Accelerate time-to-market

How does AI accelerate retailers' time to market?

DATE: 05/05/2022
14/9/2022

The competitive environment forces companies to constantly innovate in order to propose offers that are in line with their consumers' expectations. More than ever, it is essential to launch products and services at the right time. Artificial intelligence is constantly developing within the business strategies of retailers. Among its benefits, it contributes to solving problems related to time-to-market. This is called "time-to-market", an expression well known by e-tailers. How reduce time-to-market? What is the relationship between AI and time-to-market?

Time to market: why is it so important?

 

Time to market refers to the time it takes to bring a product to market. In some cases, time to market can also be interpreted as the time required between the construction phase and the marketing of an offer. It differs from "go-to-market" which refers to the action plan to successfully launch an offer. The shorter the time to market, the more agile the company is considered to be. A simple criterion that nevertheless gives it a real competitive advantage. Indeed, if an organization is looking to launch a new product, it has every interest in optimizing its time to market. This is also true for a young start-up that is looking for its business model. In any case, positioning yourself too early or too late can have serious consequences on the customer's reception of the product. But why is this time to market so important?

 

Today, consumer expectations are unpredictable. In view of the succession of events and fashions, it is imperative for a brand to stay in tune with its market. If there is a change, it must react quickly in order to pass on its offers at the right time. On the other hand, the pandemic and inflation have increased competition. These unforeseen events have accentuated the need to stand out through added value. Thus, e-tailers are constantly looking for relevant solutions to stay in harmony with their environment. Today's consumer is no longer satisfied with just a competitive price, but also wants added value, novelty and speed. Regardless of the sector of activity targeted, the notion of time to market is becoming increasingly important and cannot be ignored within a commercial strategy. Fortunately, several solutions exist to reduce it.

 

Which solutions aim to reduce its time-to-market?

In the quest for agility, every company can optimize its performance by integrating new efficient processes or by looking for internal loopholes. One of the most common practices when looking to optimize time-to-market is to tap into inventory management. Anticipating each action, identifying risks, implementing solutions that harmonize the workflow between teams, contributes to a better reactivity. This work can be carried out on the entire production chain, with the human factor at its heart. For example, optimizing schedules or involving teams improves overall communication and therefore the speed of exchanges. A better visibility on each step of the project allows to release an offer more quickly.

 

To increase results tenfold while optimizing time-to-market,it is essential to equip yourself with the right tools. PIM (Product Information Management) optimizes the work of sales and marketing teams by assigning numerous tasks to technology. Associating information with each other, managing the conformity of a product description, updates, ensuring a quality internal network or omnichannel distribution is now done in record time. For time to market, the PIM allows for easier export of more qualitative information. The automation of the management of product data makes the online publication of products more fluid. In addition, this system contributes to increasing customer satisfaction and the company's conversion rate. Unifai helps you improve your product information to reduce your time-to-market.

 

Why optimize your time to market?

 

The first advantage is undoubtedly competitive. A single company, ahead on its market, will be able to impose itself more easily thanks to a short deadline. The marketplace or the e-commerce site will also show credibility by being a pioneer in its sector. If it is in competition, it will be able to stand out in its niche by being dynamic. The time to market allows to keep a competitive advantage by accentuating its positioning on the market. By being more agile, the other advantage is to be able to quickly change its strategy to compensate for market fluctuations, whether positive or negative. With agility, the company will be able to deploy additional quantities or conversely, protect its profitability in case of a hard blow.

 

In the long term, an adjusted time to market increases the loyalty of consumers who are satisfied with their purchasing conditions. Marketplaces and e-commerce sites that export internationally will be able to make a more successful transition. For this type of sales that are strategic to their growth, an optimized time to market is fundamental. In the conquest of foreign markets, the logistical challenges of time generated by the export of products are significant. Finally, the cost reduction of a quick time to market can be considerable, especially in terms of human resources savings obtained thanks to the division of data integration work.

 

How does AI shorten time to market?

 

Delivering quality information is crucial for your time-to-market but also to maintain a certain credibility with regard to the brand's reputation. To do this, the information must be adapted to the medium and available to the consumer at any time. However, all of these imperatives require a certain rigor in data management. Technological solutions such as artificial intelligence contribute to mastering these steps thanks to the automation, optimization and cleaning of data. Indeed, AI allows to limit time-consuming actions, repetitive tasks but also manual errors which can considerably reduce the time-to-market.

 

For a marketplace, automating the quality of its data contributes to an effective e-commerce strategy. With our dedicated platform, Unifai makes it easy for you to get product information to the right place with the right content. Our goal: to help you accelerate your information delivery process. In addition to time-to-market, AI offers many other benefits: a personalized shopping experience, improved customer service, better targeting and a reduction in shopping cart abandonment. Internationally, it allows you to better position yourself on new markets thanks to automatic translation of product sheets.

Finally

 

As you can see, the best practice to reduce time to market is to optimize processes by using task automation. This allows teams to redirect their efforts to more strategic tasks and thus save money. At the heart of this strategy: artificial intelligence. It provides the quality and availability of information to ensure that the product launched on the market meets its public. This is a winning combination of AI and time-to-market, which provides definite advantages for the current offer and for the reputation of a brand in the long term. However, beware of the time-to-market pressure that can in some cases lead to the launch of an unfinished product.

Caroline Bultez

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