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The Formula for Increasing Retailers’ Speed to Market, Part 3

2 min read
Jun 3, 2022 11:05:53 AM

Speed to market is important for retailers. If you want to rustle up excitement about your products, improve customer satisfaction, and drive repeat sales, then you have a need for speed. But before you can accelerate your production process, you need to take a few simple steps. This three part blog series, The Formula for Increasing Retailers’ Speed to Market, outlines a few action steps to create a faster speed to market. In part 1, we discussed the importance of buying fast. In part 2, we talked about getting products through the sourcing and buying process and onto shelves more quickly. Now let’s talk about how you can use data to react fast.

 

Part 3: React fast.

Retailers need to be more agile than ever to remain successful. No matter the size of your company, you need to be able to quickly communicate with vendors along every phase of the product lifecycle to get products to market faster and remain competitive. The right product lifecycle management software gives you the tools to help you collaborate better with your vendor/brand partners, so you can leverage those relationships, speed up the product lifecycle, and increase your revenue by as much as 150%. 

Better data = better profits

Data can be overwhelming and – let’s face it – you have lots of it. Getting all of your vendors’ product data into a single system to sort, evaluate, request quotes from, and place orders allows you to react faster. That’s where the right PLM solution comes into play. A good software solution will allow you to do all of this while simultaneously collaborating and communicating with internal and external teams. It does not matter whether you are a specialty retailer with individualized needs, or a regional/national retailer with tons of vendors to keep track of… you can reduce the time your team wastes juggling spreadsheets and emails. 

A solid PLM solution can help your business keep up with the breakneck pace of the retail industry. Ideally, your product lifecycle management software development teams will be familiar with the chaos that comes during the retail and product lifecycle management process. There’s nothing more exciting than a retail team that’s eager to make a change! 

The features of your PLM platform will increase your speed to market by modernizing outdated tools for product lifecycle management and product design, such as order sheets, spreadsheets, emails, chat windows, documents… and the list goes on. Choosing a solution provider with experience in the trenches will advance the way your retail business, teams, vendors, suppliers, and brands can collaborate and communicate with data. 

Let’s talk results

How much time can you save? One company used to spend two weeks a season organizing collections and linesheets. Since implementing the right PLM software solution, it takes them 30 minutes. We’re talking happier employees, larger orders, and more dynamic inventory.  The right product lifecycle management tools will enable scalable, high touch, customer-centric retail experiences that create trust. 

As you begin your search for the right product lifecycle management software, keep in mind that Surefront was designed by some of the best computer engineering minds from CalTech, MIT, and other top scientific institutions – people who have lived and breathed retail for decades. 

Don’t take our word for it. Our clients regularly tell us, “We don't want our competitors to have you, as you are our best kept secret!" Surefront customers know they’ve found their secret weapon. Are you ready to fuel your company’s growth in 2022? Learn more about Surefront for retailers.

Product lifecycle management is a quickly evolving industry with a lot of moving parts. We do all of the research, so you don’t have to. Stay ahead of news & trends by subscribing to our Product Lifecycle Management Blog.

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