Product developers make Private Label success possible.
This is because product developers help retailers create Private Label products that align with consumer needs and keep up with evolving trends. As such, product developers need to understand emerging market forces, adapt their product assortment accordingly, and distinguish their offerings from those of rivals.
They need to move fast and efficiently to create Private Label products that stand out and sell.
Data makes product development easier
Product developers often feel overwhelmed, juggling many processes in little time to create innovative products and maximize speed to market, all while managing multiple suppliers. As if that wasn’t enough of a challenge, today’s consumers also expect more from retailers.
For example, consumers want:
- Visibility into where products come from and which ingredients they contain
- Proof that companies are ethical and committed to corporate social responsibility (CSR)
- Healthy foods that align with their health and wellness lifestyle.
Data can help product developers deliver on these consumer needs.
Although product development teams have a wealth of data available, the data is scattered across their company’s retail systems – and they are unsure of how to deal with it all. Currently, product developers export different data from disparate systems into multiple Excel files. Although this approach may work, more efficient options exist that support effective decision-making, facilitate supplier relations and deliver a superior customer experience.
Product developers’ answers are at their fingertips
To make product development more efficient and profitable, retailers can use an analytics solution that gives product developers a holistic view of their portfolio, and allows them to access business intelligence to make better retail decisions, faster.
Trace One Insight helps companies improve efficiencies, time to market and business performance by helping retail companies to connect the dots, accelerate product development and gain a competitive advantage. Most importantly, data helps companies serve consumers better and faster by increasing their efficiency and agility to deliver a superior customer experience.
The solution promptly delivers actionable, user-friendly data insights – especially compared to retailers’ current use of Excel files. By providing a simple, immediate overview of product development projects, Trace One Insight gives decision makers a current snapshot of their performance.
Data insights help product developers manage:
- Consumers: Data helps product developers adapt to emerging consumer trends. Now that consumers demand less fat, sugar, salt and palm oil, Trace One Insight helps retailers pinpoint products in their assortment that contain excessive amounts of these ingredients and may require recipe modification. Or suppose added fiber is in demand. Retailers can use data insights to decide whether to change the recipe of a particular product, or merely adjust the marketing message because the item already has a high fiber content.
- Suppliers: Trace One Insight helps retailers understand where products are being sourced from, the highest concentration of product categories across their portfolio impacted by a certain supplier and whether manufacturing facilities are approved and certified. Data also helps with supplier assessments and performance evaluations, such as how well suppliers comply with retailer expectations.
- Projects: To improve their heavy workload, product managers can use Trace One Insight to understand how their projects are allocated across the organization, the status of each project, whether any resources are overwhelmed by volume, and the risk of delays.
As a result of making data part of their daily responsibilities, product developers can better serve consumers, collaborate with suppliers and manage their projects. Boosting the efficiency of product development helps product developers offer in-demand Private Label products faster, which can boost retailers’ sales, loyalty and brand trust.