Speeding Up the Product Lifecycle

Key Theme: Effective data management speeds the process

Fresh, desirable merchandise makes retailers stand out in a crowded market. Merchants are always on the lookout for new and innovative products that attract consumers and differentiate their brands. Agile brands have accurate, consistent information at their fingertips to identify the most desirable new offerings. They also have the data management capabilities needed to speed onboarding and launch processes, collaborate with suppliers, and meet sustainability and transparency goals. 

On a recent RetailWire LIVE roundtable on LinkedIn, Stibo Systems, Floor & Decor, and RetailWire BrainTrust executives discussed the importance and role of centralized information and data-sharing practices throughout the entire product lifecycle.

Speakers: 

Jared Brown, Floor & Decor Senior Director of Information Technology & PMO

Brian Cluster, Stibo Systems Industry Strategy Director, CPG and Retail

Hosted by Scott Benedict, RetailWire BrainTrust member

Identify new products to meet customer needs

A solid data management strategy and supporting systems are core to successfully identifying, selecting, and launching new products. It’s a fundamental business competency to be able to acquire, manage, and share trusted, accurate product data and content across the organization, partners, and customers.

“Data informs and enables your ability to launch new products at the right time to serve new needs or new customers.”

Scott Benedict

New products differentiate brands and drive growth by extending ranges and expanding into adjacent product lines. This brings existing customers back and attracts different customer segments. It’s important to have a consistent data-driven process for evaluating product performance and aligning offerings to meet demand. 

Brands benefit from using multiple data sources to make the best possible decisions. Combining internal sales, customer, location, and product data along with partner and other external data gives brands the greatest insight when selecting new products. Floor & Decor has the ability to access its vendors’ entire catalog and analyze it, along with its own internal data, to identify new opportunities. All the data domains are centrally accessed and governed in a unified manner so that it is secure, used appropriately, protected from unauthorized access, and managed in a way that ensures their accuracy and integrity.

“Having access to vendor-side systems helps us identify and introduce unique and differential products. Combining this with our own real-time customer preference data allows us to identify and launch new products to keep our brand relevant. Refreshing our range demonstrates our commitment to meeting customer needs.” 

Jared Brown

Optimize product launches 

Data management systems and built-in workflows quickly turn insights into action through process automation, improved data quality, and reduced manual operations. Having visibility to activities ensures that necessary resources are available, milestones are met, and brand promise is fulfilled when launching new products.

“It’s extremely important to automate workflow and understand how far ahead or behind you are on any projects. This data transparency helps retailers hit critical dates, short seasons, or particular launch window timelines.”

Brian Cluster

Launch timing is critical, especially for seasonal, perishable, or highly marketed products. Data management systems have the capabilities needed to manage processes and track tasks. This ensures that retailers capitalize on manufacturers’ national or global launch activities for maximum visibility, availability, and sales.

“You want to hit those windows when marketing and consumer demand are at the highest. Being able to manage launches in a data management system means that the entire organization knows the schedule, timeline, and milestones needed to complete a successful launch.”

Brian Cluster 

Data solutions help retailers answer key onboarding questions like: 

• Are your teams aligned with priority projects?
• Do teams have master data management visibility?
• Who is responsible for specific tasks?
• Is the schedule and sequence of events clear?
• What are the most critical dates?
• Are enough resources allocated for each activity?
• Is the right data available for customers when they’re ready to buy?

Ensure customer trust 

Consumers increasingly make buying decisions based on product attributes and sustainability. This means manufacturers must provide more details to retailers during the product selection process, and, in turn, consumers look to retailers for more readily available product data regarding sourcing, manufacturing, and environmental, social, or economic benefits.

“Consumer awareness has obviously heightened over the last couple of years, and consumers have become more environmentally conscious. They’re increasingly interested in the sustainability practices of the products they purchase. Traceability is an important part of it. At Floor & Decor, we have an amazing global sourcing and compliance group that’s integral to our success. They ensure our products meet all compliance, requirements, and regulations. And key to that success is accurate, up-to-date, centrally located Product Information Management.” 

Jared Brown

Product traceability and regulatory compliance are also necessary to ensure trust and safety, especially for complex products containing many components, items sourced from multiple suppliers, and those with expiration dates.

“Traceability, which is understanding where and how products are manufactured, is part of what the consumer really wants to know more about, as they’re thinking about sustainability and making more thoughtful purchases from retailers.”

Scott Benedict

Both consumers and regulatory organizations need to be able to verify and track the origin of products and raw materials for health and safety concerns. Therefore, brands need quick access to governance and transfer of product information.

Data in a changing retail world

Offering compelling merchandise is key to attracting customers and driving profitable growth. Updated, accurate, and consistent information gives brands the insight and confidence to identify differentiated products that align with changing consumer demands. 

“Master data management is a core business process. Acquiring, managing, and centralizing information so your internal teams can work with data and do a better job in managing sales and marketing efforts ultimately drives long-term growth.”

Brian Cluster

Implementing data information strategies and managing central systems are table stakes for brand success now and into the future. Handling complex product data and disseminating information to all stakeholders means retailers can make better range choices and launch products in the most advantageous manner while meeting customer demand and maintaining trust.

 

See a recording of the RetailWire LIVE discussion for more details: https://youtu.be/aX7HRS-Ddoc 

Produced by: RetailWire 

Author: Patricia V Waldron  

© 2024 RetailWire

Sponsor Information

Stibo Systems, the master data management company, is the trusted enabler of data transparency. Our solutions are the driving force behind forward-thinking companies around the world that have unlocked the strategic value of their master data. We empower them to improve the customer experience, drive innovation and growth and create an essential foundation for digital transformation. This gives them the transparency they require and desire – a single, accurate view of their master data – so they can make informed decisions and achieve goals of scale, scope and ambition. Stibo Systems is a privately held subsidiary of Stibo Software Group, which is headquartered in Aarhus, Denmark. The foundational ownership guarantees the long-term perspective of the business. More at https://www.stibosystems.com.

Floor & Decor is a multi-channel specialty retailer and commercial flooring distributor operating 207 warehouse-format stores and five design studios across 36 states as of September 28, 2023. The Company offers a broad assortment of in-stock hard-surface flooring, including tile, wood, laminate, vinyl, and natural stone along with decorative accessories and wall tile, installation materials, and adjacent categories at everyday low prices. The Company was founded in 2000 and is headquartered in Atlanta, Georgia.