Speed to market is how long it takes a business to take a product idea, develop it, and be accessible to consumers. Speed is an competitive advantage in retail as the economy moves faster and faster.
At Black Lab Design we pride ourselves on our ability to problem solve. As a result, clients engage us to help them understand the consumer / customer problem and collaboratively we can provide a solution in a short lead time.
Since manufacturing moved to Asia in the 1980’s, the retail supply chain has taken months to deliver a new product from initial concept to inventory in the stores.
Things are given to us almost instantaneously in our society, same day delivery, instant information, instant communication – and retail is no exception.
In retail, speed matters. A decreased speed to market gives the competition the advantage when it comes to innovation, allowing them to reach your consumer first.
Here are 3 ways speed to market can impact your marketing efforts positively:
- Step into the spotlight and be the first to talk to your consumers about new ideas, trends, and products.
- Take advantage of windows of opportunity when they open before any of your competitors.
- Keep the momentum going for your company by implementing marketing materials quickly and efficiently.
The things is; it doesn’t matter how innovative or high quality a new product your going to offer is if you can’t get it to market before your competition does.
If you want to be an industry leader, you have to lead the industry.
The pre-pandemic global supply chain network was optimised to have minimum lead times at the lowest possible price. However, post pandemic we understand you must spend money in order to make it.
Diversifying your supply chain can help reduce the lead time on products from inception to market. Retail companies should critically re-examine their supply chains, restructure flows and networks to build resilience, and seek to avoid over-dependency on a particular country or region
Offshore lead times can impact your speed to market and place you behind a competitor. Delays occur from exporting, transit, inspection checks, customs and port logistics.
Reality is, the faster a retailer sells a product, the more sales they can achieve before competitors in the industry catch up.
Despite global supply chain issues during the pandemic, consumers ‘see now, buy now’ mentality is here to stay. Retailers should prioritise speed to market over cost to ensure a competitive edge.