New product introduction
A large e-commerce retailer wanted to optimize their new product introduction process for one of their seven brands. The business was suffering from significant unsold inventory, large number of manufacturing defects, a poor consumer site experience and a lack of SKU innovation. These challenges were directly attributable to downward pressure on product margin.
The retailer asked for help to lead the overall new product introduction (NPI) program to transform internal systems, business processes & roles/responsibilities to enable a 3X increase in new products to market while delivering a world class site experience. Nilay and his team led internal functional leads through stakeholder alignment, as-is process mapping, pain point identification, to-be process mapping and a capability gap assessment. The capability gap assessment was then prioritized into a set of critical initiatives. Also, with an eye on change management, Nilay and his team developed an internal process ambassador program to ensure continuous improvement well after initial implementation was complete.
Customer experiences now include more frequent new product (shifting from a peak business), complimentary gifting options, & significantly less product returns/exchanges. Key results included a Stage Gate Product Development Model, improved personalization feasibility measures, a future state RACI model that drives accountability, and stronger product margins.