Key takeaways
- Detailed PLM for retail can be transformative in a changing landscape
- Eight product lifecycle stages, from concept to disposal
- PLM can underpin growth if pressing challenges are resolved
- A good deployment should address people as well as technology
Product Lifecycle Management for Consumer & Retail
The increasingly digitized and globalized nature of retail means that it’s tougher than ever to drive and maintain competitive advantage. Consumers have never had more choice around how, when and where to shop – especially online – so connecting with them through appealing and innovative product ranges is key.
Of course, customer trends and new innovations come on stream all the time, so being able to constantly adapt offerings is a vital part of maximizing market share and profitability. Product Lifecycle Management is the solution that makes this possible, and in this blog, we’ll explore how PLM in retail works, why it’s so beneficial, and the challenges to navigate along the way.
Introduction to Product Lifecycle Management
Product lifecycle management covers the journey of goods throughout its lifespan, from its initial concept and development, all the way through to its retirement and disposal.
PLM in retail is especially important, because it allows retail businesses to plan ahead with their offerings and product ranges. Different items can be planned for development, release and retirement at different times, so that retailers can best optimize their ranges. Retail PLM software is a key tool in making this management as easy and user-friendly as possible.
In recent years, there has been a growing trend of prioritizing employee experience in internal tools, recognizing that it leads to increased productivity, loyalty, and job satisfaction. Aligning with this, a well-designed retail PLM system, shaped by experience design principles, can significantly boost employee satisfaction by streamlining workflows and taking the stress and inefficiency out of lifecycle management.
Eight Stages of Product Lifecycle Management
PLM in retail can vary slightly, depending on the nature of the product involved. But generally speaking, there are eight main stages of the lifecycle:
Concept: brainstorming and gathering ideas for new products (or improving existing products), based on market potential, feasibility, and wider company objectives.
Research: competitor analysis, market research and consumer sentiment analysis can help refine the concept to maximize its chances of success.
Planning: developing the product strategy, including project timelines, relevant KPIs, target market identification, resource allocation and pricing decisions.
Prototyping: creating initial models and simulations for testing and refinement, which may necessitate several iterations through feedback and results.
Production: at this stage, the goods can move into production, albeit with a constant focus on optimizing manufacturing processes and ensuring rigorous quality control throughout the supply chain.
Sales: the product is launched into its target marketplace, with the support of marketing campaigns and distribution channels that seamlessly connect customers to purchases.
Support: providing customer service to address any issues that arise, and gathering feedback to inform future improvements, fixes and iterations.
Retirement: phasing a product out of sale, which should include sustainable disposal and recycling of unsold goods to limit any impact on the environment, as well as transitioning customers to newer product versions if required.
Continue reading “Product Lifecycle Management for Consumer & Retail”
