Insight driven product strategy to drive long-term retail growth

“What adjacencies should we enter?” is a question that has become synonymous with asking, “How should we grow?” in many retail firms around the world. However, as our work for a leading global retailer demonstrated, it requires a deep understanding of your brand and customer to identify the right adjacencies for profitable growth.

 

To solve this challenge, we assembled an expert team of researchers and retail experts to evaluate their current product offering and define a new, customer driven product strategy. Working in collaboration with the product and commercial teams, we conducted  analysis of current product performance that identified significant performance issues.

 

Accompanied shops and in-home ethnographies with customers across multiple international markets provided to confirm the current issues and identify opportunities for a product strategy transformation. 

 

Following a series of workshops, we helped the team define a new 5-year growth strategy.  One that has seen the brand witness double digital sales growth and increased profitability due to a more relevant retail product strategy.

Key techniques

  • Transactional data analysis

  • Stakeholder interviews

  • Accompanied shopper research

  • In-home ethnography

  • Strategy co-creation

Outcomes

  • Double digit growth

  • Increased profitability

  • Customer centricity