Given today’s multiple points of purchase, the Retail business faces a challenging battle of the consumers’ attention. Flexible product offering, increased business efficiency, and short time to market are vital keys to success.
What can PLM do for the Retail Industry?
A common platform for central product data improves efficiency and eliminates unnecessary work.
Lower Cost of Goods Sold (COGS)
Lower purchase prices, shipping costs and direct sourcing.
Supply chain accuracy
Manage external suppliers to ensure more accurate deliveries
Enforced regulatory compliance
Better product control, traceability, and development process through a single source of information.
Keep up with accelerating trends and benefit from global production.
Improved sales growth
Manage people and processes to achieve increased organizational efficiency.
CUT THROUGH THE NOISE WITH PLM
Retail business is about selling small quantities directly to the end consumer, who intends to use or consume the product. The single point of purchase could be a retail store, an Internet shopping website, a catalog, or a mobile phone. For the moment the Retail industry is undergoing a dramatic change, battling for the consumer’s attention, trying to offer the latest trends within consumer goods products, constantly online in a fast-growing global marketplace.
For Retail companies to keep up with the ever-changing demands from today’s consumers and rapidly change the product offering to fit the consumer needs, retailers need to increase their business efficiency and speed to market. A Product Lifecycle Management (PLM) solution adapted to the Retail industry helps companies to effectively handle their product/assortment development from idea to when the product is ready to be sold and later phased out. An increased assortment range, complex product portfolios and supply processes, can all easily be managed with the help of a PLM solution, which is essential for retail success.