-2 weeks in B2C.
1% change in price delivers 11% improvement in value for the average company.
Easy to Use
You define the product and target market. PriceBeam takes care of the research and statistical details.
PriceBeam studies can be run in 109 countries. PriceBeam takes care of the localization.
Using cloud technology, PriceBeam studies cost a fraction of classic, old-fashioned market research.
Ready to get started?
Book a call with one of our experts and see which study helps solve your company's challenges.