Traditionally
business has been focusing on product development in silos and selling
to customer through established chain of retail store or e-commerce
online selling portals. There has been minimal existence of any social
interaction by consumer at pre- product selling or brand development
stage. This often follows a top-down approach where companies follow a
liner road map from manufacturer to customer with minimal involvement
from outside social world (actual consumers). Thus reducing the
effectiveness of consumer, seller, and investor feedback back into
product evolution/ innovations and brand development at full potential.
Indian retail and e-commerce market is flooded with offering all ranges of products from established brands or new brands with focus on just home delivery without harnessing the potential of online social interactions and product innovation. There is minimal focus on innovation aspect for product development. In country like India which is going through tremendous ear of innovation, harnessing consumer social interactions with products/ brands can be very effective propositions for manufacturers/ sellers/ entrepreneurs investors. Below scenarios can create challenging situations for not only established brands but also new brands.
Above challenges are hindrances to promoting/ delivering product innovations and often lose their visibility and die early without harnessing the potential. Lack of exclusive feedback at single platform is not available, thus reducing the improvement opportunities for new brands. The brand growth to next level often becomes challenging.
Indian retail and e-commerce market is flooded with offering all ranges of products from established brands or new brands with focus on just home delivery without harnessing the potential of online social interactions and product innovation. There is minimal focus on innovation aspect for product development. In country like India which is going through tremendous ear of innovation, harnessing consumer social interactions with products/ brands can be very effective propositions for manufacturers/ sellers/ entrepreneurs investors. Below scenarios can create challenging situations for not only established brands but also new brands.
- No single platform to exclusively showcase new product launches.
- High entry barriers for new product innovations.
- High product launch fees on Retail & e-commerce platform.
- High inter- product competition from existing brands.
- High risk of brand failure cost, Resource and time.
Above challenges are hindrances to promoting/ delivering product innovations and often lose their visibility and die early without harnessing the potential. Lack of exclusive feedback at single platform is not available, thus reducing the improvement opportunities for new brands. The brand growth to next level often becomes challenging.