Trends are changing rapidly, along with customer behaviours. What is popular today, can just be ignored by people tomorrow!


Innovation and change is the key to success. In an ever-evolving technology-driven world this has become more crucial than ever before.


The shift is rapid and the retail sector needs to catch up with the same. A robust PLM strategy can assist retailers to chalk out how to innovate and do it right with regards to the changing demands.

What is Product Life Cycle Management?

Understanding the potential of any product to do business between a time frame, season, in a store or amongst customers is a fundamental task of any PLM management system. Done, manually or using a cutting edge product innovation platform, the ultimate goal of any retailer is to have a complete knowledge of how a product can or may bring business results.


If you are a retailer then you will understand the basic rule of your business success- sell what your customers want. However, it doesn’t end with that. Once you know what will sell, you need to understand the demands, stock up on products and also have a plan to stop selling it once the demand is over without bearing losses. Next, get the trending products to sell so that your customers know that YOU KNOW!


The entire process of understanding which products should you stock up on, how many days the product can be in your store, the business it can do for you and the expected time of the demand to stop falls under product lifecycle management. If done right with the best PLM for product innovation platform can enhance trust amongst customers and enhance overall sales.

How can PLM systems which can help in product innovation help boost retail business?

From inspiration of a product, to its delivery, a PLM solution can streamline the entire process and benefit the retailer. Leveraging the power of cutting edge technology PLM systems rule out every minute error that can be a hurdle for product innovation and its success.

It helps retail enterprises to bring effect to their collaborative approach across departments and develop winning products.

Let’s look at a few reasons why retailers need a PLM system right now to reach business goals:

• Retailers struggle with loads of paperwork and notes to track the products under development phases. A product innovation platform can help fuel the entire process, help you stay informed and take smarter business decisions
• Many fashion retailers, due to lack of support of a PLM solution tend to miss out on seasonal launches. This results in a pile up of products that are unlikely to sell in the current periods and pushing the retailer to sell them at discounts, incurring huge losses. With a PLM solution, retailers stay aware of every smart step that they need to take, launch the product and clear up stocks at the right time.
• A PLM system helps you set the right and sellable price points. This leads to better customer experience and satisfaction and increases footfalls owing to recurring visits.
• PLM systems help you in managing the growth and complexities of your business with real-time analysis of products, sales, profits, inventories, etc.
• A PLM software empowers retailers to collaborate over product information and understand the demographics of the business. Powered by new age technology it provides real-time information about the products.
• You would know what your customers like the most, what they are more interested in, their buying habits, etc. Working together with the marketing, sales and the management teams, you can chalk out plans that can help you get enhanced ROI and seamlessly make your retail business grow.

Most people are unlikely to buy a product from a store that’s out of their budget. But what if as a retailer you can have a clear understanding of the purchase making decisions of your customers in terms of the pricing of your products? A PLM system does exactly the same for you. Read

Wrapping up

Lack of innovation and timely decisions for your retail business can have a daunting effect on your outcomes. Stay smart, take quick and effective decisions with the best in-class PLM systems present in the market. INNOVATE!

Provide your customers with what they want and what they need. Make them feel that you know them, build a connect and sustainable relationships with them. If done right, nothing can stop your retail business from growing fast. PLM solutions act as a catalyst in such endeavours.

Adopt the innovation in technology to innovate faster and better. Provide the customers their favourite products before your competitors do. Use the cutting edge features of PLM.

Here are a few more reasons why every retailer needs a product innovation platform provided by experienced PLM companies.

• PLM is a global leader for the consumers goods and retail industry with 99% customer retention
• More than 750 global brands use PLM to boost innovation and augment business outcomes
• PLM is powered by technologies that make it the best PLM for retail and provides quick implementation time of your PLM strategy
• The PLM solution uses technology that has high user adoption rates
• It provides a visually engaging interface and has the power to manage massive scaling and business performance
• It is the first and the only enterprise mobility solution

Only 50% of new and modified products launched are successful in terms of being on time, on budget, and achieving volume and profitability targets.” It is therefore vital for organizations to use a robust PLM software throughout the product development process to ensure maximum success. Read.

Learn more about the best PLM solution provided by Simbus.

Discover the unmatched capabilities of PLM.