PTC has a new solution for brands and retailers to improve their product development.
The new Retail Innovation Platform, which PTC debuted at the recent NRF Big Show, combines existing product lifecycle management software with the company’s other technologies for an intuitive, fully digitized product development platform.
Combining PTC’s FlexPLM solution with the latest in 3-D rendering, augmented reality and AI technology, these tools integrate seamlessly into the FlexPLM software and allow brands to accelerate product development and harvest data that can guide merchandising, design and sourcing decisions.
It’s the first time PTC has integrated all of its retail management technologies into one platform that can digitize product development from planning to commercialization.
According to PTC, the new platform includes Vuforia AR technology, to improve how product designs are reviewed during development and sampling; ThingWorx in-store data connectivity that helps brands optimize store layout; and predictive analytics that analyze suppliers in real time and create automated “prescriptions” to improve performance.
“The results of working digitally are profound,” said Quach Hai, VP of retail product management at PTC. “Retailers and brands cannot only reduce time to market and product cost, they can also grow bottom line profit and increase sales revenue.”
PTC also showcased an open platform at NRF dubbed the global Materials Exchange, a digital database created in partnership with the Footwear Distributors and Retailers of America (FDRA) for sourcing and developing fabrics and components directly with suppliers.
“We recognize that today’s brands and retailers are facing enormous change and major competitive challenges,” said Bill Brewster, SVP and general manager of PTC’s retail business unit. “We also understand the complexities of bringing the right products to market, at the right time and at the right price, and these are the precise challenges our Retail Platform is designed to solve.”