Product innovation is becoming important
The ways we live, work and consume are changing. From digitalization and urbanization, to faster on-the-go lifestyles, a whole series of megatrends are transforming the way people think of products. What we’re seeing is that mobile and connected consumers want more from their products of choice. They want high quality, authentic and convenient packaging that’s easy to use, enhances their experience and scores in terms of sustainability. This means consumers are willing to pay premium prices for innovative, sustainable and differentiated products with real benefits.
The challenges of developing new products
It’s clear that consumers are no longer driven purely by price. So, to gain a competitive edge, producers are battling it out to offer products that can offer better health, quality and experience. But achieving greater product novelty requires the right consumer insights to realize new opportunities — all while meeting individual consumer needs and ensuring products stand out at the point of sale.
How to Overcome the Challenges
Producers need to develop products for the next generation that enable them to meet changing needs and capitalize on market trends. But to do this, they need more creative design concepts, more filling potential for products and more unique packaging possibilities. Food and beverage manufacturers need to find that “product sweet spot” that enables them to open up new segments and reach new target groups, while also growing their existing and well-established core markets
How to Stand Out in a Crowded Market
Creating more convenient or premium products is one thing. Making them authentic and unique is something else. To truly stand out from the crowd, producers can be the first in the market with real product innovation. They can broaden their portfolio and open up new consumer segments. And they can move beyond standard offerings, which, in turn, will help.
Product and packaging innovations for the future
We can expect product innovations to come to life faster than ever. But a growing trend for the future is the development of more individualized products with smart packaging — those that can be perfectly tailored to fit a consumer’s personality, lifestyle and image. This move from mass production to mass personalization will gather pace and have a significant impact on producers, from driving new technology and business models, to unlocking value-rich data. It will require investment but the rewards will be great. In fact, according to Deloitte research*, one in five consumers interested in personalized products are willing to pay a 20 percent premium.
SIG is a world-leading solution provider for the food and beverage industry within the field of carton packs and filling technology.