NEW PRODUCT DEVELOPMENT ---098
Before we decide to sell a product, we have to evaluate its potential in the marketplace. Developing a product takes time, so we have to study past data to see which items sell well in which seasons. What are its strengths and weaknesses? Can it sell well long term? We always rotate our inventory in order to get the best results.
There are some drawbacks though. Some companies are focused on selling a certain type of product. This is less stressful for their team because they do not have to try to roll out new products as frequently. Product development takes time and energy. I think one of the biggest cons is the amount of time it takes to study the competition. There are many factors that can influence good sales. Constructing new promotional banners and finding out which items sell best takes time.
Introducing a new product into the market is actually hard. Most of the time, it will not perform well because it is too niche or it is so unique that no one will bother to search it up. However, if you can attract the right customer base, it could be a lucrative development. We try to keep a balance between selling popular products and quietly rolling out new products just to test if it performs well. A big investment in a small project can be costly