Why are PLM and Retail Planning critical to the outdoor and sports industry?
Lighter. Stronger. Faster. Safer. Greener. The outdoor and sports market thrives on new product innovation. Discerning consumers want to enjoy their adventures to the max and are willing to pay a premium for the latest technical gear that delivers the ultimate in safety, comfort and aesthetics. However, as lovers of the natural world, they also insist that the products they buy are sustainable and ethically sound.
The success of outdoor and sports brands and retailers depends on their ability to drive brand value and keep consumers loyal by differentiating their products. However, the fast-paced retail market combined with more consumer demand has compressed product development lifecycles. In order to remain competitive, outdoor and sports brands and retailers must develop more new and innovative products for more channels, more efficiently in a shorter time frame.
Outdoor and sports brands and retailers face many unique product development challenges. More SKUs means managing vast amounts of product information, from tracking product development activities to thoroughly reviewing prototypes and samples. Stringent compliance requirements and changing global regulations must be successfully navigated, while product lines, retail and wholesale assortments and merchandising must be planned and managed more effectively to reduce wastage of time, money, finished inventory and raw materials.
A combined PLM and Retail Planning solution tuned to the specific needs of the market will enable outdoor and sports brands and retailers to rise to these challenges.