Whether it’s Tom Cruise in Top Gun, Usain Bolt at the Olympics or Sonic the Hedgehog whizzing past, sometimes life is better when it’s in the fast lane; similarly, in today’s retail world, certainly nothing ever stands still. But why is speed to market so important to retailers? And how is it a competitive advantage?
Beat the Competition
It’s nothing new to say that the quicker you release a product, the more ahead of your competitors you’ll be. Retailers that have the fastest speed to market can react quickly to market influences – and market influencers – whether that be a new celebrity trend, the weather or even the latest Love Island catchphrase. For example, a retailer that prints slogan t-shirts with “It is what it is” on them before anyone else in the retail industry can capitalise on Love Island’s current grip on the nation before it becomes old news. The faster a retailer sells a product, the more sales they can achieve at full price.
Speed to market has a huge impact on responding to influencer marketing. With the digital world meaning that trends can develop in a matter of hours, rather than days or weeks, retailers must be able to respond to and deliver on influencer trends in order to not only sell to, but to engage with, their audience and what they’re interested in. With influencer marketing generating 11 times more ROI than traditional forms of marketing whilst also being twice as fast in acquiring customers than organic searches, it’s something that retailers must embrace to thrive within the current retail climate.
How Can Retailers Increase their Speed to Market?
Whilst there are many factors that can slow down a supply chain, one of them needn’t be your brand’s handling of product information management. Using OMIO PIM, quickly update your product data through one easy step, rather than updating each document or spreadsheet for each product and for each channel. When products are sat in the warehouse, ready to be dispatched for market, but maxed-out e-commerce and digital teams are struggling to push through the relevant content and product information as possible, it’s this loss of time that will cost your business money.
Speed up the process by retail teams being able to quickly initiate a new product, enriching it with all the necessary product attributes before following OMIO PIM’s easy-to-follow process that sees product data being pushed out to all relevant – and, if you wanted to, new and additional – channels.