Perspective: New Product Innovation Processes Will Drive a 10% Increase in Customer Visit Frequency and Significant Cost Savings
This IDC Retail Insights Perspective discusses how retailers and brands are investing in overarching product innovation programs and platforms to drive growth through differentiation and alignment to consumer needs. Some brands are redefining core mission statements to reflect the convergence of manufacturing and B2B2C commerce and the influence technology has on the full life cycle of goods. The bottom line: One of the cascading benefits of focusing on product innovation will be improved customer loyalty and the accompanying revenue, driven by a 10% increase in customer visit frequency and significant cost savings (November 2014).
This document will help the reader understand the following:
Product life-cycle management (PLM) implementations are at all-time highs, as processes built for product innovation, speed, and quality become absolute necessities.
Retailers need a broader lens across private-label and manufacturer-branded goods assortments to balance overall assortments.
Tools to optimize quality, cost, and price become necessary to assess the revenue, margin, and customer satisfaction impacts of product development decisions.