It goes without saying that staying ahead of the competition in retail today has become more challenging than ever before. One of the key strategies to keep ahead of the game is “Speed to Market.” Simply put, this phrase refers to the ability to quickly introduce new products and services to the market. In this blog, we’ll explore the Top 3 reasons why speed to market is crucial in retail today and how it can give brands a competitive edge.
Meeting Consumer Expectations
Today’s consumers have grown accustomed to getting what they want when they want it. With the rise of e-commerce and on-demand services, customers expect a seamless shopping experience, rapid delivery, and access to the latest products. If your product is not on shelf and available to purchase, you risk losing customers to more agile competitors.
In the competitive world of retail, speed to market can be a powerful point of difference. Brands who can bring new products to market faster than their competitors often capture market share and maintain a stronger position. Whether it’s a new product, POS refresh, an exclusive partnership, or a seasonal promotion, being first can be a decisive advantage.
Time is money, especially in retail. The longer it takes to bring a product to market, the longer it takes to generate sales from it. Speed to market enables brands to maximise their sales potential by getting products on the shelves or online quickly and efficiently.
How we go about delivering Speed to Market at scale – a real life example.
Recently Telstra needed all stores refreshed with new POS and new products to be on show in the fastest possible timeframe. Using our nationwide team of over 400 merchandisers, we mapped out the visit plan and aligned this to POS and product deliveries. The priority stores were completed in 4 days – that’s 3,500 stores in 4 days with over 60,000 pieces of POS!!!
The remaining stores were completed over the next 5 days. So, a total of over 85,000 pieces of POS across 5000 stores in just 9 days, an amazing achievement given each visit averaged over 1.5 hours.
In the fast-paced world of retail, speed to market is no longer just a competitive advantage; it’s a necessity. Meeting consumer expectations, staying ahead of trends, gaining a competitive edge, maximising sales and enhancing brand reputation are all key benefits of prioritising speed to market.
Brands who can master the art of rapid product development and deployment will not only survive but thrive in an industry that is continually evolving. Speed to market is the driving force behind innovation and success in retail, and it should remain a top priority for businesses aiming to excel in the years to come.
Need help with your #SpeedToMarket execution? Reach out now and we’ll help get your products on shelf and visible for consumers to purchase.