New Product Launches At Wayfair & Other Retailers
What if I told you that being overzealous with new products is a risk?
Developing new products is a lot more fun than focusing on the fundamentals. I see so many companies that want to skip the building part and want to jump straight to having a huge catalog.
The big issue with this is that it takes at least 6 months for a new item to become established. On Wayfair you need at least 5 product reviews before the item becomes relevant. You really need 12-18 months before you can pass judgement on an item.
Companies that successfully launch new products are very purposeful and eliminate as much risk as possible on the front end.