A couple of weeks ago we tackled what to do with the product you own. This week we turn our attention to the future. How do you ensure that you’re bringing the right product to the market at the right time? The ME market will undergo significant changes (brand and store closures), and we expect this to be increasingly important for ME retailers.

In the attached perspective my US colleagues outline three major steps on how Retailers should focus on regaining control over their product-to-market processes. This will not be as simple as going back to doing things the way they have always been done but will demand significantly more open communication and harmonised decision making (more details in the attached perspective):

  • Break down silos among teams: To make faster and better decisions internal teams will need to work collaboratively as one unit to develop their assortment and materials management strategies. 
  • Embrace speed and set up to react quickly: The supply chain is still recovering and customer preferences will likely continue to fluctuate. This will lead to inconsistency in the penetration of product categories and sales channels which makes it risky to make large inventory bets too far out into the future. 
  • Accelerate the use of insights: Consumers’ expectations and purchasing behaviours are changing almost daily. This means that retailers need to both recognise these quickly and turn learnings into actions.