What is Product Lifecycle in Retail? Explained

The product lifecycle in the retail context represents the various stages a product goes through, from its introduction to the market to its eventual withdrawal. These stages typically include development, introduction, growth, maturity, and decline. During the development phase, the product is conceptualized and created. The introduction stage involves launching the product to the market. The growth phase sees increasing sales, followed by a maturity phase where sales stabilize. Finally, the product enters the decline phase, where sales diminish, and it may be replaced or phased out. Understanding and managing the product lifecycle is crucial for retailers to make informed decisions about marketing, inventory, and product strategy.