VOW unveils dynamic new product strategy
VOW has unveiled details of a dynamic new product strategy that will see a conscious change to the predictable merchandise cycle. This new product strategy is set to come into play after VOW’s current catalogue cycle and will be fully implemented by January 2017. Product selection and catalogue formation has historically been known to follow the merchandise process over the last 40 years or so, where set periods of time are dedicated to deciding commercial terms, selecting product, building the catalogue and confirming pricing. VOW is changing this restricted and rigid process to offer resellers a more dynamic and intuitive range of products for certain categories.
Andrew Stacey, Group Merchandising and Marketing Director at VOW/EVO Group, explains more, “The catalogue has usually dictated what we do in terms of the ranges we sell to resellers. The new product strategy, only being applied to certain product categories, will have a conveyor process that will see continuous product launches. This means that new products can be launched at any time and on any day, providing we have the appropriate ‘go to market’ strategy in place. We’re doing this so products are significantly more relevant to our resellers and their customers. This conveyor approach will depend on and also be supported by strong product marketing and robust e-commerce, both of which, we successfully implement at VOW.”
VOW’s new product strategy will also be focussing on product ‘sell out’ that will be driven by consumer demand, as opposed to ‘sell in’.
Andrew adds, “One of the main reasons we have taken this strategic approach is because product life cycle is getting shorter and resellers need to have the right product in place at the right time so they can effectively fulfill changing end user demands. A set catalogue isn’t future proof and instead, what we will have is a snapshot of products in the catalogue, with a much larger, fully stocked range available for purchase via our online portals and sales teams. We want to give our resellers a vast assortment of products in key growth areas and do so with shorter lead times.”
Based on VOW’s new product strategy, resellers can expect a regular influx of new products from January 2017.