The rapidly evolving digital world will change retail product development more in the next 5 years than it has in the last 15. As a result of this disruption, retail, footwear and apparel product leaders must find ways to transform their end-to-end product development lifecycles to deliver top and bottom-line results.
Some key findings: Voice of the Customer, Materials Innovation and Digital Product Creation ranked as the most important practices. In terms of invested, Digital Product Creation emerged as the practice area where most respondents have begun actively investing. Smart, Connected Products represented another new practice of significant importance, though most respondents indicated that they were uncertain of when and how to invest.
Barriers to Product Development Practices
To establish or maintain a competitive advantage in the industry, retail innovation leaders must critically assess their preparedness for the retail innovation transformation already underway. These practices will be significant and barriers that arise must be overcome.
The three most significant barriers leaders came across were:
Lack of funding and proper technology and tools
Lack of will and ability
Poor innovation fundamentals and organizational inertia
Retailers that can quickly pivot and embrace the rapidly emerging digital world to drive new rounds of end-to-end product lifecycle transformation will deliver powerful, effective results. To succeed, retailers need to have a point of view on the future, build a strong case for investments, run strategic experiments and bundle these new leading practices together into transformational programs.
At Kalypso, Steve leads a team focused on serving senior product development and supply chain executives to help them digitally transform their capabilities in strategy, product development, planning, sourcing, manufacturing and distribution & logistics to shorten time to market, to drive revenue growth from new products, to streamline operations and to improve rates of compliance.
Traci has significant leadership experience with change management, training and PLM configuration and implementation. She has planned and delivered end to end business transformation efforts around people and organizations, process and activities as well as tools and technology. Traci has over 20 years of industry and consulting experience driving business results by optimizing organizational structure, strategy and tools, primarily within the functions of merchandising, product development, sourcing and planning.
Sergio has dedicated his consulting career helping clients to redesign their product development and sourcing processes. He has lived and worked in 12 countries managing high-performing, multi-cultural teams.