WordPress custom post type

change your $args array to the following

$args = array(
    'post_type'   => 'product',
    'posts_per_page' => 5,
    'tax_query' => array(
        array(
            'taxonomy' => 'productcategories',
            'terms'    => $term->name,
            'field'    => 'name'

        ),
    ),
);

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