Get to Market Faster - Product development

Bringing a product to life is one of the biggest challenges for aspiring entrepreneurs.

The product development process can be a  mystery. In most of the great eCommerce businesses, the journey to a finished product rarely resembles a straight line.

What is product development?

Product development refers to the complete process of delivering a new product or improving an existing one for customers. The customers can be external or internal within a company. And it can support many different types of products from software to hardware, to consumer goods and services. This includes identifying market needs, conceptualizing the product, building the product roadmap, launching the product, and collecting feedback.

7 steps to develop a new product

1. Generate the idea
2. Research (making sure you are creating a product that people will pay for - product validation)
3. Strategic planning
4. Prototype creation (sample for mass creation)
5. Build your supply chain
6. Determination of retail price and gross margin
7. Commercialization

【Source text：by report】

‍