Addressing the need for greater personalization using more specific product attributes
What? Defining Product Specificity
A counter-trend amid the ubiquity of mass-market products and brands
is the search for more bespoke, personalized products and services.
"Mass customization" is being adopted as consumer-facing companies seek
to capitalize on demand for greater product variety and
individualization. Products that meet more personal needs are perceived
as offering superior value, and positively impact perception.
Why? Trend drivers
- More individualistic, digitally connected consumers feel empowered to express and act upon their opinions and beliefs by making "identity-related" purchases.
- Global economic development and urbanization
in emerging markets is making consumers more wealthy, creating a
greater sense of personal entitlement, which is driving self-congruent
consumerism.
- Escalating threat of private label products in FMCG is putting pressure on brands to adopt a differentiation Personalization/customization can be both a functional and emotional reason to trade up and can provide a route to premiumization.
- Self-responsibility for health and wellness
is driving consumption of products that enable consumers to control
their diets more directly to meet their personal health needs.
How? Key take-outs and implications
- Create new, more specific consumption niches, through daypart targeting, and products that are seasonal/holiday-inspired, or target sports/activities or social occasions.
- Be mindful of evolving gender roles in society and break away from gender-biased categories through marketing, formulation, and packaging.
- Focus on niche "hyper-local" references, such as using weather-based marketing.
- Capitalize
on consumer's specific avoidance and moderation demands through portion
control, low-ABV alcohol, and allergen-free products.
- Report Covers the following factors
- FMCG trend analysis Report
- Consumer Behaviour affecting FMCG market
- Consumer Habits in Retail Sector
- Product Specificity Trend in FMCG
- Importance of Product Specificity
- Future Trend Growth Product Specificity
- Mass customization trend in Retail
Key Findings
- Just-for-me"
product solutions appeal to today's self-expressive and individualistic
consumers who reject a "one-size-fits-all" approach to
consumption/usage of products. 41% of global consumers believe that
customization/personalization claims have a favorable influence on their
perception of a product.
- Opportunities exist for manufacturers
to create new, more specific consumption niches through day
part-targeting, and products that are seasonal/holiday-inspired or
target sports/activities or social occasions. Over a quarter of global
consumers find a food/drink product that is advertised for a specific
time of the day or night appealing.
- Consumers are moderating
their intake of products and ingredients to promote healthy lifestyles,
spurring demand for innovation based on portion control, offering
low-ABV alcohol and allergen-free formulations.
To know more on Global Insurance Industry Insights, click on the link below:
https://www.kenresearch.com/food-beverage-and-tobacco/general-food/trend-sights-analysis-product-specificity-addressing-need-to-share-products-services-experiences/47399-11.html
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Ken Research
Ankur Gupta, Head Marketing & Communications
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