PLM Solutions- Is This The Retail Software You Need?
When lifestyle brands create products their focus goes beyond sales numbers and filling their store shelves. The products you offer set you apart from the rest. Be it streetwear, urban sports, sustainability, adventurous lifestyle and other lifestyle facets; the focus is on the products on offer. As a lifestyle brand, you are aware that your customers expect a genuine product and experience from you. To this end, meticulousness in terms of product fit, quality, design is vital.
Retailers may find it difficult to continuously monitor a bunch of product specifications. It’s a challenge to keep up with the stress-inducing volume of information in the form of spreadsheets, emails, sketches, supplier communications, and samples.
In case you feel you are investing a considerable amount of time dealing with back and forth emails and spreadsheets rather than creating sought-after products for your buyers, you can explore the benefits of retail software solutions like Product Lifecycle Management (PLM) software.
Why Choose PLM Solutions?
Put simply, PLM solutions systematise all product details from ideation, development, field-trials, production right up to retail. The software is leveraged for multidisciplinary team collaboration, merchandising, sourcing, business planning and quality control. In fact, PLM enables better visibility for every phase from design to manufacturing and merchandising, allowing you to view exactly how a product is progressing within its lifecycle
PLM is a type of retail software solution that’s equipped to accelerate product development, lower expenses and boost market receptiveness. This sort of solution is ideal for both larger businesses as well as emerging ones as it is designed with the latest innovations like automation and in-built best practices of the industry.
Boosting hit rates of products
The hit rate of a product is calculated by measuring the sales figures in comparison to requests or inquiries of the product in question. This has become far simpler to measure at present because of the network of online connections that are available. PLM solutions are being used to help increase a business’s hit rate by facilitating stronger customers and lifestyle retail stores. They are also able to help speed-up the process of getting products to the stores by checking the times when they are in highest demand.
With retail software solutions such as PLM software that has sales and CRM modules, all the information regarding customers’ feedback is shared with product designers and developers in real time, enabling them to execute changes promptly and keep up with the latest trends immediately. It allows retailers to avoid manual data entry, making sure everyone involved has a single version of truth, enhancing interaction between product developers and suppliers. This ensures that you get the in-demand products that your customers can’t get enough of on the store shelves in adequate amounts.
Growing your lifestyle brand
The expansion that your retail business experiences will result in expansion and increased complexity of your business operations, and without the right resources this might prove difficult to handle. Using retail software development solutions such as PLM offer you a comprehensive view of your product development and retail operations. You will be able to evaluate important information needed to make insight-based business decisions.
PML software reduces costs, accelerates the creation of products and considerably raises market interest. Your retail team will no longer invest too much time on tedious admin activities and will be able to concentrate on designing products that will enjoy tremendous popularity.
If you’re sufficiently convinced of the power of retail software solutions to benefit your lifestyle brand, it’s time you invested in PLM software.
