How have I used Designing products to reduce Inventory, which was one of the main company goals.
Research
Started with general research about trends and forecasting themes in our industry.
Examples in new products
SWOT analysis of Company capabilities in terms of project.
Strengths
Great Suppliers !!!
Design team
Warehouse
Maintenance
Customer Care
Customer Events
Customers!!!
Weakness
More Inventory
Profit margin
The right product for all customers and regions.
Fewer designs compared to competitors
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Opportunity
Trend Forecasting & Designing products
Cost-efficient products
Innovative products
Staying on top of trends
More designs
Threats
China tariffs
Too many products
Right product at the wrong time
China tariffs
Natural calamities
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Product Pool Analysis
This is a mix of competitor analysis and Gap analysis as we compare our dollar/SKU and then take all SKU's can compare it against other close competitors, to find out where we have to work more.
Right Product
Selecting the right product to start with was important. Products we offer was assessed again the no of applications, production issues, dollar values, and finally selected one which was a less risky and which was moderately priced compared to other categories and was obviously a big GAP in our product line.
Primary Research
We visited different lighting stores, following and shadowing buyers and also interviewed store managers and salespeople about their all sconces different features that make the product more sellable.
Design
After many iterations and many renders and finish combinations, we have arrived to our top customization design selection.
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This Is called Wall Sconce Assortment program that gives our customers multiple options to consider and order from. It could include five different base designs, four different finishes, six different shade types as well as six different shade treatments. All bases and shades are compatible with each other, giving the customer several hundred variations to choose from. All fixtures can be hard-wired or plug-in and would come with matching cord covers.
Total SKU count
5 Bases
4 Finishes
18 Shades =
360 SKUs
Inventory
36,000 Skus
1550 Skus
Mechanizing
Standing Display
Wall Mount Display
Feedback and Testing
We will get feedback from our sales Reps and our customers and then decide further on finalizing the designs and Placing orders.
