“As product owners, we play a pivotal role in bringing products to market and meeting customer expectations. However, this role comes with unique challenges that require adaptability, innovation, and a deep understanding of the industry,” says Home of Nula founder, Tebogo Moraka. The retail space is highly competitive, and new players are entering the space almost all the time.
Thanks to the internet and social media, today's consumers are more informed and demanding than ever before. Product owners must constantly monitor market trends, customer reviews, and social media conversations to adapt their products and strategies accordingly. The customer is the greatest asset for your product.
Choosing who should have your product is almost as important as the product itself. One must do the required due diligence to ensure that from the manufacturer all the way to the retailer, the expectations are clear for the brand you are building.
The relationships with manufacturers are essential because they are your partners in identifying and sourcing the ingredients for your product. This exercise of knowing what goes into your product will be part of your pitch for getting into the suitable spaces.
Being part of the process from the first step means intimate knowledge of the complex systems that take time to understand, which will eventually yield cumulative institutional knowledge for your brand's benefit.
Retailers often deal with large inventories, which can take time to manage efficiently. Product owners must strike a delicate balance between stocking enough inventory to meet demand without overstocking so you don’t suffer losses due to markdowns or obsolescence.
Supply chain disruptions are a reality, and as owners, the daunting task of managing supply chain disruptions, including delays in manufacturing, shipping, and logistics, is a huge and sometimes risky part of the product itself. Developing contingency plans and diversifying suppliers can help mitigate the impact of these disruptions.
The digital aspect of retail means integrating new technologies into products and processes, including implementing e-commerce platforms, mobile apps, and AI-driven analytics tools. Adapting to these technologies while ensuring a seamless customer experience that delivers on their expectations.
We have become an omni-channel retailing market with multiple channels to distribute the products, including brick-and-mortar stores, e-commerce websites, mobile apps, and social media platforms.
“There must be effective coordination and integration of technology, logistics, and manufacturing and sustainable relationships that will add value to create legacy brands” says Moraka.
All of this is part of a system that requires the right strategy to grow your business in the proper channels to make your products sell themselves.
