5 min read
How to Increase Sales Revenue with PLM Software
The COVID-19 crisis has devastated the global fashion industry. What should you do as a fashion brand or manufacturer? It's time to make intelligent moves early, focus on boosting sales revenue, improve productivity, and ensure financial flexibility with PLM software.
The COVID-19 crisis has devastated the global fashion industry with sales dipping from $35.8 billion in 2019 and to $31.4 billion in 2020 at a compound annual growth rate (CAGR) of -12.32%.
The market is still volatile. The State of Fashion 2021 report found that global fashion sales are unlikely to return to 2019 levels before July 2022. Any delay in the availability of vaccine can push this to October 2023.
What is Product Lifecycle Management?
These stages include:
Manufacturing - product design, development, testing
Product launch - introduction to the market, distribution of products
Growth - increased awareness, sales, revenue generation
Maturity - increases sales, recurring sales, customer retention
Decline - sales drop, some brands reintroduce the product with new features
Increasing Sales Revenue with PLM Software
Let's take a closer look at how a product lifecycle management tool can help you generate higher sales revenue for your company.
Most businesses will agree that reducing your product cost without compromising its quality is a win-win deal. But how can a PLM tool help you reduce costs?
Well, PLM helps you track, monitor, and manage every stage of a product's lifestyle in one place. Your entire product development team, from designers to manufacturers, can work together to reduce avoidable expenses and report delays.
You will also be able to monitor product costs during the development phases. This will help your manufacturing team to find product materials and parts that are cost-effective and durable.
WavePLM enables you to request quotes from multiple vendors, compare prices, and negotiate to acquire materials at the best rates.
Using PLM software allows you to consolidate all product-related information in one place. You can easily track conversations, workflows, product designs, and documents in a single unified location, which can help you increase employee productivity.
The entire team can collaborate to share data and files and access them anytime. Properly-organized data helps fashion brands prevent confusion and disputes and get the work done more efficiently.
Create Better Products
You can easily build and maintain your product library, which stores all of the required information about product design. PLM software solutions like WavePLM also allow you to share files with everyone in the team.
You can create innovative products and track the development of your product samples. Product designers can give real-time feedback and recommend changes to the manufacturers, which can help you enhance the quality of your products.
All involved teams can track the development process to ensure product quality while also accelerating the time to market.
Build Customer Loyalty
PLM software enables you to track consumer and product data to learn what consumers think about your product line. You can use these insights to improve the new products in the pipeline based on consumer feedback.
You can also anticipate customers' needs for their next orders and deliver what they need. This will help you build customer loyalty, increase retention rate, and drive repeat purchases.
Boost Sales Revenue
Leveraging the PLM software technology enables fashion brands and manufacturers faster production, improve the team's efficiency, reduce manufacturing costs, and increase customer loyalty.
All of these will certainly contribute to increased sales revenue for your fashion company. Along with increasing sales revenue in the short term, PLM software can also help you plan for the future.
You can use consumer and product data to: Identify consumer needs. Add new products in the pipeline. Reintroduce the product before its sales decline. Introduce new features by upgrading your product during its maturity stage.
Are You Ready to Boost Sales with PLM Software?
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