Your R.O.I & the 4 C’s – Part 2
Your return on Investment and the 4 C’s
Part Two: The Cut & Consumption
Here is the second and final part of our series on how RangeRoom gives you a return on your investment, where and how that happens across the next two areas of product development and range building:
So if the technology you’ve put in place facilitates better communication, collaboration and culture – all of which both impact the ability to create a better product – how will that impact on your bottom line you’re asking? And that brings us to…
3rd What makes the Cut?
How do you edit your range? A vital part of the product development and range building process is the daily, nuanced edit point that is intrinsic – not only to a brands identity – but also to all the decisions that individuals make across different functions. From the hand feel and quality of a fabric, the seasonal mood that a designer wants to capture in a garment, a factory and their practices that the procurement team looks at, the price a buyer needs to negotiate, the trims that the assistant designer picks for a key item to the edit point that the merchant plans for her smallest store – all of these decisions are key to the way a customer experiences a product.
So what will your return on investment be if you have better visibility of the all the products – whether that’s product from your suppliers and manufacturers or product that has been developed and evolved by your own teams? What difference does it really make if – at the flick of a switch – you can see a particular edit?
We know from talking to key retailers that the ability to see what their core denim offer looks like by store grade or whether they’ve got enough of their key trend colour of the season represented across product categories is a tangible time saver. We also know from case studies that if a team has visibility across the products or ranges being developed – as part of ‘working day-to-day technology – the speed around being able to make decisions means that ranges can be edited in a more efficient and faster way. Those range planning meetings that take weeks to organize become less of a necessity as the technology facilitates the decision-making (on-the-go if need be) and so absorbs the time it once took to make those decisions. This means that the lead times can be reduced drastically
This reduction of lead times in product development means much faster turnaround of stock and so there’s less need to mark down product.
Another tangible difference is that fact that the 1st edit point that teams do via RangeRoom is a visual one – looking at the digital photographs (and the accompanying information) of products they want to work with. In the same way that a customer online is driven by the visual of a product (or even in-store via a shop window). With the ability to see how a range is shaping up in one place – visually, it means that when teams come to order samples (a precious resource) they have already had the chance to run ideas by their leads, gaining vital alignment. This means that the edit point is as more accurate, with less likelihood of poor adoption rates which means less wastage – not only from a sample point of view – which we help you quantify in our free R.O.I tool – but also from the point of view that the range that your teams are buying are the ranges you can sell. They’re on trend, on brand and price-right because they have been visible to all from the moment teams create and share them on RangeRoom.
And if teams are cutting back on unnecessary samples the other exciting point is…
4th Consumption and Sustainability.
As we explore in various ways across our editorials, less waste and sustainability are a crucial part of the way we work in the fashion industry. And if technology, such as RangeRoom can facilitate teams’ to be able to see or offer newness and choice across ranges from day 1, then that habit of thinking first, being able to make a more considered edit before ordering a sample will naturally lead to less wasteful and more sustainable practices. And this practice, along with the technology that helps communication and cohesion between teams in retail and their supply chain partners can only lead to even more tangible sustainability. And this is a return on investment that – without it – would become irreversible. Our climate and environment and resources – natural or human – are not endless, they are precious and if technology can do one thing, it should be a better way or working towards a longer-term sustainability Now.
And what better note to end on if we think about how we can grab the opportunity to make tangible and crucial savings via technology. We would love you to try our free R.O.I tool or just get in touch to find out more about how we can help you make the changes you need.