Leading consumer product and retail brands like P&G, Electrolux, Campagnolo, Decathlon etc. are adopting Product Design and Simulation software to reduce prototyping costs and speed up time to market. “Information is power” and these tools predict future lags, material behavior, product efficiencies and more.
As competitive as the consumer goods industry is, companies should be looking for any advantage they can get. As companies get started we recommend building a cross-functional team, keeping the customer at the core of development, synchronizing all efforts and ensure visibility, and future-proofing the business.
As consumers continue to reshape their expectations,
enterprises must contend with a uniquely challenging landscape.
The consumer technology landscape is forever changing.
From Pinterest to TikTok, WeChat to Instagram, new experiences can rapidly gain consumer adoption and relevance.
From augmented reality to voice, smartwatches to chatbots, consumers are constantly embracing new interaction paradigms.
Commoditized convenience is eroding loyalty and margin.
Consumers expect convenience. If you can't deliver it, they'll go elsewhere - e.g. next day shipping becoming the new standard.
Walmart will reportedly lose USD 1 billion on eCommerce revenue of USD 21 billion this year as it faces challenges in its bid to complete against Amazon – from trouble integrating its DNVB acquisitions to impact on margin from its next-day delivery operations.
Consumers value experiences that are curated to fit their lives better.
They want to engage, be served, and transact at their time, their pace, their place. They have little patience, infinite choice and the freedom to swipe left at the slightest hint of friction.