First Insight CEO Greg Petro says that early product testing can help brands understand what might have been missed in the initial design, so they can get the right product to market faster. Retailers and brands used to be able to spend 20–30 weeks developing a product before putting it on shelves to see if consumers liked it, but that doesn’t work anymore, says Sean Coxall, Li & Fung’s President of Supply Chain Solutions. “The consumer knows what they want, and the companies that don’t give that to them quickly won’t be relevant anymore,” he says. “If they don’t change, these companies will go out of business.”
Petro and Coxall sat down with host Matt Rubel at NRF 2020: Retail’s Big Show to talk about how three things consumers are demanding—differentiated products, speed to market and sustainability—are impacting the product development process.
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