©IDG Communications, Inc. Photo contributed by Matthew Mikaelian.
Jarred by the force of the recent recession, the retail industry has taken a closer look at driving more efficiency and responsiveness into its businesses. A new report by IDC Retail Insights, Best Practices: Fashion Retailers Build Greater Brand Equity, Improve Return on Capital, and Reduce Risk with PLM/MLM (Doc #GRI227216), indicates that retailers – highly motivated to stay competitive – are directing their attention to flexible and responsive supply networks that can respond efficiently to consumer needs. Due to this shift, the adoption of retail product lifecycle management (PLM) and merchandise lifecycle management (MLM) applications is a critical requirement for retailers as they strive to create a range of private branded products that meet customer expectations for quality, value, and trend. Establishing a retail PLM/MLM foundation enables a well-orchestrated and streamlined product development and product management process from product concept through order fulfillment.
“Retailers are unquestionably looking to drive more efficiency out of everything they do, but at the same time, they absolutely need to serve the customer better, delivering higher quality, higher value, on trend products to market with the utmost of ease,” said Leslie Hand, research director with IDC Retail Insights. “Retail PLM/MLM applications deliver on both accounts — facilitating continual innovation, faster cycle times, shorter lead times, and higher accountability for quality and compliance while reducing the costs to design, make, ship, and sell products.”